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Secured loans for horse floats are a type of financing where the loan amount is secured by the horse float itself as collateral. This means that if the borrower defaults on the loan, the lender has the right to seize and sell the horse float to recover the outstanding balance.
Here are some key points about secured loans for horse floats:
- Collateral: The horse float serves as collateral for the loan. This provides security for the lender, as they have an asset they can claim if the borrower fails to repay the loan.
- Loan Amount: The loan amount for a secured loan is typically determined based on the value of the horse float. Lenders may offer up to a certain percentage (e.g. up to 120%) of the appraised value of the horse float as the loan amount.
- Interest Rates: Secured loans generally have lower interest rates compared to unsecured loans because the collateral reduces the risk for the lender. The specific interest rate will depend on factors such as the borrower’s creditworthiness, the loan term, and the lender’s policies.
- Loan Term: The loan term for horse float loans can vary but is typically between one and seven years. Longer loan terms may result in lower monthly payments but may also mean paying more interest over time.
- Repayment: Borrowers repay the loan in regular installments, typically monthly. The repayment amount consists of both principal and interest. It’s essential to make timely payments to avoid defaulting on the loan and risking the loss of the horse float.
- Application Process: To apply for a secured loan for a horse float, borrowers usually need to provide details about their income, employment history, credit history, and information about the horse float itself. The lender will assess this information to determine loan eligibility and terms.
- Ownership and Insurance: While the horse float is used as collateral, the borrower retains ownership and possession of the horse float during the loan term. The lender may require the borrower to maintain comprehensive insurance coverage on the horse float to protect their interests.
Secured loans for horse floats provide borrowers with a means to finance the purchase of a more expensive horse float while providing lenders with added security. It’s essential to carefully consider loan terms, interest rates, and repayment obligations before committing to any type of loan, whether it be secured, business or unsecured. Consulting with a reputable lender or financial advisor like iCREDIT can help you navigate the process and make an informed decision.
iCREDIT is dedicated to offering a wide range of transparent secured financing options throughout Australia for new and used horse floats, gooseneck trailers and stock trailers. We understand that everyone has different requirements, which is why we’re committed to provide an extensive range of loan options through our partnerships with leading banks and specialised lifestyle lenders.
Your next horse trailer purchase can be made possible with a flexible loan with easy to understand, clear options.
Access a panel of over 40+ of Australia’s leading banks and business horse float financiers.
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Secured Horse Float Loan FAQ’s
With a secured horse float loan, the lender provides funding to you to purchase a horse float or gooseneck trailer.
Upon settlement of your loan and payment to the seller, the financier lodges an interest with the PPSR (Personal Property and Security Register) against the horse float. You take delivery of the float.
Once you have repaid the loan, the financier removes their interest giving the customer clear title.
Applying for a horse float loan with iCREDIT is easy.
Simply enter a few details into our online application form or contact us on 1300 350 118 to talk to us about your secured loan requirements.
Secured Loans can be used to purchase horse transport from both retailers / manufacturers as well as private sales
iCREDIT offer pre-purchase approval loans, helping you research your horse float and buy with confidence knowing your funds are readily available.
Secured Loans can also be used to purchase other asset such as cars motorbikes, boats, caravans, trucks, and machinery
If you are choosing a secured loan for your a private sale vehicle, it’s important to know that some lenders will vary interest rates depending on the age of the horse float and your overall loan application.
The simple answer is Yes.
Having a poor credit file, defaults or slow repayment history on your credit file can reduce your chances of gaining a secured horse float loan with ‘mainstream’ banks.
We understand there are always reasons behind credit issues and work with you to gain an understanding of what happened.
With our strong relationships with lenders, we work hard to achieve the best outcome for our customers.
Secured loans generally offer lower interest rates as they use the horse float as security to reduce the risk for the lender. This means should the loan default due to non payment, the financier can reposess the horse float and recover the funds.
Unsecured (Personal) Loans do not need security to be held against the loan, so generally come with a higher interest rate.
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Why Choose Us?
Choosing Horse Float Trailer finance is not as daunting as it could be when you have iCREDIT in your corner. Whatever your requirements and whatever your financial situation, we’re on your side. We’re backed by national buying power, which means that we’re in the best position possible to negotiate better, more affordable finance rates for you. Going through us is simpler, more affordable and more rewarding than going to banks directly for financing.
Whether you’re buying a new or used horse float or gooseneck, have your eye on a private sale, stock trailer or just need someone to give you a go with second chance float finance; Make the smart choice by talking to one of our dedicated finance consultants today and you’ll be well on your way to securing equine transport to suit your fur friends. We do all the heavy lifting for you, as at iCREDIT, we’re your one-stop equine financing solution.
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