Horse Trailer Financing: How and Where to Secure Funding

Whether you’re heading to a competition, hauling your herd to auction, or transporting from the stable, keeping your horses safe is likely a top priority. That makes a quality horse trailer a necessity. But, as is often the case with equestrian supplies, new trailers can be expensive.

Fortunately, many farmers and hobbyists find personal loans to be a useful way to finance a horse trailer, and in some cases even their horses. This guide will show you how to find the best horse trailer financing from our partners.

In this guide:

• Best horse trailer loans
• Other horse trailer financing companies
• What you’ll need to secure a horse trailer loan
• Other ways to finance a horse trailer

Best Horse Trailer Loans

Most banks and lenders issue personal loans you could use to finance a new trailer. The right one for you will depend on factors such as your credit score and the amount you need to borrow.

Here are some of our picks for the best personal loans for borrowers of every credit situation.

LightStream (Best for excellent credit)

View Rates

Rates (APR)

5.95% – 19.99%^*
with AutoPay

Loan Amounts

$5,000 – $100,000

Credit Score

660+

If you have excellent or good credit, LightStream is a great option. This lender offers competitive rates, zero fees, and even a program where they will make their rate lower than a competitor’s by 0.10 percentage points.^** With deposit times as soon as the same day, you don’t have to worry about long delays between approval and funding.

• Credit score category: Excellent, good
• Soft credit pull to check rates: Not available
• Deposit time: As soon as the same day
• Origination fee: 0%
• Late fee: None
• Discounts: 0.50% interest rate reduction for enrolling in autopay
• Repayment terms: 24 – 144 months^***

Upgrade (Best for fair credit)

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Rates (APR)

7.99% – 35.97%

Loan Amounts

$1,000 – $35,000

Credit Score

620+

If you are seeking a smaller loan for your horse trailer, Upgrade can assist you. Upgrade allows borrowers to check their rates without affecting credit scores. Loan eligibility is more dependent on free cash flow as compared to other lenders.

• Credit score category: Fair, bad
• Soft credit pull to check rates: Yes
• Deposit time: As soon as the next day
• Origination fee: 2.9% – 8%
• Late fee: $10
• Repayment terms: 36 or 60 months

Upstart (Best for thin credit)

View Rates

Rates (APR)

8.41% – 35.99%¹

Loan Amounts

$1,000 – $50,000²

Credit Score

600+

Upstart is an online lending platform that partners with banks to provide personal loans that can be used for almost anything. Upstart’s lending model considers education, employment, and many other variables when determining eligibility.³ This model leads to 27% more approvals and 16% lower rates than traditional models.⁴

• Credit score category: Fair, bad
• Soft credit pull to check rates: Yes
• Deposit time: As fast as one business day
• Origination fee: 0% – 8%
• Late fee: $15 or 5% of payment
• Repayment terms: 36 or 60 months

Other horse trailer financing companies

You can also work with a smaller lender that specializes in horse trailer financing. These lenders often partner with horse trailer suppliers to act as a financing middleman between the vendor and the customer. Or you can work directly with the supplier.

Here are a few examples of lenders and suppliers that offer horse trailer financing:

• Coolhorse — nationwide, online
• Double D Trailers — North Carolina
• GoldenWest Credit Union — Utah
• Dixie Horse & Mule Co. — Alabama
• NRS Trailers — Texas, Florida, Oklahoma, Kansas, Arizona

The best thing you can do is compare several financing options, including personal loan lenders as well as smaller lenders or suppliers that specialize in horse trailer financing, before making your decision.

What you’ll need to secure a horse trailer loan

Every lender has its own requirements, but if you’re considering financing a horse trailer, you’ll likely provide the same basic information to any lender, including:

• Social Security number.
• Income information.
• Bank account information.
• Basic contact information.
• Your driver’s license or identification card. 

Lenders use this information to determine eligibility, which is often based on your credit history and debt-to-income ratio. 

Though there are horse trailer loans for bad credit, most lenders will look for a satisfactory credit score, around 620 or higher, and a low debt-to-income ratio, typically below 36%. 

It’s a good idea to check your credit report and score through a free site before applying for financing of any kind. 

Other ways to finance a horse trailer

Although personal loans, horse trailer loans, and vendor financing are the most popular ways to finance a horse trailer, they aren’t the only options. You may be able to leverage your home equity, instead. 

People often use home equity loans and home equity lines of credit to finance home improvements, but you can use the funds to finance other purchases, as well.  

Home equity loans

Home equity loans allow you to tap into your home’s equity to access funding, and in this case, pay for a horse trailer.   

Home equity line of credit (HELOC)

Like home equity loans, a home equity line of credit allows you to leverage your home’s equity to finance a variety of expenses, including a horse trailer. The difference is, instead of a lump sum of cash, a line of credit is revolving credit you can tap into as needed. 

If you’re just getting started in the equestrian business and expect you’ll need assistance with cash flow, a HELOC can be useful. It will allow you to borrow only what you need and pay it off on a rolling basis, like a credit card.

Bottom line

Horse trailers can be expensive, but are a necessity for many horse owners. Personal loans can help you purchase a horse trailer, but are not the only option. You can also turn to small lenders, or home equity loans and lines of credit. 

Regardless of what you choose, it’s important to shop around and compare your options before you make your decision.

Recap of horse trailer loans

^*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

^**LightStream will offer a rate .10 percentage points lower than the rate offered on any competing lender’s unsecured loan provided that you were approved for that lower rate (with the same loan terms offered by LightStream) no later than 2 p.m. Eastern time two business days prior to loan funding. The Rate Beat Program excludes secured or collateralized loan offers from any lender, and the competitive offer must be available to any customer with a similar credit profile. Terms are subject to change at any time.

If you believe you have been approved by another lender for a lower qualifying rate, contact LightStream customer service. We will work with you to determine your Rate Beat eligibility and obtain the necessary documentation.

^***Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of three years would result in 36 monthly payments of $303.99.

¹The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.

²Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.

³Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.

⁴Approval numbers compare the 2020 loan approval rate by the Upstart model and a hypothetical traditional credit decision model. The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical traditional model used in Upstart’s analyses was developed in connection with the CFPB No Action Letter access-to-credit testing program, is trained on Upstart platform data, uses logistic regression and considers traditional application and credit file variables.