Yes, you can get a title loan on a trailer in many states.
As you may know, there are many different types of trailers (e.g., livestock, flatbed, refrigerated, gooseneck), so you'll want to make sure the lender is cool with your particular style.
Once you confirm that the lender will indeed accept your trailer as collateral, the process is often very similar to a normal title loan.
Learn: How do title loans work?
In most cases, you'll need the following in your briefcase 💼:
- A lien-free trailer title
- A driver's license or state-issued ID
- Proof of income
- Proof of residence
Got all your papers straight now? Awesome! Now, while I have your attention, here are some additional pointers I'd like to throw at you:
- Trailer value may be lower: For an auto title loan, you can expect about 25 - 50% of the car's value. Since a car has an engine humming under the hood, it will likely be worth more than your trailer. For example, if your trailer is worth $2,000, you may only get offered $500 in cash. Something to think about.
- The lender may covet your car: See the point above. The truck that you tow the trailer with probably has more resale value. The lender might not be as interested in your lowboy as your F-150. Some haggling may ensue. Just be prepared.
Learn: Can I get a title loan online?
Worst-case scenario having your trailer repossessed is less nightmarish than a vehicle you depend on for your livelihood. However, those who make prompt payments will avoid this ever happening in the first place!
