Buying a trailer with damaged credit - Page 2

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Buying a trailer with damaged credit

This is a discussion on Buying a trailer with damaged credit within the Horse Trailers forums, part of the Barns, Boarding, and Farms category
  • Is a horse trailer a luxury item
  • Buy a camper with a cosigner

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    09-15-2011, 07:38 PM
I have a good friend at a bank that works in the loan dept. Their bank will not lend to people with less than 700 for a credit rating and stated this is now the norm. I agree with others, a horse trailer is a luxury item and banks just aren't lending money like they used to. BTW if you find a trailer with LQ for less than 10 grand let me know. We looked and looked and even the oldies weren't that low.

Do you have a bank or credit union and possibly a cosigner with sparkling credit?

It never fails to impress me how the banks that allowed the entire market to end up in the crapper by putting out substandard loans to anyone who could take a breath and higher ups who just needed money to piss away now have no leeway regarding people who's credit they helped put in the crapper. Talk about a catch-22.

We are in that from following a supposedly reputable lawyer who led us the wrong way. I figure in another 3 - 4 years things will start clearing up and our credit will begin to build again.
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    11-22-2014, 10:13 AM
Originally Posted by crimsonsky    
sounds about right to me.

Also - can you find trailers in your area that have what you're looking for (3-4 horse with LQ for under 10k? I know around here that's not possible ime.

Good luck! :)
im in the midwest and no you cannot find an LQ for under 10k unless it's 30 yrs old
Chasin Ponies likes this.
    11-22-2014, 06:30 PM
A $3000 stock trailer, a comfy hammock hooked up in there for a bed, a Coleman stove on the tailgate. Hook up a quick set up curtain across the front of the trailer and you have a portapotty and change room. Horse trailers with LQ pull your gas mileage to about 3 mi per gallon, 5 if you're real lucky.
tim62988 likes this.
    11-22-2014, 08:16 PM
If you are putting down a large deposit , then you will find someone who will write the note. However expect to pay a high interest rate. As an accountant I can tell you, when I do financial planning I make it clear , that kids are in their own for school. It's great if the patents can help, but its not the responsibility of the parents. I stopped with two children, so I can afford private school and they both have college funds. That was our choice and not a requirement. I worked my way through college as did my husband
    11-22-2014, 10:06 PM
Look into having one shipped from Indiana. I'm near Elkhart, yeah that's where they make em lol. I'm looking for one under 5k less then 5 years old.

Screaming deals if you pick them up at the factory for new ones too.

We looked at a trailer that listed for 37000 but if we paid cash and picked up at the factory was 22k :\
    11-22-2014, 11:49 PM
My friend has a really great 3-horse slant and she only paid 6k. Put your prospects a bit lower and then I would put down as much as you can. Someone WILL give you a loan, but they wanna see dat cash monies upfront first! :P
    11-23-2014, 02:09 AM
Save the money and pay cash. You're already in debt up to your eyeballs, you don't need anymore debt. In fact, I'll go as far as to tell you to get a copy of Total Money Makeover by Dave Ramsey, read it, live it, and learn to be free of debt.
beau159, boots and tim62988 like this.
    11-23-2014, 02:51 AM
Green Broke
Ummm...this thread is 3 years old.
    11-23-2014, 07:03 AM
Old thread then maybe they can update what the eneed up doing
    11-23-2014, 08:24 AM
Pretty sure they won't be back. It was their first and only post, and made 3 years ago.

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