The time has come to purchase that horse trailer you have been looking at. You’ve done your research and you know what brand, and style you want, but do you know what you need for financing?
- Know your credit score. If you don’t know your credit score, we can run a credit check prior to applying on a trailer.
- Know if you have any negative marks on your credit history. Be prepared to explain any delinquencies and how they have been handled.
- Have proof of income available. If self-employed, you may have to provide the previous year’s tax returns as proof of income. Most banks will ask for a Notice of Assessment as proof that all taxes have been paid. The NOA also shows what income you made last year as well.
- Know what down payment you can have available. For most loans a down-payment is not needed, but it can help you to qualify for a higher amount.
- Know what monthly or bi-weekly payment you can afford.
- Be prepared to accept a higher interest rate than you may be able to get on a house or car. Interest rates are generally higher on horse trailers than on vehicles.
- If you must accept a higher interest rate to get the loan, you can always refinance later at a lower rate, if you qualify.
- Horse trailer loans are a great way to improve your credit score if paid on time.
- We can offer up to a 240-month amortization on eligible trailers. Selecting a longer-term loan with lower payments is usually a good idea, as you can always pre-pay and over-pay if you want. This will shorten the length of the loan and lower total interest paid over the life of the loan.
Financing a new horse trailer isn’t something you do every day… but we do! We have amazing people working in our finance departments, that will do everything they can to make the process as smooth as possible. If you have any questions feel free to call and have a chat with our finance department, they will happily answer all your questions. We are here to help you find the perfect trailer!