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Old 06-25-2009, 04:22 PM   #1 (permalink)
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Trailer financing

Where are you all getting your enclosed trailers financed? I can't find one damned place that will touch an enclosed trailer with living quarters. I just tried going thru a place that does horse trailers and they wouldn't do it because they said its a cargo trailer. My bank will only do a personal loan on it and I doubt they will approve me for an unsecured personal loan for such a large amount. Any suggestions? I'm at the point where I am about ready to just buy a new one and let them finance it
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Old 06-25-2009, 04:25 PM   #2 (permalink)
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What would be the difference for financing a toy-hauler rv versus an enclosed trailer with LQ? I dont really have an answer for you though, sorry.
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Old 06-25-2009, 04:28 PM   #3 (permalink)
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i am picking up my toyhauler this weekend, I will let you know who we financed it thru. All I know is it was done thru the dealer.
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Old 06-25-2009, 04:34 PM   #4 (permalink)
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Call some of the 5th wheel or rv dealer around you.
A bank mite do it just for a rv titled trailer. You can get better insurance for them to. And not have to deal with dot crap.

Second is it registered as a cargo trailer or a rv/5th.
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Old 06-25-2009, 04:54 PM   #5 (permalink)
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The one I was interested in buying was a 38' gooseneck with living quarters. The living quarters were built out with full bathroom and they still considered it as a cargo trailer We have run into this issue with every car hauler we have looked at. They do not consider a car hauler as a toy hauler, so therefore they won't consider it as a rv. If they can't get a blue book value on it, the bank won't touch it
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Old 06-25-2009, 05:00 PM   #6 (permalink)
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call these people and talk to them
https://www.essexcredit.com/index.jsp

they are a broker and write for a bunch of banks. I've used them for boats through Key Bank with great success.
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Old 06-25-2009, 06:30 PM   #7 (permalink)
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hey,
look over on www.racingjunk.com they have some rv lending adds.
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Old 06-25-2009, 06:37 PM   #8 (permalink)
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Did you ever try GE Moneybank? what did they say? I financed a flatbed trailer through their "Funancing" program. I know several people that have boats, quads, rv's, etc through them... 866-220-9432

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Old 06-25-2009, 07:51 PM   #9 (permalink)
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Did you ever try GE Moneybank? what did they say? I financed a flatbed trailer through their "Funancing" program. I know several people that have boats, quads, rv's, etc through them... 866-220-9432

Yup, I called them and they said they only do deal thru dealers...they won't touch anything used thru a private party
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Old 06-25-2009, 07:52 PM   #10 (permalink)
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Quote:
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hey,
look over on www.racingjunk.com they have some rv lending adds.
Yup, tried them too. The place I called is super picky. It has to be a certain amount of a loan and a certain age.
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Old 06-25-2009, 07:54 PM   #11 (permalink)
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You guys are military... try USAA.
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Old 06-25-2009, 08:30 PM   #12 (permalink)
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Do you own a house?

Get a home equity line of credit then use that. Rates are typicaly pretty nice right now as well.


We plan on doing that soon for a new (used) truck. Our equity line is like 3% right now (granted its a variable, but can be converted to a fixed in an instant if the prime goes to crap).

don't know how viable that would be for you. We've had our equity lines before all the morgage crap went to hell. Plus you wouldn't normaly do something like buy a truck with an equity line, but in our case the value is low compared to the line and the our risk (right now) is low. Plus we'll be aggressive to pay it off.
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Old 06-26-2009, 06:18 AM   #13 (permalink)
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Ihave mine financed thru usaa as well a new classic 40' lq. 100% finaced @6.99 for 30 years in 06. I would think now with the way things are it is going to be difficult to finance a used trailer.I work in the boat biz here in fla. It is real hard finding $$$ for boats. RV are the same to banks. you might be better off looking at one a dealer has that is used.
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Old 06-26-2009, 06:20 AM   #14 (permalink)
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You could try saving a little longer.

Or USAA if that doesn't suit you.
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Old 06-26-2009, 08:23 AM   #15 (permalink)
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My travel trailer is through BB&T... They are the company the dealer set us up with...

http://www.bbt.com/personal/products...s/default.html

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Old 06-26-2009, 09:28 AM   #16 (permalink)
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Have you talked with your personal banker? You know the person you deal with at your local branch. My credit union wil finance almost anything with a phone call and a basic credit app via computer. USAA would probably be your best bet for a "bank" not going through a dealer. The reason you are having trouble is the banks will go after the dealer if they miss represnt the collateral where they can only go after you if you mis-rep.
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Old 06-26-2009, 04:30 PM   #17 (permalink)
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Quote:
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Have you talked with your personal banker? You know the person you deal with at your local branch. My credit union wil finance almost anything with a phone call and a basic credit app via computer. USAA would probably be your best bet for a "bank" not going through a dealer. The reason you are having trouble is the banks will go after the dealer if they miss represnt the collateral where they can only go after you if you mis-rep.
USAA said no way on an enclosed loan since they can't get an NADA value on it. My local bank also said the same thing.
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Old 06-26-2009, 07:03 PM   #18 (permalink)
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http://www.southefinancial.com/trave...Financing.html

Friend of mine used to work for them
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Old 06-27-2009, 07:26 AM   #19 (permalink)
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Call the first national bank of CamoLance, I would think they would value you and your relationship and just cut you a check with a very very attractive rate
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Old 06-27-2009, 03:10 PM   #20 (permalink)
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Quote:
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http://www.southefinancial.com/trave...Financing.html

Friend of mine used to work for them
They are the ones that turned me down because the underwriter said the trailer is still classified as a cargo trailer, even though it has living quarters. they finance horse trailers with L/Q...I can't understand the difference between what I wanted to buy and that
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Old 06-27-2009, 03:11 PM   #21 (permalink)
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I think I am giving up on the gooseneck with living quarters and just buying a bumper pull and letting Robert build it out a bit. I have til 6pm Monday to go pick this up

http://denver.craigslist.org/cto/1239168190.html

What do you all think?
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Old 06-27-2009, 07:35 PM   #22 (permalink)
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i know both credit unions i deal with will give a loan for one. financial partners makes you have a certified appraisal. the local postal credit union has a rate for trailers. credit unions are usually your best bet on oddball loans i've found.
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Old 06-28-2009, 10:08 AM   #23 (permalink)
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Roxy, the only reason I bought a Work & Play is because of what you're dealing with now. My credit union was willing to do a signature loan on an enclosed trailer with living quarters but the interest rate was 3 points higher than an RV loan and you can't deduct the interest of of a signature loan like an RV loan. I also did the math of what it would take to build out a cargo trailer and it was more than the cost of a Toy Hauler. There are TONs of bumper pull toy haulers for sale down here right now for great prices. There are 3 bumper pull Work & Plays for sale parked in the storage place where I rent storage for work.
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Old 06-28-2009, 01:45 PM   #24 (permalink)
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My credit union was willing to do a signature loan on an enclosed trailer with living quarters but the interest rate was 3 points higher than an RV loan and you can't deduct the interest of of a signature loan like an RV loan.
You can deduct the interest on an RV loan? Off of what? Your state taxes?
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Old 06-28-2009, 05:05 PM   #25 (permalink)
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You can deduct the interest on an RV loan? Off of what? Your state taxes?
It's written off as interest on a second home. It has to be fully self contained, and you have to live in it for at least two weeks of the year. But in order to have a second home you must have a first home.
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