Frequently Asked Questions.
- Why is ETAC the best source for equine transportation financing?
- What types of vehicles are eligible for financing & refinancing through ETAC?
- I'm not comfortable applying for credit online. Is there another way I can apply for pre-approved credit?
- How secure is my information for the loan application?
- What is the least and most amount you will finance?
- What are the current interest rates?
- What is the term (length of loan), and, can I re-pay the loan early?
- How much of a down payment do I need?
- Is this a "simple interest loan"?
- Must I have perfect credit?
- Can I obtain "Pre-Approval"?
- How much does this cost?
- What happens once my application is received?
- What if I'm buying from a private party?
- Can I make more than my regular monthly payment and shorten my term to save interest expense?
- How are loan funds disbursed?
- How do I apply?
- How much can I save by refinancing my existing specialty vehicle loan?
- How can I find out more about my credit rating?
Why is ETAC the best source for equine transportation financing?
There's nothing wrong with using a dealer's sources, a local bank, or credit union. They provide a valuable service. Our strength is in looking for the "Best possible financing, because we have more funding sources at our fingertips, since this is our only business.
Most banks are setup up primarily to finance with maximum terms of only 5 to 7 year. When financing an expensive tow vehicle or trailer, this can create an extremely high monthly payment. ETAC is set up with lenders who finance horse trailers and tow vehicles every day. In order to make the vehicle of your dreams an affordable reality, financing with terms from 10-20 years are helpful.
What types of vehicles are eligible for financing & refinancing through ETAC?
Horse Trailers, Motor Sports Trailers, Living Quarter Trailers, Tow Vehicles, SportChassis, ToterHomes, Heavy Duty Non-Commercial Trucks, RV’s, Boats, Yachts, Personal Watercraft, Motorcyles, ATV’s, and Golf Carts.
I'm not comfortable applying for credit online. Is there another way I can apply for pre-approved credit?
Yes. You can download the credit application in PDF format, print it, complete it, and send it via fax at 888-792-3790 or mail it to ETAC. You will need the free Adobe Acrobat plug-in to view and print this document.
How secure is my information for the loan application?
As a financial services company, ETAC's initial priority is to protect your information. We have adopted technology and security standards widely used throughout the online banking industry. When you submit your credit application, your data is encrypted for further security. Please read our Privacy Policy for more information.
What is the least and most amount you will finance?
Our minimum loan amount is $2,500. There is no maximum.
What are the current interest rates?
This is one of the most popular and logical questions asked. Interest rates are calculated based on several factors, including loan amount, loan term, down payment, year of vehicle being financed, and the applicant’s credit history. Due to bank rate fluctuations, our rates are subject to change, however we strive to be the most competitive in the industry. ETAC is dedicated to finding each applicant the best possible rate, and tailoring the loan to meet their individual needs. Since interest rates vary based on so many different factors, we recommend that you call our staff to receive a personalized quote to obtain the very latest rate information for your particular finance or refinancing needs.
What is the term (length of loan), and, can I re-pay the loan early?
The term of the loan depends on the type and year of vehicle being financed, on the loan amount, and down payment. The average term ranges from 10-20 years. In almost all cases, you can pre-pay the loan with no penalty or refinance the loan at a later date.
How much of a down payment do I need?
It depends on the same factors that affect your rate and term. Our goal is to provide the lowest rate, the longest term, with the least amount down. Call today for a personalized quote from an ETAC representative.
Is this a "simple interest loan"?
Yes, the majority of the loans we write are simple interest. The ETAC Staff can accommodate your specific needs. Call for personalized information.
No! There are several lending sources that specialize in "less-than-perfect" credit histories, focusing solely on your ability to pay the loan.
Absolutely. Some people want to know what they qualify for before they actually shop or, they want to make sure they can buy before they make a commitment to the dealer or individual. Just complete the credit application to begin the process now. If you prefer to apply by mail, print out the form and complete the application and mail it to us.
That's the best part! There are no costs of applying. There are no charges to apply and no additional fees attached to your loan (other than standard bank fees). We will review every number on the contract with you before we print the documents or finalize the loan itself.
What happens once my application is received?
Once you submit your online credit application, it is reviewed by credit analysts. We will notify you of our credit decision via phone or e-mail as soon as possibly. In some cases, banks may request additional information (such as personal financial statements and income verification), which causes a temporary delay in the process. ETAC will contact you with updates on your application. You should receive a final credit decision within a few business days.
What if I'm buying from a private party?
No problem. As long as we can verify the title to the vehicle you are purchasing, you can purchase from whomever you would like. Dealers will already have the title on file, individuals will either have a title, or the bank will be holding it until their loan is paid off.
Can I make more than my regular monthly payment and shorten my term to save interest expense?
Yes, although you must always make your monthly payment.
Once your loan request has been approved and all of the necessary loan documents have been signed, funds will be issued to the seller or dealership or in the case of a refinance transaction, directly to the lien holder.
We're glad you asked! Applications are available online or we will be more than happy to fax or mail you the application packet. A credit decision can be made in as little as one business day. Our toll free fax number is 888-792-3788. Our toll free Phone number is 1-877 ASK ETAC.
How much can I save by refinancing my existing specialty vehicle loan?
The answer to this question depends upon several factors. It would depend on how much you could reduce your interest rate. It would also depend on your unpaid loan balance. For example: If a loan with $45,000 remaining to be paid at 10% interest could be refinanced at 8.49%, you could save over $6,000 in finance charges, depending on how many months remaining on the loan. You could also choose to lower your payments, or lower your repayment term. The choice is yours, but in the case of living quarter refinancing, virtually any savings in interest rate make a refinance a smart move.
How can I find out more about my credit rating?
We have provided the links below for your convenience. ETAC is not affiliated or responsible for the content, services or security available with Equifax, Experian or TransUnion. These links are provided to you as a convenience only. Equifax (www.equifax.com) Experian (www.experian.com) TransUnion (www.tuc.com)