Custom horse floats are a popular choice for equestrians who want a float tailored to their specific needs. Whether it's additional storage space, specialized features for comfort, or unique design requirements, a custom-built float provides a solution that off-the-shelf models may not. However, financing such a purchase can be more complex due to the higher cost involved. While some people choose to apply directly with banks, working with a finance broker can significantly streamline the process and ensure you get the most competitive deal on your custom horse float.
Why Custom Horse Floats Are a Smart Investment
Custom horse floats offer several advantages over standard models. With a bespoke design, you can ensure that the float meets all of your specific requirements, whether you need extra space for multiple horses, special fittings for transport safety, or custom interiors for ease of cleaning and maintenance. While these features come at a higher price, the value they add can make a significant difference in your horse transport experience, making it well worth the investment.
However, the increased cost of custom horse floats means that financing options need to be carefully considered. Custom floats are typically more expensive than standard models, so finding a lender who understands your unique needs is crucial. This is where a finance broker can help.
Financing Options for Custom Horse Floats
- Personal Loans Personal loans are a popular financing option for those looking to purchase a custom horse float. With a personal loan, you can borrow a fixed amount to cover the entire cost of the float, and you can choose from secured or unsecured loan options. Secured loans typically offer lower interest rates because the float itself acts as collateral, while unsecured loans may have higher rates but offer more flexibility. A finance broker can assist in finding the right personal loan from a variety of lenders, helping you secure the most competitive interest rates and favorable terms.
- Hire Purchase Agreements Hire purchase agreements allow you to spread the cost of your custom horse float over a set term, with ownership transferring to you once the loan is paid off. This financing method often offers flexible repayment options, making it an appealing choice for those who need a tailored solution. Many lenders provide hire purchase agreements with the option for early repayment or flexible terms, which is why using a broker can be particularly beneficial. They have access to a wide range of lenders who offer specialized terms for custom-built vehicles.
- Chattel Mortgages A chattel mortgage is another viable option for financing a custom horse float, particularly for business owners. With a chattel mortgage, the float is used as collateral, and the loan is secured by the asset itself. This type of loan typically offers lower interest rates and flexible repayment options. For businesses, it also allows the possibility of claiming GST credits. A brokerâs expertise ensures you find the best chattel mortgage deals available and can help navigate the complexities of business finance, ensuring your needs are met quickly and efficiently.
- Leasing Leasing a custom horse float offers flexibility and a lower upfront cost. With leasing, you make regular payments over a set period and have the option to buy the float at the end of the term. Leasing is particularly advantageous for businesses that need the float for a limited time or those who prefer not to own the float outright. A finance broker can help connect you with leasing companies that offer easy approval, as well as negotiate terms that suit your budget and usage requirements.
- No Deposit Financing No deposit financing options are available for many borrowers, allowing you to purchase your custom horse float without having to pay a deposit upfront. While these loans often come with higher interest rates, they offer greater flexibility in terms of repayment. This is an excellent option for those who may not have a large sum available for a deposit but still wish to purchase a high-quality custom float. A broker can help you navigate no deposit options and secure the best deal with flexible repayment terms.
Why Work with a Broker for Custom Horse Float Financing?
While applying directly with banks for financing might seem like the most straightforward route, using a finance broker offers several key advantages that can make securing financing for your custom horse float easier and more affordable:
1. Access to a Wide Range of Lenders
Brokers have access to a variety of lenders, from traditional banks to non-bank financial institutions. This means youâre not limited to the offers of one institution. Instead, a broker will shop around on your behalf, comparing different lenders and loan products to find the best deal for your custom horse float. They can often negotiate better rates and terms, ensuring that you receive the most competitive financing options.
2. Tailored Financing Solutions
Custom horse floats come with unique costs, and your financing solution needs to reflect that. Brokers take the time to understand your financial situation and can recommend the loan options that are most suitable for your needs. Whether you need low monthly repayments, a longer loan term, or the ability to pay off the loan early, a broker can ensure the loan structure is tailored to suit your cash flow.
3. Expert Advice and Support
Brokers have extensive experience in the finance industry and can provide expert guidance on the best way to finance your custom horse float. They can explain the different loan options in detail, helping you understand how each option works and which one aligns with your financial goals. Whether you're uncertain about securing a loan or not sure which type of financing is right for you, a broker can provide the support you need throughout the process.
4. Time and Effort Savings
Applying directly with banks often requires filling out multiple applications, submitting documentation, and waiting for approvals. This can be a time-consuming process, especially if youâre juggling multiple financial commitments. A broker handles the paperwork for you, submitting your application to multiple lenders at once, which saves you time and effort. Brokers also keep track of your application, ensuring it moves through the approval process smoothly and quickly.
5. Better Interest Rates and Terms
Brokers have relationships with a wide range of lenders, and their knowledge of the market allows them to secure better interest rates and terms for their clients. This can make a significant difference in the total cost of your loan over time. When it comes to custom horse float financing, brokers are well-equipped to find the most competitive rates, even for larger or more complex loans.
Conclusion
Financing a custom horse float requires a tailored solution that accounts for the unique needs of the float and the buyer. Whether you opt for a personal loan, hire purchase agreement, chattel mortgage, or leasing, there are a range of financing options available. While applying directly with banks is an option, using a broker offers significant benefits, including access to multiple lenders, expert advice, better rates, and time-saving support. By working with a broker, you can ensure you find the best financing option for your custom horse float, making the purchase more manageable and affordable.
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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.
