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Step 1: YOU find a
trailer you like either on our web site or on our lot in
Amarillo or Hereford, TX. Whether it's a custom trailer
or a used trailer, there's a strong possibility that we
can help you with the financing or simply fill out an application
on-line. If the trailer you've selected meets the set requirements
for a financed trailer, we'll have you fill out a credit
application. We can fax, email or download off our site
your credit application. Once we receive it back, we can
often have an answer for you within a few hours. If you
receive credit approval, we can find a lender that will
meet your personal needs.
Step 2: WE handle the paperwork
for you, including titling and registering your trailer.
You simply sign the required documents. Thanks to email,
fax machines, overnight mail and trailer deliver services,
you may be able to do all the paperwork without leaving your
house.
Step 3: YOU drive away pulling
your new trailer or your new trailer is delivered to you.
You will receive your payment booklet or coupon directly
from the lender.
FAQ's
Do you offer financing?
Yes, we do offer financing thru several banks and lending
institutions.
What are my options for applying?
You may apply on line at www.coolhorse.com/creditapp,
we can fax you an application or if you are in the area you
may apply in person at one of our two locations.
How much down payment is required?
With the changes in today's economy and market, more times than not the lenders are requiring a minimum of 10% down on
new units, however with excellent credit there are some no-money
down programs available. On our used units, a minimum
of 10% down is required, regardless of credit, and most lenders want to see 20% down.
How much money can I qualify for?
There are several factors that are going to play into this equation. One is your income and more importantly you debt to income ratio, this is the amount of monthly payments you have to what your income is, then they look at the residual income. Another factor is your credit score and most importantly is what kind of payment are you comfortable with every month.
Can I use my trade as part of my down payment requirements?
Yes, in most cases the equity in your trade can be used
as a portion or all of your down payment. Equity would
be defined as the difference in what we allow on your trade
and the payoff of your trade, if any.
Can you finance used trailers?
Yes, we can finance used trailers, however there are
a few exceptions on this. Some of our used trailers
may not meet the age requirements, a trailer must be a 1999 model or newer to be financed. Titling requirements may also hold back the acceptability of a used unit for financing.
Please contact one of our sales associates, if you have any
questions on a particular unit.
Which is easier to finance New or Used trailers?
It is always easier to finance a New Unit, because the
lender has less risk in the collateral package securing the
loan.
How long of term can I finance a trailer for?
The terms will very depending upon the unit selected,
amount you wish to finance and credit profile. Typically
on a New Living Quarters trailer, financing above $25,000.00
you can receive up to a 180 month term (15years) in some
cases extended terms maybe available. On our Non-Living
Quarters, goosenecks and bumper pulls, financing over $10,000.00
you can receive up to a 120 month term (10 years) and in
some cases extended terms maybe available.
What kind of interest rates might I expect?
Rates will vary widely depending upon the age of the trailer being financed and your individual credit history. New trailers do qualify for slightly lower interest rates than used trailers (trailers that have been previously titled) and we also see more competitive rates when larger amounts are financed (amounts over $25,000). Interest rates range anywhere from 8.0% up to 19.99%. On a new living quarter trailer, financing over $25,000, and with good credit, you could expect approximately 8.74%-10.99%.
What type of credit do the lenders require?
Typically a minimum of 620 credit score is needed
to be considered for financing. Other factors will
be assessed in the overall decision, such as debt to income ratio, amount of revolving debt, collections, judgments and other public records. Another item is the length of time and amounts of credit you have borrowed in the past. The final approval, rate and term will be
made solely by that lending institution itself.
What
if I had a Bankruptcy?
Typically it is a minimum of 3-years from the discharge
date before they will consider financing a trailer. At
that point they will look at credit history since and re-establishment
within that time frame.
Do the lenders require any additional documents for approval?
In some cases W-2’s, pay stubs or tax returns maybe required to verify income.
If I do not qualify for financing with one of your
companies or I choose to use my own bank, is that allowed?
Yes, we will work with your outside financing. However,
we do require that full payment has been made or funding arrangements prior to the unit leaving our lot. Proof of insurance will also be required.
Once I am approved what documentation do you require
to finalize the loan?
Upon approval, we will require a copy of all applicants’ drivers’ license
and a proof of full coverage insurance with a minimum of
$1000.00 deductible and appropriate lien holder information.
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