If you need a new car, gaining finance is not as hard as you think. Banks consider cars as a need item, meaning they are goods that are generally used everyday. There are many bank and financiers that will provide quick and easy loans for cars, however when trying to gain a suitable finance approval for a horse float, gooseneck trailer or horse transport truck the process can be much more difficult.
Horse Floats are considered a luxury item or “want”. These goods generally are used on an occasional basis and unlike a motor vehicle can be customised with water tanks, awnings, rear cameras etc to suit your individual needs. Unlike cars, horse floats and gooseneck trailers may suit one persons needs but not another, so when borrowing money, banks tend to take longer with their loan application process.
Unlike cars, horse floats are a specialised item and it’s never a good idea to simply go with the first loan company’s approval you find as you’ll need to compare interest rates, fees, loan terms and repayments to ensure you are getting the best loan suitable to your needs.
To Help Gain The Best Answer Possible
You’ll need proof of income from payslips, bank statements or tax returns. ABN holders using a horse float for business can access a low doc or no financial facility.
New / Used
Decide whether you want to purchase a new float (either in stock or custom built) or a used float. Banks may assess your loan based on a new horse float, however if you decide to purchase an older model they may not be able to give you the same approval due to the age of the float, the condition and usage it has had.
With so many makes and models of horse floats on the market, choosing a suitable float for your needs can be confusing. Many start of with the basics (straight load, angle load, gooseneck, straight extended) and then custom the float from there. Keep in mind the more accessories you add to the float the higher the cost, so if you have a certain repayment in mind for your horse float loan you need to make sure the accessories are going to fit your budget and lifestyle needs.
Check your Credit File. Knowing what is listed on your credit file is essential in gaining the best answer possible. Defaults from utility bills, Court Actions, Bankruptcy or even a busy credit file can affect the answer given by the banks. You can obtain a copy of your credit file through www.veda.com.au or we provide a copy during your loan application.
The most important thing is to be realistic. Look at your current financial situation and make sure you can comfortably afford the new loan repayments as you don’t want to be committing to a horse float loan you can’t afford to repay. Once you have the loan approval, check your loan for any discrepencies in interest rate, payments, fees etc and discuss the approval you a professional finance consultant. They will be able to answer any queries you may have and help you understand the loan contract more clearly.
To find out more about your next horse float loan, gooseneck trailer finance or horse transport truck lease, contact us on 1300 350 118 for an obligation free quote or apply online.
iCredit Horse Float Loans, Gooseneck Trailer Finance and Horse Transport Truck Lease is available throughout Australia including QLD, Brisbane, Gold Coast, Sunshine Coast, NSW, Sydney, VIC, Melbourne, ACT, SA, WA, TAS and NT