Want to buy a horse trailer from a private party but was considering financing it if the rates were reasonable. I’ve heard that Farm Credit finances trailers or does personal loans and the rates are 5-6% but anyone else? I think State Employees (NC) is around 7-8. Anywhere else I should look? Thanks!
I’ve used USAA for both of mine – they are lumped under the RV category… there’s not ‘blue book’ for horse trailers, so it’s up to the individual underwriter if the trailer is worth what you want to pay for it, but for both of mine (one older, one fairly new and higher priced) I had no issues. Just needed a specific trailer to buy, as they would only send a check made out to the seller, so no ‘pre-approval’ kind of process.
I got a really good rate at Navy Federal. I used it for my 2001 truck but they might be able to do a secured loan using your trailer.
My credit unit does, as long as it’s not too old. (I don’t remember how old because I ended up going with a new trailer, so deleted that info from the memory banks. 
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I just got 4.25% on a trailer loan, but that was on a new trailer. Used would be higher, I think.
I was lucky enough to inherit my trailer when my mom quit riding… But she financed it through a local credit union. Like NoSuchPerson’s CU, they required it to be a certain year or newer. Ours was new from one of the larger dealers in the area. I would assume that makes the process a bit easier than a used trailer from a private seller but don’t know for sure.
I took out a personal loan from my credit union. Interest was a bit high, but it was a short term loan so it worked out for my situation.
Farm Bureau has very good rates and excellent customer service. My truck and trailer are with them.
Credit Union, personal loan.
[QUOTE=alteringwego;8729531]
Want to buy a horse trailer from a private party but was considering financing it if the rates were reasonable. I’ve heard that Farm Credit finances trailers or does personal loans and the rates are 5-6% but anyone else? I think State Employees (NC) is around 7-8. Anywhere else I should look? Thanks![/QUOTE]
For loans of $7500 and up www.southefinancial.com is also a good source
You can go to a credit union and get a personal loan with collateral and get a decent rate :yes: I did that for my dump trailer. Another time I refinanced my truck and used that to buy my horse trailer, because the truck was paid off and refinancing it got a significantly lower rate. I don’t necessarily recommend going the latter route, because life happens sometimes and then you’re out a vehicle, but it worked for me.
