Getting your hands on a trailer for personal or business use can be challenging with poor credit or limited credit history. However, many trailer dealers offer bad credit trailer financing for credit scores under 600; some even rent to own trailers with no credit check. This is called no credit check trailer financing.
Whether you’re looking at enclosed trailers, goosenecks, dump trailers, or any other types of trailers, you should be able to buy a trailer with bad credit if you get in touch with the right lender or rent to own provider.
What is No Credit Check Trailer Financing?
No credit check trailer financing refers to a type of financing option where the lender or lessee does not conduct a credit check as part of the loan or leasing approval process.
Typically, when applying for a trailer loan or rent to own program, providers assess an applicant’s creditworthiness by reviewing their credit history and credit score. However, with no credit check financing, the lender does not consider the applicant’s credit profile as a determining factor for approval.
Is No Credit Check Trailer Financing a Good Option?
This type of financing can be beneficial for individuals who have a poor credit history or no credit at all, as it allows them to access financing for purchasing a trailer without the concern of being rejected due to their credit score. Instead of relying on credit checks, these financing options may focus more on other factors such as income, employment history, and ability to pay.
It’s important to note that no credit check financing options may come with certain drawbacks. They often have higher rates and payments compared to traditional financing options, as the lender assumes a higher level of risk by not evaluating the borrower’s creditworthiness.
Additionally, the loan terms and amounts may be more limited, and there may be additional fees or requirements associated with the program. This means your trailer loan and monthly payments may be higher.
If you are considering no credit check trailer financing, it’s essential to carefully review the terms and trailer loan payment options to ensure they align with your financial situation and goals. It’s also a good idea to explore other financing alternatives and compare different providers to make an informed decision.
No Credit Check Trailer Financing Options You Can Rely On
For no credit check trailers near me, here are two financing companies that stand out.
#1 Capital Solutions
Capital Solutions offers lease purchases on trucks, and you can get in touch with them to finance any commercial trailer, including enclosed trailer financing or car hauler trailer financing. They require the minimum purchase amount to be $8,000. You don’t necessarily need to buy a new trailer to get this loan. You can use the funds to purchase a trailer from a private party, at an auction, or online.
But the best thing about Capital Solutions is that they do not require a minimum credit score. However, you will need to pledge personal assets as collateral to receive credit approval.
Since the company offers lease-purchase agreements, there is no interest involved. You will need to pay fees depending on your agreement with the company.
You can apply for a loan on their website or call their number. Your deal will get approved within three days if you have enough collateral.
#2 Hopkins Rent to Own
This rent to own trailer company has a no credit check trailer financing option that allows you to rent to own your trailer. Hopkins gives its customers the freedom to rent to own any type of trailer.
The company requires no credit check. You will need to submit your employment history, a copy of your most recent utility bill, and a valid driver’s license to apply to their rent to own program. The approval process will depend on your trailer type and payment terms you choose.
Getting cargo trailer financing or dump trailer financing becomes easy with a no credit check trailer financing option. Make sure you enquire about the associated fees and invest in trailer insurance if you expect to use your trailer daily.
Sometimes dealers offer financing and allow you to make convenient monthly payments directly to them at their location.