Posts
1297
Joined
10/7/2013
Location
Steers & Queers, TX
US
Edited Date/Time
6/14/2021 7:50pm
I am hoping for some guidance for this process.
My buddy had an inTech Discover ordered and built, and after 1 use realized it’s too much for his vehicle. I have been using the trailer and fell in love, and would like to purchase it. I’d rather not drain the savings buying it cash, and would like to finance it.
I’ve only financed a house and new truck before, so I am not sure the best way to approach financing something purchased private party.
Has anyone gone down this road? What company did you go with? Do they take care of the current lien and transfer it to the new owner?
I am hoping to hear if you’ve learned some lessons or had a good experience with this process.
Thank you!
My buddy had an inTech Discover ordered and built, and after 1 use realized it’s too much for his vehicle. I have been using the trailer and fell in love, and would like to purchase it. I’d rather not drain the savings buying it cash, and would like to finance it.
I’ve only financed a house and new truck before, so I am not sure the best way to approach financing something purchased private party.
Has anyone gone down this road? What company did you go with? Do they take care of the current lien and transfer it to the new owner?
I am hoping to hear if you’ve learned some lessons or had a good experience with this process.
Thank you!
If you have to do a personal loan it will likely be an interest rate based off secured or unsecured. Avoid this option if possible.
All these rates will also be subject to your credit score of course on how low your bank will go.
The Shop
Those things are really tough to justify buying at a 'new' price, as their value plummets so quickly.
As others have mentioned, credit unions are usually the best choice for financing something like this that is preowned. The only 'problem' with financing through a credit union, though, is that sometimes they will let you borrow more against it than a bank would so you be upside down in it more than you otherwise would.
😎
I'd be purchasing it for $22k, he paid $31k OTD. I will also get his Honda generator, solar power block, solo stove, hoses and cables, wheel chalks for dirt bikes, pots/pans etc. Probably an extra $5k of items needed to go camping properly. It is the CEO of my company/friend/weekly riding buddy, so he's giving it to me in a good spot.
I have a fair amount of money tied up in investments right now that are giving me great returns. I'd rather borrow this $22k @ 4-5% and continue investing or saving. I will pay this trailer off aggressively if it makes sense to. And worse case scenario, I believe I could sell it for more than my purchase price + interest.
If I could continue using it for free or rent it I would, but he just purchased a lightly used Earthroamer and doesn't have a need for this trailer any more. He is going to list it for sale and I'd like to keep it in the family.
I do not usually finance items, especially toys. Like I stated, the only loans I've taken are on a home and a 0% interest promotion on a GMC pickup. I am comfortable with paying a bit in interest given my circumstances.
Thanks for everyone's input, I have an appointment set at a local credit union.
https://dirttrack.bank/
They sponsor a few teams, only know of them because of that , no personal expereince.
They will value your hauler as someone who knows the market, which will help.
I'll sell you this one cheap
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