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How to Get a Trailer Loan

What it is

A trailer loan is a loan provided by a commercial financing company for the purchase of a trailer. These loans can be provided by banking institutions or other financial lending companies. These loans usually are over fixed five to seven year terms, depending on the amount borrowed. The amount borrowed will vary based upon the down payment or any vehicles traded in on the trailer.

Interest rates for trailer loans vary depending on promotional offers presented by dealerships and the associated lending companies. Brand new trailers of the latest model will have higher interest rates, while brand new vehicles of last year's model or those sold late in the season will have more competitive interest rates. New vehicle interest rates are generally between six and 10 percent while during sales interest rates can be as low as 0 or as high as four percent.

Who it's for

Most people cannot afford to pay outright for a trailer that can cost anywhere from $5,000 to $20,000. That's why trailer loans are very popular. A borrower can decide how much he/she can afford month to month and pay a pre-arranged amount monthly to a commercial lender. At the end of the term, the borrower will own the trailer.

What you need to do to apply

In order to be approved for a trailer loan, a person must demonstrate that they are able to pay the arranged amounts each month and provide credit information so that a lender can determine the risk of lending to him/her. In order to apply, a person must go to a dealership and then arrange financing through the dealership or his or her own financial institution.

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