For those who already have current car finance or personal loans, finding a suitable horse float finance provider and ensuring your are choosing the right loan product to suit your needs can be a daunting prospect.
For some, using cash to purchase a float can be a quick and easy way of taking delivery of their new float without the additional costs associated with loans. However to if you don’t have cash readily available, then applying for horse float finance is an option to secure a more expensive float with low repayments spread out over a certain period of time.
Horse floats are lifestyle goods and so are assessed differently by the banks and financiers. Many lenders cannot cater for horse float finance on their books so will provide unsecured personal loans to customers, which can result in you paying more interest than you should over the loan term.
To achieve low rate horse float finance you need to find a lender that will take a security interest over the float. For most people sourcing this product can be a frustrating and confusing process of hit and miss with banks and lenders.
If applying for a horse float loan, the more information you can provide upfront, the better answer you can achieve.
Lenders would check your identity details, your income and bank statements to make sure you can afford to repay the loan and your credit history to make sure any current or previous credit history are suitable. If you can establish affordability to repay the loan on the amount you’ve requested, the lender will decide whether or not to approve your float loan.
What is Secured Horse Float Finance?
A secured horse float loan is where the financier or bank register a security interest against the float. Secured horse float loans often have lower interest rates than personal loans as there is less financial risk to the lender. When the loan has been repaid in full the title or ownership is passed onto you.
What Is Unsecured Horse Float Finance?
An unsecured horse float loan is essentially a Personal Loan. The finance provider will not take any security interest over the float and as there is a higher risk to the lender, they will adjust their interest rates accordingly.
So How Do I Find A Suitable Horse Float Loan?
Many people engage the services of horse float finance specialists. They understand the complexities in horse float finance and will compare different lenders and loan products to help find a loan suitable to your lifestyle and budget. Their job is to manage your loan process from application to delivery and will present your loan application correctly, giving you the best chance of a suitable low rate answer.