How to Finance a Single Wide Trailer

Single-wide trailers are difficult to finance. They lose value rapidly and are often difficult to sell if foreclosed upon. To make matters worse, most aren't expensive enough to represent a large profit for a company or commission for a loan broker. But you can still make it happen if you're willing to look for a deal, build up your personal credit and remain flexible about the kind of credit you get.

Instructions

1

Shop for your trailer. Check industry websites such as nadaguides.com and mobilehomeclassifieds.com for the estimated values of trailers. You're most likely to get financing on a trailer you buy below market value, as this will leave a buffer against future loss of value.

2

Buy from a dealership if possible. Many dealers have relationships with lenders that will help you get financing. Those who don't are experienced in helping people find loans. And dealers often offer guarantees you won't find from a private seller.

3

Work to improve your credit score. Pay your bills on time and resolve any open, negative actions on your credit history.

4

Spend a few months establishing credit. Transfer one of your monthly bills to a credit card and pay that card off just as you directly paid the utility company. Each month of doing this will improve your credit score slightly.

5

Go to a bank you already do business with and ask for a loan. Because it's cheaper to serve existing clients than to attract new ones, banks will work hard to keep your business.

6

Pull out a credit card if all else fails. Many single-wide trailers sell for less than the average credit limit. If you can swing a low-interest, introductory rate, you may be able to pay off the balance during the time allotted.