Everything You Need to Know About Financing a Trailer
Depending on what kind of trailer you’re looking for, you could be looking at a major purchase. For this reason, some people choose to get their trailer financed. Below, you’ll learn everything you need to know about financing a trailer.
Will My Credit Score Impact The Financing Deal I Can Get For My Trailer?
Yes, your credit score will impact the type of loan you can get for a trailer. This score uses your past behavior to determine how likely you are to pay your trailer off on-time, so lenders are going to use it to determine how risk your loan is.
Credit scores can be anything from 300 to 850. If your score is 700 or higher, you have a good credit score. If your credit score is at least 600, you have an average credit score. Credit scores less than 600 are below average and may impact your ability to get financing.
How Can I Find Out What My Credit Score Is?
There are three major credit bureaus, each of which compile information separately in order to create their own unique score. You can contact any of them individually in order to see your score, but there are also a number of websites that will compile all three scores for you.
There are two reasons why it’s important to check all of your scores. First, this ensures that you understand all of the scores a lender may see in regards to your account.
Second, it allows you to find any discrepancies with your account. All three bureaus should be using similar information, and they’re all working with the same scale. If one score is significantly lower or higher than the other two, that’s a warning side that you may be a victim of credit fraud.
What Should I Do If I Want to Improve My Credit Score Before Buying a Trailer?
If your previous credit history is prohibiting you from getting the trailer you want, you’ll want to start building a more positive history. This means paying off your existing debt, cutting up any credit cards that you use irresponsibly, and showing lenders that you can be trusted.
If the problem is simply that you don’t have enough of a credit history, you’ll want to open up new credit at least three months before applying for trailer financing. This means applying for credit, using it over the span of three months, using it, and paying any required fees on-time.
What Other Factors Influence My Ability to Finance a Trailer?
Along with your credit score, lenders will take into account the size of the loan you’re asking for, any other loans you’re currently paying off, and your current source of income. If you’re filing jointly for a loan with someone else, your co-signer's credit score, loans, and income will be taken into account as well.
Looking to Finance a Trailer in Arkansas?
If so, you’ve come to the right place. Silver Moon Trailers is Arkansas’s trailer dealership of choice, and we’re committed to making sure everyone has the trailer they need.
If you’re ready to buy a trailer but need some financing, don’t hesitate to check out our financing page to learn more about what we can do for you.