Financing a horse float is an important decision that can impact your finances for years to come. In Australia, there are specific times when financing a horse float might be more advantageous, allowing you to secure better loan terms, lower interest rates, and more flexible repayment options. Understanding when to apply for financing can help you save money and make the most out of your purchase.
1. End of Financial Year (EOFY) Sales
One of the best times to finance a horse float in Australia is during the end of the financial year (EOFY) sales, which typically occur between June and July. Many dealerships and lenders offer significant discounts, promotions, and flexible financing options to clear their stock before the new financial year begins. During this period, you can often find special deals, including reduced interest rates, deferred payments, or even additional perks like free upgrades or accessories for your float.
For business owners, EOFY is also a good time to take advantage of tax benefits, such as claiming GST credits or depreciation on assets like a horse float. When considering financing during this time, be sure to check the available deals and talk to a broker or lender about how this could impact your finances in the long run.
2. Seasonal Demand Fluctuations
The demand for horse floats can fluctuate depending on the time of year. For instance, during peak seasons such as spring and summer, when horse events and competitions are more frequent, there is often higher demand for floats. This can drive up prices and reduce available financing options. On the other hand, during the off-season (typically autumn and winter), you may find better deals and more room to negotiate.
If youâre not in urgent need of a horse float, waiting for the off-peak season can save you money on both the floatâs price and the financing terms. Itâs worth keeping an eye on promotions or clearance sales during these quieter months when dealers and lenders may be more willing to offer attractive financing packages.
3. When Interest Rates Are Low
Interest rates play a critical role in determining the overall cost of financing a horse float. When the Reserve Bank of Australia (RBA) lowers the official cash rate, lending institutions typically follow suit and offer lower interest rates on loans, including those for horse floats. By securing a loan during a period of low interest rates, you can potentially save thousands of dollars over the life of the loan.
Keep an eye on the RBAâs decisions, as well as the interest rate offers from different lenders. A financial broker can be an invaluable resource in helping you secure the best rate available. They have access to various lenders and can quickly compare rates, ensuring you get the most competitive deal.
4. Before Major Horse Events or Competitions
If you're a professional rider or involved in competitive horse events, the best time to finance a horse float may be before major competitions or show seasons. Financing early allows you to purchase a high-quality float that meets your specific needs, such as a larger float with more space or special features for transporting multiple horses. Securing the right float in advance means you can focus on your competitions or events without worrying about your transport arrangements.
By financing early, you also have more time to research and negotiate with lenders for better terms. The ability to compare rates and packages when youâre not in a rush can help you secure a loan that aligns with your budget and long-term goals.
5. When Your Credit Score Is Strong
While you can still finance a horse float with a less-than-perfect credit score, the best time to apply for financing is when your credit score is at its peak. A strong credit score can help you secure better loan terms, including lower interest rates and higher loan amounts.
To improve your credit score, make sure youâre paying bills on time, reducing outstanding debts, and correcting any errors in your credit report. If youâre planning to apply for financing in the near future, monitor your credit score to ensure itâs in the best shape possible to help you qualify for better financing terms.
6. During Promotions from Dealerships or Lenders
Many dealerships and financial institutions run special promotions throughout the year. These promotions might include zero-deposit offers, low-interest financing, or longer loan terms with smaller repayments. These promotions can be a great opportunity to finance your horse float at a lower overall cost.
Itâs wise to stay informed about upcoming sales and promotions, as they can significantly impact your ability to secure an affordable financing package. Signing up for newsletters or working with a finance broker can ensure youâre aware of any special deals available.
7. When Your Business Finances Allow It
If youâre a business owner, the best time to finance a horse float may coincide with favourable business cash flow periods. By aligning your purchase with peak income months or a period of strong financial performance, you can ensure that the monthly repayments donât strain your business operations.
Additionally, if you're eligible for tax incentives such as instant asset write-offs for your business, financing a horse float during these times can offer additional financial benefits. Working with an accountant or tax adviser can help you understand how purchasing a float could impact your business finances and tax position.
8. Conclusion
The best time to finance a horse float in Australia depends on several factors, including seasonal demand, interest rates, your personal or business financial situation, and special promotions. By planning ahead and keeping an eye on market conditions, you can make a well-informed decision and secure the most affordable financing options available. Whether itâs during EOFY sales, when interest rates are low, or during special dealership promotions, timing your purchase can help you save money and get the horse float you need to transport your horses efficiently and safely.
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.
