NO CREDIT - In House- Trailer Financing
Financing with Chipper LLC Trailers & Equipment
Financing Questions? Call Frankie- (678) 756-7710
IN HOUSE FINANCING
No credit, No intent to utilize credit?
No application required.
IN HOUSE FINANCING / RENT TO OWN
Here is how it works, You can quote yourself. No application necessary.
If a trailer price is under 4,000.
The minimum down payment is 1,000. The monthly payment is 250. I will explain how the interest works shortly.
If a trailer price is between 4,000 to 6,000.
The minimum down payment is 2,000. The monthly payment is 500. I will explain how the interest works shortly.
If a trailer price is over 6,000.
The minimum down payment is 35% of the total. The monthly payment is 500.
Down Payment includes first month.
How is the interest calculated? Its all about the remaining balance.
Here is an example of how to figure out what your interest rate will be.
$10000 Trailer. [ Pretend there is no tax to make this simple ]
35% down is $3,500,
Remember the monthly payment is $500.
Which means, since your first month is included in your $3,500, it is shown as such:
$3000 deposit + $500 for first month = The 35% Required
The interest rate is $50/month for every $1000 you finance.
So back to the $10,000 trailer.
We take the $3,000 first, and we set the other $500 to the side, we will get back to it later, after we calculate the interest.
10000 - 3000
This leaves us with $7,000. [ Remaining balance is rounded up or down to nearest thousand. Ex 4499 = 4000, 4500 = 5000. ]
Interest = $50/mo per $1000 financed
$50 x 7 ( since 7,000 was left after we took 3,000 )
Back to your other 500 . Since the interest rate is 350, that would mean your principle is 150.
$7,000 - $150
$6850 is your remaining balance, after first month has been applied.
You can choose to pay more than the minimum monthly to further reduce your principle balance.
Ex: 1000 Payment, 350 Interest, 650 Principle
If you paid the 6,850 off within 1 month, you would have paid 350 in interest.
If you paid the 6,850 off within 2 months, you would have paid 700 in interest.
If you paid the 6,850 off within 3 months, you would have paid 1050 in interest.
So on and so forth.
No prepayment penalties.