Purchasing a horse float is a significant investment, and for many Australians, itâs essential for transporting horses to events, training, and competitions. While the upfront cost of a horse float can be substantial, financing assistance offers a way to manage the expense over time. Whether you're a seasoned equestrian or a first-time buyer, securing financing for your horse float can make the process much more manageable, ensuring that you get the float you need without putting unnecessary strain on your finances.
1. Flexible Financing Options
In Australia, various financing options are available for those looking to buy a horse float, including secured loans, hire purchases, and chattel mortgages. Each option offers different terms and conditions that may be more suited to your financial situation.
Secured loans are a popular option for many buyers. These loans use the horse float as collateral, which often results in lower interest rates. Hire purchase agreements, on the other hand, allow you to take possession of the float immediately, while you make regular payments over time. Once all payments are made, the float is yours. If you're a business owner, a chattel mortgage may be an ideal option, as it provides tax advantages, such as the ability to claim GST back.
2. Simplified Approval Process
One of the main advantages of financing a horse float is the simplified approval process. Financing providers, including banks and lenders working with dealerships, typically offer quicker approval times compared to other types of loans. This can be a great benefit if you're in a time-sensitive situation and need a float quickly for a competition or training.
In many cases, dealerships that offer financing assistance can pre-approve you for a loan on the spot, giving you a clear idea of how much you can borrow and the terms youâll be working with. This allows you to focus on selecting the right float for your needs without worrying about complicated paperwork or delays in approval.
3. Lower Upfront Costs
When you finance a horse float, the upfront costs can be significantly reduced. Instead of having to save up a large sum of money, you can opt for low or no deposit financing options. This makes buying a horse float more accessible to those who may not have the immediate funds available.
By spreading the cost over a set term, buyers can enjoy the flexibility of paying monthly installments, which can help with managing cash flow. This can be especially important for equestrian businesses or individuals who need to allocate their finances to other areas, such as training, competition fees, or day-to-day living expenses.
4. Competitive Interest Rates
Financing assistance often comes with competitive interest rates, especially when the loan is secured by the float itself. Many financing providers in Australia offer low-interest rates, which can help to reduce the overall cost of purchasing the float. Secured loans typically offer better rates than unsecured loans, which makes them an attractive option for buyers who want to keep their repayments as low as possible.
Additionally, fixed-rate loans allow for predictability, meaning that youâll know exactly what your repayments will be throughout the loan term. This can make budgeting easier and provide peace of mind that your monthly financial commitments wonât change.
5. Easier Access to New and Used Floats
Financing assistance can make it easier to access both new and used horse floats. Whether you're looking for a custom-built float with specific features or a more affordable pre-owned model, financing options provide the flexibility to choose what best suits your needs. Dealerships often offer a wide variety of floats, and financing options can help you secure one without waiting to save the full amount upfront.
If youâre considering a second-hand horse float, financing options make it more feasible to secure a good-quality used float while still managing your budget. Many lenders provide financing for used floats, though terms and interest rates may vary depending on the age and condition of the float.
6. Business Benefits
For businesses, such as horse trainers or equestrian event organisers, financing a horse float offers additional benefits. Depending on your business structure, you may be eligible for a chattel mortgage, which provides tax advantages, including the ability to claim back GST and claim depreciation on the float as a business asset. These benefits can make financing even more attractive for business owners looking to expand their operations or improve their services.
With financing, businesses can also maintain their working capital, allowing them to invest in other areas of their operations, such as equipment, employee wages, or marketing, while still securing the necessary transportation for their horses.
7. Access to Expert Advice
When financing through dealerships or specialized lenders, you often have access to expert advice to guide you through the process. These experts can help you understand the terms and conditions of the loan, recommend the best financing options based on your financial situation, and assist you in finding the right horse float for your needs. Having an expert help you navigate financing can ensure that you make the best choice and avoid any potential pitfalls down the line.
Conclusion
Buying a horse float with financing assistance is a practical and accessible solution for many Australians. With flexible financing options, lower upfront costs, competitive interest rates, and expert support, financing makes it easier for horse owners, trainers, and businesses to invest in the essential equipment they need. By choosing the right financing plan, you can secure a high-quality horse float without straining your finances, allowing you to focus on what matters mostâtaking care of your horses and enjoying your equestrian pursuits.
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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.
