All You Need to Know About Financing a Trailer

Trailers are big-ticket investments, and you might be shopping for trailers on a tight budget. Thankfully, financing a rig is easier now than ever and available just a call away. White Spruce Trailer Sales is your preferred trailer dealership in Alaska, and we are excited to help you select a trailer financing plan that fits your budget and financial condition. Here’s all you need to know about financing a trailer, so keep reading to learn more!

Why Finance a Trailer?

Financing a trailer helps you bring home your preferred rig by paying a down payment and making subsequent recurring payments without burning a hole in your pocket. Since you won’t be paying a large amount of money upfront, you can save up while paying your trailer off over the next few years.

Plan Your Budget

First, consider how much you can afford to pay month after month without making too many financial adjustments. When financing a trailer, you’ll need to make a down payment and monthly payments with interest. Use an online loan calculator to identify an ideal price range, then visit White Spruce Trailer Sales to meet our finance experts. We can create the perfect customized plan for you.

Types of Loans

Another thing to consider when financing a trailer is the type of loan to select. Ideally, you have secured and unsecured loans.

Secured loans are easier to obtain with low credit. However, they have high loan limits, long repayment terms, and lower overall rates. You’ll also want to consider that the lender will use your trailer as collateral, meaning they can repossess your rig if you default on your loan. Conversely, unsecured loans have shorter repayment terms and higher rates. In this type of loan, the lender won’t use your vehicle as collateral, but you’ll require a higher credit score to qualify for it.

Qualifying for a Loan

Various things can influence your chances of qualifying for a loan. They include your credit score, credit history, debt-to-income ratio, down payment, and your trailer's age, price, and value.

Are you ready to go shopping for trailers for your transportation business? If you need more information or a customized financing plan to buy your dream trailer, visit White Spruce Trailer Sales. We have dealerships throughout Anchorage, North Pole, and Wasilla, AK, so stop by the one nearest to you!