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Financing a horse trailer

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  • Financing a horse trailer

    So I've been researching new trailers for a few months now and would love to go with a custom Hawk to haul my mini show horses and show carts. I'm in California and there aren't any dealers out here so the manufacturer sent me to a wonderful dealer in Wisconsin who has come up with a model that works for my needs. I applied to my local credit union for a new RV loan and was pre-approved with a great interest rate and was all set to start my custom order. However there's a glitch. The WI dealer invoices for the price of the trailer and delivery to me in CA but the tax and filing fees are up to me once it gets here. That's fine and dandy and no problem on my end however in order to finance as an RV with my CU as lienholder they need to be on the original documentation before the trailer even gets here.

    The CU suggested we do an unsecured personal loan for the 6-8 weeks while the trailer is being built and delivered and then we will re-apply for a new RV loan. The rates on unsecured personal loans are rather high and it just seems that this makes everything a bit more complicated.

    What do folks do who buy trailers in other states and have them financed? Are there better and easier ways to do this? The WI dealer gave me the info of their local CU to deal with but it seems like we'll be going through the same thing with them.

    I have a good credit and I'd like to get a decent rate on this if possible without too much hassle. Any advice?

  • #2
    That seems a bit odd to me that those fees HAVE to be on the invoice if you are going to paying for them out of pocket and they are not part of the loan. Of course, I made an assumption based on your wording -- are you paying cash for those?

    I guess I'm unclear after re-reading what you need the loan for while the trailer is being built. A construction deposit?
    Life doesn't have perfect footing.

    Bloggily entertain yourself with our adventures (and disasters):
    We Are Flying Solo


    • #3
      Originally posted by wildlifer View Post
      I guess I'm unclear after re-reading what you need the loan for while the trailer is being built. A construction deposit?
      Me, too. I just sent a small deposit (around 1% of the purchase price) to the dealer, who then ordered the trailer. I paid the balance when I picked up the trailer.

      Does the dealer expect to be paid in full before he even orders? Seems unfair that he gets the use of your money for nothing for six to eight weeks.
      I'm not ignoring the rules. I'm interpreting the rules. Tamal, The Great British Baking Show


      • Original Poster

        hmm let me try to clarify. I was pre-approved for a $15K loan for a new trailer through my local credit union. The cost of a new custom Hawk trailer with delivery to me in CA is $13,410. The dealership handling the custom order does not incorporate California state sales tax or DMV fees into their invoice, only the cost of the trailer and shipping since I am an out of state buyer. She said I need to handle paying for the state sales tax and license fees once the completed trailer arrives to me and that works for me. What isn't working is that in order for my credit union to release the loan funds to the dealership for the purchase of the trailer they need to be listed on the title of the trailer as lienholder but I cannot do any of that until the completed trailer reaches me here in CA.

        If I were to purchase a new horse trailer here in CA from a dealership everything (purchase price, state sales tax, filing fees, etc) would all be included on the invoice and the credit union would give them the money and all would be done in one transaction. Apparently trying to do this same sort of thing from a different state is more complex or is the dealer just making it seem that way?


        • #5
          Hmmm, sounds like a state-specific rule thing. Maybe I have just lived in the south for too long, but I'd just ask the dealer to print the numbers on the invoice. It's his invoice, surely he can just type them in (or she)? Heck, make up names for them -- I've never had a problem with a good company making the paperwork work for me, but it's been over 20 years since I lived in CA, so maybe I've been indoctrinated into the way we do business here.

          So your loan amount DOES include those fees. Seems like it would be easier to just pay the $1500 difference in cash and get the loan for the trailer cost alone, would that make the CU happy? If you don't have the cash on hand, wait a couple months to order and save it since you'll be making a trailer payment afterwards anyway?
          Life doesn't have perfect footing.

          Bloggily entertain yourself with our adventures (and disasters):
          We Are Flying Solo


          • #6
            Grace / Just ask the dealer to include the tax / fees etc, the dealer records the leinholder on the MSO ( Manufacturers Statement of Origin ) you sign a statement to guarantee you will file the papers w/ you DMV, close the loan, have the dealer reimburse you for the fees / then you go to the DMV and title the trailer ... No issues... The dealer will have to pay Hawk in order to get the MSO so follow up if you want, to see that the trailer has been paid for.

            You do then own the trailer prior to shipping but it is insured during shipping by the drivers insurance and your lender will require you have insurance in place as well. You can do all this when the dealer gives you the trailer finish date so you are not paying so far in advance.


            • Original Poster

              Risa thank you so much for chiming in. I just got this email from my credit union from a senior lending advisor and sounds like this might work as well?

              Once the trailer has been built and the Vin# has been issued, with the purchase order written up we can fund the loan. We will cut a check payable directly to the dealership for the trailer. For the DMV you can take the trailer, title, and registration to DMV and register it in your name and add us as leinholder. We have a form that we will give you that has all the needed information.

              Also I will put 15% down upfront which is no problem. My main issue was that I needed to get the bulk of the trailer financed before the actual ownership/lienholder paperwork is handled but the original person I spoke with at the credit union was a bit mis-informed I think.

              I will also run your advice by the dealer in WI to see if that might work with her too. Just want to keep this as simple and easy as possible and get my new Hawk trailer asap!


              • #8
                Aha! I knew they could do it.
                Life doesn't have perfect footing.

                Bloggily entertain yourself with our adventures (and disasters):
                We Are Flying Solo