Horse Trailer Financing
I was wondering if several people could answer me on these questions in regards to horse trailer payments. I am just starting to look for a new/used trailer.
1. How much is your monthly payment and how much did you finance? Was the trailer new or used?
2. What was the interest rate? Anyone know what the current interest rate (ballpark) is for horse trailers?
3. How many years did you finance it for?
4. How much did you have to put down?
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yeah, I agree, it'll be different for everyone. I paid ~half down (just because I had the money in my savings for it) and set up a loan with my own credit union for the rest (just to build up my credit.) I had a few different options for how many years in which to pay it off. I chose to set up the payment so that I would have it paid off in the least amount of time possible. Which, of course, made the monthly payments a little higher.
All depends on your credit history and score and your lending bank as to what the rates and payments are. Usually the newer the trailer the longer you can take to pay it back... Some trailer places also do their own financing, but usually the rates are higher with them than a credit union or bank.
I know it all depends. But, I was just trying to get some general answers to see where people were at.
Here are the current rates from our credit union.
(motorcycle, horse trailer, towing vehicles, tractor)
New - 6.75% - 5 years
Used - 9.25% - 5 years
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