There is no single interest rate that applies to every horse float loan in Australia. Your rate can depend on your credit history, the age and value of the float, whether the loan is secured, the amount borrowed and the loan term. This article explains what influences horse float finance rates, how new and used float loans can differ, and when refinancing an existing horse float loan may be worth considering.
If you are shopping for a horse float in Australia, one of the first questions you are likely to ask is, “What interest rate will I pay?”
The answer is that there is no single rate for all horse float loans. Interest rates are generally tailored to the individual application and can vary according to factors such as your credit history, the type of loan, and whether the finance is secured or unsecured. Horse Float Loans works with customers throughout Australia, including Queensland, New South Wales, and Victoria, and compares options across a panel of more than 40 lenders.
What Affects Your Horse Float Loan Interest Rate?
Several factors can influence the interest rate a lender is prepared to offer, such as:
- Your credit history and overall financial position
- The amount you want to borrow
- Whether you are purchasing a new or used float
- The age and value of the horse float
- Whether the loan is secured against the float
- Your chosen loan term
- Whether you are applying personally or through a business
- The individual lender’s lending criteria
In many cases, horse float finance is secured against the float itself. Secured lending can typically attract a lower interest rate than an unsecured loan because the asset provides security for the lender.
Do New and Used Horse Float Loans Have Different Rates?
They can. New horse float loans may be assessed differently from finance for an older second-hand float because lenders consider the value, condition and age of the asset when assessing an application. Horse Float Loans provides finance for both new and used floats, including floats purchased from dealerships and private sellers. Loan terms can generally range from one to seven years, depending on the finance option and your circumstances.
For used horse float loans, the age and value of the float may influence which lenders and products are available. This is one reason comparing several options can be more useful than simply searching for an advertised headline rate.
Look Beyond the Interest Rate
The lowest advertised rate is not always the cheapest loan overall. When comparing horse float finance, it is worth considering the comparison rate, loan term, fees and any additional features or final balloon payment rather than looking at the base interest rate alone.
A longer loan term, for example, may reduce your regular repayments but could mean paying interest over a longer period.
Could Horse Float Loan Refinance Lower Your Rate?
If you already have finance in place, a horse float loan refinance may be worth investigating. Your financial circumstances may have improved since you originally borrowed, or another lender may now offer a more competitive option.
Horse Float Loans offers refinancing for both newer and older horse floats and can compare an existing loan against alternative finance options. Fixed and variable rate options with terms between one and seven years may be available.
Before refinancing, it is important to consider any fees involved and compare the overall cost of the new loan with your existing finance.
Compare Horse Float Finance Across Australia
Rather than assuming there is one standard rate for horse float loans, the best way to find out what you may qualify for is to compare finance based on your own circumstances. Horse Float Loans provides finance Australia-wide and can compare lending options for new floats, used floats and refinancing through its panel of lenders.
FAQs
What is the average interest rate on horse float loans?
There is no single interest rate that applies to all horse float loans. Your rate will depend on factors including your credit history, loan structure, the float you are purchasing and the lender’s criteria.
Are new horse float loans cheaper than used horse float loans?
Not necessarily. The age and value of the float can affect the finance options available, but your personal financial position and loan structure also influence the rate you receive.
Can I finance a horse float bought from a private seller?
Yes. Horse Float Loans can arrange finance for eligible used horse floats purchased privately as well as through dealerships.
Can I refinance my horse float loan for a lower rate?
Potentially. A horse float loan refinance allows you to compare your existing finance with alternative loan options. Whether refinancing saves you money will depend on the new rate, fees, remaining balance and loan term.
Is horse float finance available across Australia?
Yes. Horse Float Loans provides horse float finance throughout Australia, including Queensland, New South Wales and Victoria.