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What are personal loans for horse floats?

At some point in their lives, most people experience the need for something they can’t quite afford to buy out of pocket. These items can range from used cars to plane tickets and even medical expenses.

Horse floats can also be on this list. For some people, the cost of a horse float can be too high to afford then and there without the help of a personal loan.

Personal loans for horse floats help borrowers make a horse float purchase if they can’t cover the entire cost on their own. Lenders offer loans that allow borrowers to make the purchase, and then make repayments until they’ve paid the loan back.

Why do people use personal loans for horse floats?

All horse owners want to give their animals a safe and comfortable ride, which means they want the highest quality horse float they can afford.

Horse floats can vary greatly in their size, flooring types and price. Even a second-hand horse float can incur high costs. For many, it’s not feasible to pay for a horse float with the money they have in the bank.

Many people choose to use personal loans for horse floats to ease the financial stress of a horse float purchase. A horse float loan may help the borrower purchase his or her first horse float, or give them the chance to buy one with a higher quality that they might have otherwise been able to afford.

What are the main features of a personal loan for horse floats?

Personal loans for horse floats differ in their loan amounts, interest rates, fees and features, but all are designed to help you purchase the right horse float for you and your horses.

Unlike more general personal loans, personal loans designed specifically for horse floats are offered by a narrow range of lenders. Although fewer lenders provide loans designated to horse floats, these loans are typically available in a variety of amounts and interest rates. A personal loan comparison may be helpful in finding the right loan for your financial situation.

In many cases, you’ll be able to choose between variable and fixed interest rates and, depending on your lender and loan amount, negotiate the time period in which the loan must be repaid. A personal loan calculator may be able to help you understand what you can afford.

What are the pros and cons of personal loans for horse floats?

Like all loans, personal loans for horse floats have both advantages and drawbacks. One of the most significant benefits is that it makes it possible for you to buy the perfect horse float for you and your horses. It allows you to pay for the size and quality you need.

Of course, obtaining a personal loan also means that you’ll have a debt to pay off – plus interest and fees. It’s important to be confident that you can repay your loan in a timely matter to avoid additional costs.

Horse floats can be expensive, but you want to ensure your horses are safe, secure and comfortable. With a personal loan for horse floats, you can make a high-quality purchase and pay it off one payment at a time. Just make sure you weigh up the pros and cons first.

Frequently asked questions

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

How long do personal loans take?

Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.

How are personal loans regulated?

Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.

Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.