Horse Float Finance

Why should I consider a personal loan to help me finance my horse float?

When it comes to your options for horse float financing, personal loans are amongst the most affordable with highly competitive interest rates. These stand in contrast to other methods of payment, such as credit cards, as lowering the overall interest and associated fees can make a real difference in the long run. Simply put, it can sometimes be difficult to garner the savings required to pay for something as important as a float for your horse.  

This kind of purchase can often set buyers back thousands of dollars, which you may not have available when you need it. Couple that with the fact that you want to buy a product that meets your quality requirements and you’ll probably have a sizeable hole burned in your pocket. That’s where a personal loan can come in to help. Whether you apply for one to cover the cost of the float or simply to lend a helping hand, personal loans are an effective way of alleviating the financial burden of big purchases. 

What’s the difference between a secured and unsecured personal loan for financing my horse float?

Another choice that your lender may provide to you is whether the horse float personal loan you go with is secured or unsecured. Securing your personal loan involves affixing a valuable asset of yours as collateral for added security. This will usually come in the form of a car or other vehicle, or in this case your horse float. Lenders will generally offer lower interest rates to lenders who secure their personal loans, as the security of one of their valuable assets means that they will have added motivation to ensure the loan is paid off.

Alternatively, you can opt for the more common option of an unsecured loan. These are quicker to process and generally easier to be approved for. They may become necessary if the horse float you’re looking to purchase is a bit older and your lender doesn't accept it as collateral. The trade-off for borrowers avoiding putting forward an asset for security could be higher interest rates and monthly fees, but unsecured loans can be more lenient in the way that you are able to use the funds lent to you. This may come in the form of adding money to your horse float personal loan to pay for any bills or making use of any spare change should there be any left over.

What else should I consider when comparing options for horse float financing?

There are a variety of areas you can look to when comparing different finance options for your horse float. As mentioned, fixed or variable rates and secured or unsecured loans are two major factors that will likely inform your decision over which lender to go for. Interest rates will also prove to be a key point of difference between lenders and are perhaps the most easily accessible way to compare them, given that rates are often front and centre on webpages. Each lender’s policies on elements such as minimum and maximum terms or amounts, repayment conditions (e.g., extra/early repayments) and other fees will also serve as important considerations for any prospective lenders.