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Horse Trailer Financial Application 

Which Type of Horse Trailer Loan is Right for Me?

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Horse Trailer Financial Application

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 700, 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.

Applicant Information

Which Type of Horse Trailer Loan is Right for me?

Installment Loan: Advantages

• 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 12-20 years which results in a low, affordable monthly payment.
• Rates are based on your credit score but are as low as 8.79% right now.
• There are no pre-payment penalties for early payoff, simple interest loan.
• Example: If you’re purchasing a $50,000 trailer, you would pay $10,000 down and your monthly payment for 15 years would be $450.82 per month at 8.79%, this includes applicable sales tax and registration fees for your state.
• Apply Now!

Disadvantages of Installment Loans

• 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). Some lenders will make exceptions though.
• 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 $50,000 on a trailer, a 7-8% sales tax and registration fees for most states means your total purchase price ends up being closer to $55,000. You pay 20% down or $10,000 and finance $45,000 on a $50,000 trailer for 15 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 $40,000 on a $50,000 trailer.  This means you are probably "upside-down" in your loan. You are truly responsible for the $40,000. Chances are you will have to shell out more cash all at once when you sell your trailer to cover the difference. 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 12, 15, or even 20 years?
• Loan must be in your personal name (not a business name).
• Sales tax must be paid in full up front; not able to process state sales tax exemptions.

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