Frequently Asked Questions
Personal Use Loans
A horse float loan for personal use is a financial arrangement designed to assist individuals in purchasing a horse trailer or float for their personal equestrian needs.
Terms can vary, but generally, they include loan amounts up to the value of the horse float, fixed interest rates, and a repayment period from 1 to 7 years depending on your preferences.
Eligibility criteria often involve a stable income, photo ID and a stable residence
Some lenders might offer additional funds to cover insurance, maintenance, or registration costs as part of the loan.
Defaulting on the loan can lead to various consequences, such as a negative impact on credit score, potential repossession of the float, or legal action by the lender.
Frequently Asked Questions
Business Use Loans
Horse float finance for business usage refers to loans or financing options specifically tailored for equestrian businesses to purchase horse floats for commercial purposes, such as transporting horses for clients or competitions.
Documents that may be required include business financial statements, tax returns, bank statement, and details about the intended use of the horse float.
Although these are not mandatory, the more information provided will provide you more loan options to choose from.
In most cases, businesses may be eligible to claim tax benefits or deductions related to the purchase, depreciation, or use of horse floats for commercial purposes.
These include GST from the purchase of the horse float, interest paid on the loan through to repayments as a tax deduction.
Yes, you can often secure financing for a horse float purchased through a private sale for business use. Lenders may require specific documentation regarding the float’s value, condition, and its intended commercial use within the equine business.
Typically, lenders might request documents such as the purchase agreement or bill of sale, proof of ownership, commercial use details, the float’s registration and maintenance history, and potentially an appraisal or assessment of the float’s value for loan consideration.
When seeking financing for a private sale horse float for business purposes, it’s important to gather and provide all necessary documentation to the lender to ensure a smooth and successful loan application process.
Frequently Asked Questions
Secured Loans
A secured horse float loan is a type of loan where the horse float itself is used as collateral to secure the loan. If the borrower defaults, the lender can repossess the float to recover the outstanding amount.
Secured loans often offer lower interest rates due to the reduced risk for the lender. They might also provide longer repayment periods and higher loan amounts compared to unsecured loans.
If you default on the loan, the lender has the right to repossess the horse float to recover the outstanding debt. They may sell the float to recoup their losses.
Eligibility criteria usually involve a stable income, good credit history, and the condition and value of the horse float being used as collateral.
Typically, you can’t sell the horse float without settling the loan. The lender holds the title as long as the loan is outstanding, so you’ll need to pay off the loan first to obtain the title for a sale.
Frequently Asked Questions
Private Sales
A private sale involves the direct purchase of a horse float from an individual seller, often not associated with a dealership or formal business.
Risks could include lack of warranty or guarantees, potential undisclosed issues with the float, and fewer legal protections compared to purchases from established dealerships.
iCREDIT offer loans for horse floats purchased through private sales, provided the necessary documentation and valuation of the float are in place.
It’s essential to conduct thorough inspections including PPSR checks, verify ownership and potentially involve a professional for an assessment to ensure the float’s condition aligns with the seller’s claims.
Typically, you can’t sell the horse float without settling the loan. The lender holds the title as long as the loan is outstanding, so you’ll need to pay off the loan first to obtain the title for a sale.