Investing in a trailer is a big financial and emotional decision, which is why I’m going to guide you through a horse trailer calculator, which will aid you in managing your financing rates and expound on credit scores, credit approvals, and more.
Did you know one of the most expensive horse trailers costs almost the same amount as a Lamborghini, at a whopping rate of $222,935? (1)
I didn’t either, and I’m not sure I wanted to know, but don’t try going for such exuberance unless you can purchase it!
Here are the top 3 Horse Trailer Calculators.
- Southeast Financial
- Kerlin Trailers
- Highlands Financial
Related: Best Horse Trailer For Large Horses
3 Best Horse Trailer Loan Calculators
I’ve listed down some of the best trailer loan calculators below. Use them to calculate how to handle your finances so you don’t get into any trouble.
1. Southeast Financial
This is one of the best loan calculators I’ve found online.
They offer nationwide financing. If you visit their website, they can offer you an instant quote if you’re trying to discover the market rates.
However, if you’ve already done your research, they also let you access a credit application.
They don’t finance anything for commercial usage and only loan out $10,000 and above, nothing under that.
They offer a free calculator on their website.
This calculator lets you fill in the loan amount, the maximum terms, and the APR%.
2. Kerlin Trailers
This is the simplest trailer calculator you’ll find, with minimal obstructions or advertisements.
They allow you to calculate the payment and also have an affordability calculator on the website.
The good thing about their calculators is that they also mention the sales tax.
Lastly, they warn potential buyers not to rely only on the calculator because there are more things to be taken into consideration.
This involves approval for the title and the corresponding payments, taxes, application fees, customer documentation fees, registration, credit history, credit worthiness, and employment.
You can also contact their finance department for the APR.
3. Highlands Financial
The highlands financial loan calculator is also a straightforward tool at your disposal.
They let you add in the loan amount, the APR, and the term and give you back the results.
They also help if you’re an applicant for title will. Furthermore, they cover a vast variety of trailers, such as livestock trailers, utility trailers, and more.
The good thing about all these calculators is the extensive consultancy services they offer. You can take a look at their websites for open hours and contact information if you opt to rely on their customer service to help you finance your trailer.
Here’s a helpful video if you need help picking out a trailer:
Why Does My Credit History Matter?
Your credit history and score are essential to consider when opting for a loan.
Your score is based on your payment histories, the amount of money you already owe to lenders or banks, the types of credit, and the details of your credit records or history.
If your credit score is low, say under 640, you’ll be charged a higher interest rate as compared to someone with a higher credit score. (2)
This is because you’re considered to be a ‘subprime borrower’ and will be charged a higher interest rate.
The lenders may ask you to add in a co-signer, for better assurance on their investment. Furthermore, the lending service or bank may ask you to add in a higher initial deposit if you have a low credit score.
You also need to remember that your interest rates are constantly under scrutiny by lenders and are legally subject to change if your credit score changes.
A good credit score is between 800-850, whereas a terrible credit score would be below 580.
Here is everything you need to take into account when purchasing a trailer and asking a bank to finance you:
- Monthly payments
- The types of trailers
- Your credit history
- Flexible loan terms
FIND OUT: Best Camera for Inside Horse Trailer
Frequently Asked Questions
1. How long will a bank finance a horse trailer?
This really depends on the bank, the trailer, and the cost of the loan, but banks can finance trailers for up to 12-16 years.
2. What is the average interest rate on a horse trailer?
You are likely to find rates beginning from 4.5% and going as far as 20%. However, this is contingent on the trailer’s condition, the horse trailer price, and your credit records.
There are many good horse trailer calculators online that will inform you about the taxes, the interest rates, and the APR, and even offer financial help, and in some cases, help with credit approval decisions and application for title.
I’m sure you’ll make the right decision as long as you’re careful with your finances.
Let me know which one you picked in the comments below. Happy purchasing!
1. Smirnov A. This Enormous Cimarron Horse Trailer Costs As Much As a Lamborghini – Here is Why (Video) [Internet]. tfltruck.com. 2019 [cited 2022 Nov 22]. Available from: https://tfltruck.com/2019/03/this-enormous-horse-trailer-costs-as-much-as-a-lamborghini-here-is-why-video/#:~:text=This%20Cimarron%20Norstar%204HLQ%20trailer
2. Credit Score: Definition, Factors, and Improving It [Internet]. Investopedia. [cited 2022 Nov 22]. Available from: https://www.investopedia.com/terms/c/credit_score.asp#:~:text=Your%20credit%20score%20determines%20whether
Siun is an all-around animal lover, with a passion for horses. She grew up in the United States, competing in the hunters, equitation, and jumpers. Now living in Ireland, she competes with her own showjumping horses. She is experienced in the care and training of horses, as well as teaching riding lessons. She loves to combine her love for horses with her work. When not working, Siun will be found at the stables, rain or shine.
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