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Financing a Horse Trailer

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  • Financing a Horse Trailer

    For those of you who financed a used horse trailer purchased from a private party, who did the financing? I have been approved for a loan by Bank of America but am not happy with the interest rate. Any suggestions? FWIW, this could be a done either as a business loan or a personal loan, whichever would make more sense $-wise. I am looking in the ballpark of $20K, so not a huge loan. Any suggestions greatly appreciated!
    Ristra Ranch Equestrian Jewelry

  • #2
    I went to my bank for a personal loan. It wasn't for 20k though. More like 10. I'm not sure you can get 20k on a personal loan at most banks. The other option is home equity but that makes trailer purchase quite expensive in the long run unless you are good enough o pay it down quickly.

    BOA bites. I am planing on canceling both my credit cards with them right after a trip the first week of Feb. I'm afraid to cancel before then because I purchased tickets on one of the cards.


    • #3
      I did a personal loan from my bank- they have a program for people wanting to buy things like recreational vehicles that it fell under, where the vehicle is used as collateral, thus keeping the interest rates down.


      • #4
        Credit Unions will give you a better interest rate.


        Patience and Consistency are Your Friends


        • #5
          I second the credit union option. I have a BOA loan on my current trailer (bought new though) and I will be doing the major dance of joy when I pay it off in two months!!!!!! (signed a former BOA employee who is now very happy to be employeed elsewhere)
          "As soon as you're born you start dyin'
          So you might as well have a good time"


          • #6
            I agree that you may be able to get a better interest rate with a credit union or a smaller bank.

            However, it seems like a lot of people seem to have had a lot of problems with BOA. (Not just on this board, but at other places as well.) It's been quite the opposite with me. I admit, that I have never used them to finance anything, however, when someone scammed my mother out of quite a bit of money, they fixed the problem and even gave her all her money back. Which was a real surprise to us. Maybe, it just depends on the location.


            • #7
              I despise BofA with the passion of a thousand fiery suns, and third/fourth or whatever it is, the credit union route. One of my credit unions allows personal loans for up to either $25 or $35K with really good interest rates.
              In a society that profits from your self-doubt, liking yourself is a rebellious act.


              • #8
                Vandy - this is an article from my Blog about trailer financing

                Financing your horse trailer purchase
                Yes, it would be great if we all were flush enough to pay cash! For most of us however some sort of financing will be needed to purchase a new trailer. There are some options.

                1) Your local Credit Union: Local Credit Unions typically offer members a little lower interest rate than other lenders. They typically have shorter terms such as up to 5 years making for a higher monthly payment in spite of a lower rate.

                2) Your local bank: Local banks do not usually loan on horse trailers though it is possible to get a personal loan to cover the cost. Personal loans usually carry a higher interest than secured loans and are for shorter terms, typically up to 5 years.

                3) Lease Purchase Programs: Lease purchase is typically reserved for commercial or business borrowers. Such as farms. The lease would still be in the individual purchasers name but the leasee must also run a business. Terms are usually up to 6 years. you make a set payment for the term of the lease and own the trailer at the end of the lease outright.

                4) Indirect RV Lender: Most dealers offer financing programs that they have arranged through lenders. Terms can be as long as 10 - 15 years, this depends on the amount borrowed. Down payments are usually required of 10%. Rates can be competitive based on your credit history and income. There should be no prepayment penalty for paying additional principle or paying off early. This loan option has the lowest monthly payment but the longest term, so when you can pay a little extra!

                What route to take really boils down to whether desire and are able to pay a higher payment for a shorter term or a lower payment for a longer term. Click here to apply for your trailer purchase


                • #9
                  My2h BP trailer is financed through Farm Credit.
                  Good Luck!


                  • #10
                    I got my financing with the bank that the trailer dealer uses. Decent rate, low monthly payments, and no pre-payment penalties (if I pay it off early).
                    There are friends and faces that may be forgotten, but there are horses that never will be. - Andy Adams


                    • #11
                      No one has mentioned insurance companies. I got the absolute BEST rate from State Farm since I already had the insurance through them. Other insurance companies do the same thing.
                      Oldenburg foals and young prospects
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                      • #12
                        financing a horse trailer...

                        I paid for part of the two that I have bought with my credit card. I bought both used; paid $6k for the first and paid $3k of that with a personal check and put the other $3k on my credit card; the second one I paid $2k with a check and put the rest on my credit card. I don't recommend this unless you have a great interest rate - I am fortunate enough to have had 6% for quite some time, which beats what most banks will offer (and I paid the balance off on both within a year of purchase). Farm Credit Bureaus often do such loans, or you could look into a home equity loan/line of credit if you own your home or property; those interest rates are excellent right now! Also see what your employer offers - I work for a large company that will lend employees a certain percentage at a good rate for a personal loan against the stock they own in the company. It's different from a 401k loan, but a good option if it's available.


                        • #13
                          RV loan

                          I did an RV loan thru the dealer's bank way back when I bought my trailer. Got a good rate and it was a 4 year loan. They maybe a little more harder to get nowadays since RV loans are probably the first to be defaulted on. If I had to do it again, I would go thru my credit union.


                          • #14
                            Thanks to this thread I just got preapproved for a horse trailer loan from my insurance company, kentucky farm bureau they offered me a fantastic rate. (I was preapproved with Southeast finacial but the rate was not good), so I am officially trailer shopping.
                            Thanks Holly from Iron Horse Farm for the tip on using insurance company.


                            • #15
                              I went through my credit union. Fantastic rates! Loans up to $45k for truck and $30 for trailer - so large loans not a problem with them.


                              • #16
                                Credit union fer sher. They give good rates.
                                Airborne? Oh. Yes, he can take a joke. Once. After that, the joke's on you.


                                • #17
                                  Bank of America is the single most underhanded, dishonest, non user friendly horrendous financial institute I have ever encountered.
                                  Avoid them at ALL cost!
                                  I hope and pray that one day the authorities will rein them in.


                                  • #18
                                    Our credit union had a "personal loan sale" in January, and we jumped at it. 1.99% interest for $10K, couldn't beat it.


                                    • #19
                                      Originally posted by Bayou Roux View Post
                                      Our credit union had a "personal loan sale" in January, and we jumped at it. 1.99% interest for $10K, couldn't beat it.

                                      wow- that is a great deal!!

                                      Our trailer we financed through my credit card. I went to my credit union and chatted with a banker and she said it was my best option (I was doing less than $10,000, I think it was $6,000). Anyhoo, my credit card rate is something like 6.5%, where a personal loan would have been 12%. Sometimes you can get a new credit card for 0% interest for so many months, too. Your best option might be to go and actually talk to the bank, they should be able to give you your best option I love my bank!


                                      • #20
                                        Second the State Farm reccomendation...thats who my trailer is financed through.

                                        They have been super easy to deal with, decent rate, etc.
                                        Never Ride Faster Than Your Guardian Angel Can Fly
                                        Way Back Texas~04/20/90-09/17/08
                                        Green Alligator "Captain"