Horse Trailer Financing

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Horse Trailer Financing for Good or Bad Credit

Financing a horse trailer can be easy:

If you’re looking to purchase a horse trailer and wish to have a one-stop experience for comparing different lenders and rates, Acorn Finance is the place to do so. 

If you wish to use a personal loan for horse trailer financing, you can check our network of online lenders, with offers personalized to you. By unlocking personalized personal loan offers with no impact on your credit score, it can be easy to find the right horse trailer loan for you! 

 

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Horse Trailer Financing: Frequently Asked Questions

Whether you’re hauling your 4-legged friend to the horse show, or to an auction,  being prepared for a natural disaster, a horse trailer is an extremely valuable asset for any horse lover. The cost may seem out of reach to owning a horse trailer, but horse trailer financing can make it affordable. Horse trailer financing is available for good and bad credit borrowers. With a little research and investigation finding the right lender can be within reach. Keep reading as we unload everything you need to know about horse trailer financing.

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How do horse trailer loans work?

The specifics on how a horse trailer loan works depends on the type of loan. There are several types of loans that can be used for financing. Loans range from personal loans, horse trailer loans, or a home equity line of credit. Most commonly, horse trailer loans are used. Horse trailer loans are secured loans that borrow against the horse trailer, thus using it as collateral. This type of loan is similar to a car loan. There are some circumstances where a horse trailer loan may not work. For example, if the trailer does not meet financing requirements or you’re purchasing from a friend or family member, you may need to use alternative financing. An alternative way to finance a horse trailer is a personal loan. Personal loans can be used to finance horse trailers and they can often be secured with no money down and no collateral. In most cases, personal loans are funded as a lump sum with no spending restrictions. Therefore, as long as you qualify for the amount you need to purchase a horse trailer, you can use a personal loan. Another option includes a home equity line of credit, which fewer of us will have the ability to secure. To qualify for a home equity line of credit you’ll need equity in your home (and plenty of it). A home equity line of credit allows you to leverage the equity in your home to finance a broad variety of expenses , which can include a horse trailer to fit your needs. 

Can you finance a horse trailer?

Yes, you can finance a horse trailer.  Commonly, retailers or banks offer horse trailer loans that are similar to car loans. They are secured loans that borrow against the horse trailer, thus using it as collateral. Since a horse trailer is considered a recreational vehicle,  you may find that rates can be  higher and qualification requirements can be more stringent. There are some instances where a secured horse trailer loan may not be the answer. For example, if you’re purchasing from a private seller or an older trailer that might not meet financing requirements, you may need an alternative source of financing. Alternative sources of finance can include personal loans, loans from friends or family members, or secured home equity loans. Out of these alternatives, personal loans are usually the easiest to secure. 

What credit score is needed for horse trailer financing?

Credit score requirements vary depending on the type of loan and lender, but in most cases you should have a 620 or better, and a low debt-to-income ratio. In addition to credit score, there are other determinants that may impact eligibility. These requirements can include employment, income, credit history, and so forth. If you have credit challenges but a high income, you may still qualify for the loan. However, if you have a low credit score and inconsistent income, you likely will not qualify. If you’re applying for a secured loan, the collateral backing the loan (aka the horse trailer) will be evaluated. It will need to meet requirements and be in line with a bank lending value. The lender does not want to overallow on the value. If they do and you default on the loan it will be hard for them to recoup their money.

How hard is it to finance a horse trailer?

Financing a horse trailer is not difficult. Being prepared before applying for a horse trailer loan will make the experience much smoother. Know your credit score, understand your debt to income ratio, and research the best kind of horse trailer that will work for you and your 4 legged friends.

Is it possible to finance a horse trailer with bad credit? 

Yes,  there are lenders that will approve horse trailer loans for bad credit borrowers, but the rates will likely be high. In addition, they may want a hefty down payment and collateral. You may have the option to apply with a cosigner which can increase your chance of approval and at a lower rate. 

How many years can you finance a horse trailer?

Horse trailer financing terms can vary depending on the type of loan, loan amount, and other factors. While most loans will have terms up to 12 years, some lenders may offer 15-20 year terms. If you’re entertaining the daydream of owning a horse trailer, but concerned about payments, try using a horse trailer payment calculator to estimate payments.  While a longer term may lower the monthly payment, it may also drive up total loan costs. Be sure to find a happy medium between an affordable monthly payment and lowest total loan cost possible. 

What are the pros and cons of horse trailer financing?

Owning a horse trailer may seem like an absolute dream. The ability to bring your four-legged baby anywhere you please can take your relationship to the next level. But, as you already know, horse trailers are expensive, as is the equipment you’ll need to tow with. Here are some pros and cons of horse trailer financing and ownership.

Pros:

  • Keeping your savings for other uses such as emergencies
  • Ability to expand your budget 
  • Opportunity to qualify with no money down
  • Extended warranties may become more affordable

Cons:

  • High interest rates
  • Down payment and collateral may be required 
  • Risk of defaulting on the loan 
  • More monthly expenses on top of regular trailer maintenance

Is horse trailer financing worth it?

Owning a horse trailer to transport your furry friend can be absolutely worth it! Having a trailer can take the stress off of having to rely on others  to transport your horses, especially when emergencies come up, like natural disasters. If you can qualify for a competitive interest rate and are comfortable making the monthly payment, horse trailer financing is a great way to afford a horse trailer. 

How do you apply for horse trailer financing?

Application processes will vary depending on the lender and type of financing. If you’re purchasing and financing with a retailer you should start by determining what financing you qualify for. From there they can help find a trailer that fits your needs. If you intend to use a personal loan you should start by checking offers at Acorn Finance to see what you qualify for and what you can afford. Keep in mind you can also use a personal loan for a down payment if needed.

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