Horse Trailer Financial Application
Which Type of Horse Trailer Loan is Right for Me?
Calculator: Find Financial Payments
Are you ready to apply to finance your next horse trailer? Fill out the form below.
Note: All information is safely transferred through a secure transmission.
**If you do not have a minimum credit FICO score of 675, do not apply.
**If you are married, file a joint tax return with anyone, or have joint loans such as a mortgage, both of you will need to fill in your information.
NOT PO BOX. Application will be returned without Physical address (make necessary changes if different from Mailing Address)
3 years or longer
5 to 7 years
8 to 10 years
over 10 years
Less than 1 year
Previous Address if less than 3 years
If "Other" explain
Every 2 weeks
If employed less than 3 years tell us about your previous employment
Previous Supervisor Phone
I will pick up trailer at the factory
I want the trailer delivered to me
(1) Low Rate Long term Financing
(2) Flex Lease 48 month
Primary Vehicle Insurance Company
Please read the following, for your information - the SEND FORM button is at the bottom of the page.
By submitting this document I/we certify that the information inserted herein is true, correct, and complete.
I/we acknowledge that I/we have this application with the intent that you should rely upon the information contained herein granting the credit requested. I/we understand that you may share information about the transaction, and (if approved) about this loan with other necessary financial entities in connection with my request. If the requested credit is granted, you may report information concerning the credit to consumer reporting agencies or to others. I/we affirm that my/our answers are complete and true and authorize you to certify or obtain any information concerning them. Upon your request, I/we further authorize any firm or individual from whom I/we may have obtained or requested credit, to furnish you with the date of that transaction. I/We also agree to provide current financial information upon request, in a form acceptable to you.
The Federal Equal Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is Federal Trade Commission, ECOA compliance, Washington, DC 20581.
An installment loan would be similar to your home mortgage or a conventional auto loan. You’re probably most accustomed to this type of loan.
We work with leading lenders that specialize in "recreational vehicle financing." This includes campers, boats and horse trailers.
Long term loans range from 10-15 years which results in a low, affordable monthly payment.
Rates are based on your credit score but are generally in the 5.5% range
Most lenders require a 10% down payment
There are no pre-payment penalties for early payoff, simple interest loan.
Example: If you’re purchasing a $20,000 trailer, you would pay $2,000 down and your monthly payment for 10 years would be $195.35 per month, excluding applicable sales tax for your state.
Depending on your application, it can be difficult to qualify for these loans. Only the “best of the best” will qualify.
FICO score almost always has to be above 700 (truth be told over 750)
Debt to Income ratio (DTI). You must be below a 40% debt to income ratio which includes your new horse trailer payment. In other words, if you make $10,000 per month, your monthly debts including your mortgage, credit cards, auto loans, student loans, horse trailer loan can't exceed $4,000 per month. ($4,000 is 40% of $10,000)
Proof of Income required: If you are self employed, that's okay. However, your tax returns for the last two years must show enough income so you are below the 40% DTI.
Risk of an upside down loan: Let's be realistic...if you spend $20,000 on a trailer, a 7-8% sales tax and registration fees for most states means your total purchase price ends up being closer to $22,000. You pay 10% down or $2,000 and finance $20,000 on a $20,000 trailer for 10 years. Do the math: At the end of three years "life happens" and you need to sell your trailer. At this time, you still owe over $15,000 on a $20,000 trailer. This means you are probably "upside down" in your loan. You are truly responsible for the $15,000. Chances are you will have to shell out more cash all at once when you sell your trailer to cover the delinquency. Hopefully you aren't selling due to health, job loss, divorce or other catastrophic circumstance. In these cases, it’s likely that "cash will be tight". So having to come up with "extra" to pay for a trailer you need to move quickly isn't ideal. In fact, it could hurt your stellar score you've worked so hard to build.
Do you honestly want (or plan) to pay on a horse trailer for 10-12 years?
Loan must be in your personal name (not a business name).
Sales tax must be paid in full up front.
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