🚛 Can You Trade In a Horse Float That’s Still Under Finance?
Yes! If you still owe money on your current horse float, you can trade it in when upgrading to a newer or better model. However, the process differs from a regular trade-in, as your existing loan balance must be settled before finalizing the trade.
Depending on your situation, you may either:
✔️ Trade in and pay off the remaining balance
✔️ Roll over your existing loan into a new one
✔️ Refinance to lower repayments before upgrading
🏦 How Trading In a Financed Horse Float Works
When you trade in a financed horse float, here’s what happens:
| 🔑 Step | What Happens? | How It Affects Your Loan |
|---|---|---|
| 📋 Get a Payout Figure | Request a loan payout amount from your lender | Shows how much you still owe |
| 💰 Trade-In Offer | The dealership or buyer offers a price for your float | If the offer is higher than your loan balance, you keep the difference |
| 📉 Loan Payoff Process | The dealer or you pay off the loan | The lender removes the finance restriction |
| 🚛 New Loan Application | Apply for finance on your next horse float | You may be able to roll over any remaining loan amount |
💡 Tip: If the trade-in value is less than your remaining loan, you’ll need to pay the difference or roll it into a new loan.
📋 What Are Your Options If You Owe More Than the Trade-In Value?
If your loan balance is higher than your horse float’s trade-in value, you have a few options:
✅ Pay the Difference – If you can afford it, pay off the remaining balance to clear the old loan.
✅ Roll Over the Loan – Some lenders allow you to combine the negative equity into a new loan, but this may increase repayments.
✅ Refinance to Lower Repayments – If you’re struggling with payments, refinancing to a lower interest rate can help.
✅ Sell Privately for a Higher Price – Selling privately may get you more than the dealership’s trade-in offer.
💡 Tip: If you’re upgrading to a more expensive horse float, rolling over your loan may be an option—but be aware that your new loan amount will increase.
🏆 Pros & Cons of Trading In a Financed Horse Float
✅ Pros:
✔️ Lets you upgrade to a better or newer horse float
✔️ Avoids the hassle of selling privately
✔️ May allow you to roll over negative equity into a new loan
⚠️ Cons:
❌ You may need to pay off any remaining loan balance
❌ Trade-in offers may be lower than selling privately
❌ Rolling over a loan may increase your overall debt
💳 Why a Finance Broker Can Help with Trade-Ins and Loan Rollovers
A finance broker can:
✅ Help you determine if rolling over your loan is the right choice
✅ Compare trade-in vs. private sale options to maximize your float’s value
✅ Assist in securing a new loan with better terms
🔑 Final Thoughts
Trading in a horse float that’s still under finance is possible, but it’s important to settle the existing loan first. Whether you roll over the loan, refinance, or pay the difference upfront, working with a finance broker can help you find the best financial option.
🚀 Thinking about trading in your horse float? Get expert finance 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.
