🚛 Can You Get Horse Float Finance from a Bank?
Yes! Many Australian banks offer loans for horse floats, but the type of finance available depends on:
✔️ Whether the float is new or used
✔️ Your credit score and financial history
✔️ If the loan is for personal or business use
✔️ Your location (metro vs. regional buyers may have different options)
💡 Tip: Some banks don’t offer dedicated horse float loans, but you can still finance your purchase through a secured or personal loan.
🏦 Comparing the Best Banks for Horse Float Finance
Different banks offer different loan options for horse float buyers. Here’s how they compare:
| 🔑 Bank | Loan Type | Best For | Interest Rate (Typical) |
|---|---|---|---|
| 🏦 Major Banks (e.g., Commonwealth, ANZ, NAB, Westpac) | Secured & unsecured personal loans | Buyers with good credit & stable income | 6–12% p.a.* |
| 🏦 Credit Unions & Mutual Banks | Personal & secured loans | Buyers wanting lower fees & flexible terms | 5–10% p.a.* |
| 🏦 Online Lenders | Fast approval personal loans | Buyers needing quick finance | 7–14% p.a.* |
| 🏦 Rural & Agricultural Banks | Business loans & chattel mortgages | Buyers using the float for business or farm use | 4–9% p.a.* |
💡 Tip: If you plan to use the float for business, consider a chattel mortgage with a rural bank for potential GST and tax benefits.
(*Rates may vary depending on credit score and loan type.)
📋 How to Choose the Best Bank for Horse Float Finance
Consider these key factors when comparing bank loans:
| 🔑 Factor | Why It Matters |
|---|---|
| 📑 Interest Rate | A lower rate means cheaper repayments |
| 💰 Loan Term | Longer terms reduce repayments, but increase interest paid |
| 🚛 Secured vs. Unsecured | Secured loans require collateral (like the float), but offer lower rates |
| 📆 Approval Time | Some banks take longer to approve loans than online lenders |
| 📉 Early Repayment Fees | If you plan to pay off the loan early, check for exit fees |
💡 Tip: If you need fast finance, some online lenders approve loans within 24–48 hours.
🏆 Pros & Cons of Getting Horse Float Finance from a Bank
✅ Pros:
✔️ Banks offer competitive interest rates for strong borrowers
✔️ Some credit unions offer low-fee loan options
✔️ Business-use loans may qualify for tax deductions
⚠️ Cons:
❌ Some banks don’t offer dedicated horse float loans
❌ Longer approval times compared to online lenders
❌ Stricter lending criteria, especially for rural buyers
💳 Why a Finance Broker Can Help You Find the Best Bank Loan
A finance broker can:
✅ Compare multiple banks and lenders to find the best deal
✅ Help secure pre-approval to streamline the buying process
✅ Assist with business-use loans and tax benefits
🔑 Final Thoughts
While many Australian banks offer horse float finance, the best option depends on your credit score, income, and whether the float is for personal or business use. Comparing interest rates, loan terms, and approval speed can help you secure the best deal.
🚀 Need help finding the best bank for horse float finance? Get expert advice today!
DISCLAIMER
The information provided on this website is general in nature only and has been prepared without considering your financial needs, circumstances and objectives and should NOT be construed as financial, taxation or legal advice. For more information, get in touch with our experienced partner brokers today.
