6 Trailer Financing Options Detailed (Including Bad Credit or No Credit)

Do you need a trailer but have bad credit and no cash? Trailer financing, bad credit options exist. Travel trailers, goosenecks, enclosed trailers, horse trailers, cargo trailers, dump trailers, and more. Here are six lenders who can help, regardless of your credit history: Capital Solutions, RockSolid Funding, RV Financing USA, Trailer Solutions Financial, BecksTrailerStore.com, and Worldwide Equipment Sales. Be sure to ask about associated fees and consider trailer insurance if you will be using your trailer often.

Things to Consider Before Buying a Trailer

How to finance a trailer depends a great deal on your plans for the trailer. For example, if you’re planning to use your trailer for a business or work, getting approval will require different information than if you want to use the trailer for personal use. Also, there are a number of potentially hidden costs associated with owning a trailer, and it’s important to consider them before you make a purchase.

If your credit isn’t very good and you’re starting a business, many lenders will require your business information, bank references, and/or collateral. If you’re planning to use your trailer for personal use, most lenders will require you to show proof of employment or sufficient monthly income.

In most cases, your car insurance will extend to your trailer for liability coverage. According to the DMV, you’re not legally required to get trailer insurance, but having it might be a good idea if you plan to use your trailer often. If you’re ever in an accident involving your trailer, your car insurance won’t pay for repairs to your trailer — or to replace the contents within it — without trailer insurance. This could be especially hard to recover from if you can’t afford to make repairs out of pocket and you’re worried you might not qualify for a personal loan to fix the damage.

Also, keep in mind that in most states you’re required to register your trailer with the DMV within 30 days of purchase. Registration fees are not usually covered by a loan or lease, so you’ll have to pay out of pocket. Each loan or lease may also have specific fees associated with it — beyond the annual percentage rate (APR). Before you agree to a financing plan, it’s a good idea to ask about any fees.

Where to Finance a Trailer

If you’ve taken the above information into account and have decided to purchase a trailer, these lenders may be able to help, regardless of your credit history.

Capital Solutions

• Financing available: Lease purchase
• What you can finance: Commercial trailers, including dump trailers. Minimum loan amount of $8,000. You can use this loan for a commercial trailer bought at auction, from a private party, a local dealer, or online.
• Credit score requirements: No minimum credit score. Owners/operators pledge personal assets as collateral.
• Fees: Capital Solutions offers lease-purchase agreements, so there’s no interest rate. Different lease-purchase agreements may have different fees.
• Source: Capital Solutions
• How to apply: Apply online or by calling (520) 760-3648. The most important part of getting approval is having enough collateral. Once this has been established, the approval process typically takes two to three days.

RockSolid Funding

• Financing available: Loan or lease
• What you can finance: Almost any consumer or commercial recreation vehicle, including travel, enclosed, horse, and livestock trailers.
• Credit score requirements: RockSolid Funding requires a credit check but will work with low credit scores. Employment history is also required. Various types of loans will have different approval processes.
• Fees: APRs apply. Additional fees may vary by loan type. If the funding is less than $7,500, no down payment is required with approved credit.
• Source: RockSolid Funding
• How to apply: Apply online or print out an application and send it to [email protected]. If you apply online, you may receive approval within an hour.

RV Financing USA

• Financing available: Loan
• What you can finance: Recreational-use fifth-wheel travel and conventional travel trailers. $10,000 minimum loan/$75,000 maximum loan.
• Credit score requirements: RV Financing requires a credit check and a minimum score of 550. You must also provide proof of income.
• Fees: APRs apply, as well as a possible down payment.
• Source: RV Financing USA
• How to apply: Apply online or by calling (502) 212-3294

Trailer Solutions Financial

• Financing available: Loan
• What you can finance: Any consumer or commercial trailer —  utility, enclosed, hauler, horse, dump, etc.
• Credit score requirements: Trailer Solutions requires a credit check and a minimum score of 530. A monthly gross income above $1,700 is also required.
• Fees: APRs apply. Additional fees may vary by loan type.
• Source: Trailer Solutions Financial
• How to apply: Apply online, by email, or via fax. If you apply online, an agent will call you within 10 to 15 minutes of receiving your application (during business hours only). Upon approval, funds can be released within 24 to 48 hours.

BecksTrailerStore.com

• Financing available: Loan
• What you can finance: Dump, flatbed, gooseneck, auto haulers, and many other consumer or commercial trailers.
• Credit score requirements: BecksTrailerStore.com requires a credit check but works with a wide range of credit. Employment verification is also required.
• Fees: APRs apply
• Source: BecksTrailerStore.com
• How to apply: Apply online

Worldwide Equipment Sales

• Financing available: Loan or lease
• What you can finance: Business or commercial car carrier, dump, gooseneck, and utility trailers
• Credit score requirements: Worldwide Equipment Sales requires a credit check but will work with all types of credit. Business information, bank references, and trade references are also required.
• Fees: APRs apply
• Source: Worldwide Equipment Sales
• How to apply: Apply online or print out an application and fax it to (815) 725-4446. Applications received during business hours are typically processed the same day.

In Summary

If you need a trailer for business or personal use but don’t have good credit, the lenders above can work with you to get the necessary financing. Remember to ask about specific fees associated with each loan or lease. And consider the cost of registration and possibly trailer insurance.

In case you’re planning on buying a horse? Here’s What to Consider About Buying Horse Insurance