Trailer financing options?

[ThatBayHorse]

I know, I know, another trailer thread. Originally, I was looking to get a used bumper pull around $5000, but I have a large (16.3 fat) mare, and most things in that price range are either really old (early 1990s) or too small ( I need at least 7 feet), and honestly there are some really decent new trailers (adams, equi-trek, etc) or better used trailers (2000 sundowners) for $10-15k. Unfortunately, I don’t have $10-15k at the moment. However, I am a single woman and will be driving myself most of the time, so I’d like to get something super safe and know the floor, axles, are good, etc.

I’ve been exploring financing options. I know I can get a personal loan, etc but the interest is so dang high. I’m wondering if anyone has any recent recommendations or experiences on financing a trailer. I’m looking at financing $5k-$10k only.

I have 780-800 credit score and a good job. I just hate paying that much interest. Most of the threads on COTH on this topic are very old.

Thanks

[Lucassb]

Most dealers offer financing, but I have no idea what their rates are. Maybe call a few and inquire?

[NoSuchPerson]

I financed mine through my credit union. They treated it like a vehicle loan.

[joiedevie99]

I used Mid-Atlantic Farm Credit. The dealer set it up. They are wonderful.

[clanter]

I have 780-800 credit score and a good job.

What rates are you being quoted?

800 or above (top being 850) is considered to be excellent… should be finding quotes in the 5.25% range

[js]

When I bought a new one I financed thru the dealership. Interest rate was good and my payment was affordable (enough so I could make double payments and get it paid off early.

[clanter]

@js

When I bought a new one I financed thru the dealership. Interest rate was good and my payment was affordable (enough so I could make double payments and get it paid off early.

read the loan contract carefully… if its simple interest what you did is OK but if Rule 78ths you already have paid nearly all the interest on the loan within usually the first third of payments

The Rule of 78 weights the earlier payments with more interest than the later payments. If the loan is not terminated or prepaid early, the total interest paid between simple interest and the Rule of 78 will be equal

[Guilherme]

Good suggestions on credit union or ag finance sources. Sometimes locally owned banks will finance them. Regional or national banks can be more difficult.

As to dealer finance, Clanter is spot on: know what you’re signing. My son did this a few years back and was horrified when he found out that paying a car loan ahead of time (which is his usual practice) got him no benefit whatsoever.

Good luck in your search!

G.

[2DogsFarm]

Try searching horsetrailerworld.com.
You can limit the search to within 50mi of your ZIP code.
You can search by trailer mfr/type, # horses, features, etc.
You should find something in your budget, or with a dealer who would finance.

Why rule out older trailers?
I have a 1996 aluminum 16’ BP stock trailer w/center gate from this site.
I traded for my 1997 aluminum 2H GN slant w/DR as I was through climbing in & out of the truck bed to hitch.
I had to replace the wood floor, but Dealer gave me $500 for the trade which more than covered replacing with treated lumber (full length).

I haul solo too. Usually my mini with his cart.
Cart goes in front, mini goes behind the gate.
I have also hauled my 16H TWH & in a pinch, all 3 of mine would fit. #3 is a 52" pony.

[Cynical25]

I financed through the dealer, super easy. They used Sheffield, which is the same finance company I later financed my zero-turn mower on, same finance company most trailer & tractor places in my area use. Rate was similar to what my credit union offered.