How to best finance your horse float or trailer

We all know how expensive horse ownership can get – but one essential piece of equipment is your horse float, trailer, or gooseneck to transport your steed to and from meets, agistments, races, vet visits, and other activities. Here are some tips to guide you on financing your next (or first) horse float or trailer without breaking the bank.

What you need to look for in a horse trailer

When it comes to buying a horse trailer, gooseneck, or float, you need weigh up whether it has essential features that your horse will appreciate. Does it have comfortable and ample space? Is the height of the float adequate? Is the floor solid and sound? Is it well ventilated? Is the structure of the float have strong welding joints? Are there guards and rails – and will the horse be free of entanglements and hooks? Are there guard bars on the windows? Are parts of the float or trailer adjustable for the comfort of the horse? It should be good for the horse – and cost-effective for the owner. Remember that new floats are more expensive to purchase – but will last longer. Older floats may have damage and wear and tear, which can be costly to fix.

Looking for finance – not at the bank

Many horse owners’ first impulse is to go to their bank for finance. Banks “one size fits all” institutions and horse floats or trailers are in a special niche all their own. It’s best to talk to a finance broker – preferably one that works with agribusiness and has some knowledge of floats and trailers – so you can take advantage of their lending panel. More lenders at the disposal of a broker means you’re more likely to find a favourable deal in terms of interest rates, fees, or facilities.

When you are looking at lenders, some may advertise their rates without all the fees and charges accounted for. To make a better, more complete decision, you should always ask for what a loan’s comparison rate works out to. A comparison rate combines the interest rate and the majority of the expenses into one percentage. The length of the loan as well as the loan amount must be considered. A four-year loan with a higher interest rate may actually cost less than a five-year loan with a lower interest rate – though your repayments for the former may be higher.

Once you have the rate, loan term, and how much you intend to borrow, you can input this into a loan calculator to obtain an estimated monthly payback amount. Don’t forget to put registration and insurance on top.

Your shortlist – can you tow it?

Once you have some trailers and floats shortlisted, you must ascertain whether your existing car is capable of towing it. Look up your vehicle’s total breaking weight to determine whether it can pull the float (not simply satisfy the minimum requirement) with your horses within it. If not, you might consider investing in a full horse truck instead – which is an extra expense but may eschew the need for buying a different vehicle altogether.

Remember to ask a financial adviser for help if you aren’t sure about taking on finance.

Category: Special interest