Would you like to apply for horse trailer finance in QLD but are unsure whether you qualify? Let us review the requirements so that you can maximise your chance of being approved.
Good Credit History
The first thing that lenders are going to check is your creditworthiness. They will do this by reviewing your credit score and your credit history. If you have a strong credit profile, it will increase the likelihood of your approval and will lead to more favourable loan terms.
Stable Income
Another critical factor when applying for horse trailer finance in QLD is whether or not you have a stable income. This means that you either need to show proof of employment or, if you are self-employed, that you have had a consistent income for at least the past three months.
The reasoning behind this is that lenders want to be assured that you have the financial capacity to meet the loan repayments and will not default.
Loan Security
Although it might be possible to get horse trailer finance in QLD without any collateral or loan security, most lenders will require that the loan be secured against an asset.
In most cases, the horse trailer itself will serve as collateral, which means that should you default on your payments, it can be repossessed.
Deposit
Although a deposit is not always required when applying for horse trailer finance in QLD, many lenders will see a deposit as a demonstration of financial commitment. This will reduce the loan amount required and improve the approval prospects.
Putting down a deposit will also reduce the interest rate, which can lower the loan’s overall cost.
Comprehensive Insurance
Some lenders may insist that you have comprehensive insurance coverage for the horse float to protect their financial investment in the asset.
In this way, should the asset be stolen or damaged in an accident, the lender can recoup their investment as the asset can still be claimed against the cost of the loan.
Registration And Compliance
Should you apply for horse trailer finance in QLD with a specific trailer already in mind, you will need to ensure that it meets Queensland’s registration requirements and complies with its stringent road safety standards.
All trailers used on the territory’s roads need to be registered and may require a pre-registration inspection to ensure that they are compliant with Australian design rules.
If you believe that you meet the qualifying criteria for horse trailer finance in QLD, then apply online at iCREDIT Horse Float Loans today.