Owned 1.5 years. Tire wear, brake wear. Bearings need repacking? This would be something to look at on the trailer you have. Didn't say how many miles it has been towed, or whether towed in flat country or mountains. If you can do the bearings and brakes your self, no big deal. Tires, about $600 or up a set. Now with that in mind, and the cost of the mods you could make, and the payoff on your loan....... Then the cost of a new trailer, and interest rate you hope for....
Sorry, I don't have much else. Your billfold, and your checkbook. Might try NADA and get a value on your trailer, vs amount owed, if any, to help wit trade in value if you decide to swap.
2012 Ford F250 ext. Cab 4x4
2002 Jeep Wrangler Sahara
2008 Yamaha V-Star 650 Classic
2008 Work and Play 18LT