Faq's
Q. Do you offer financing?
A. Yes, we do offer financing though several banks and lending institutions. Saddles and other smaller ticketed items can be financed through our partner Bread.
Q. What are my options for filling out a credit application?
A. You may apply online or if you are in the area you may apply in person at our location. Call 806-468-9121 or email us at trailers@coolhorse.com
Q. How much down payment is required?
A. 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, some lenders may require 20% down. On our used units, a minimum of 10% down is required, regardless of credit, and most lenders want to see 20% down.
Q. How large of a loan can I qualify for?
A. There are several factors that are going to play into this equation. One is your income and more importantly your debt to income ratio. This is the amount of monthly payments you have versus 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. As in the mortgage industry, it may not be a bad idea to fill out a credit application before trailer shopping to get "pre qualified". This may help you to determine the price range of trailers creditors will approve you for.
Q. How long of a term can I finance a trailer for?
A. The terms will vary 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 240 month term (20 years) 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.
Q. Can I use my trade as part of my down payment requirements?
A. 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.