Buying a Horsebox on Finance - How Does It Work?

 

Looking to purchase a horsebox? Not sure on your options regarding finance and whether it’s the right choice for you?

 

Purchasing any vehicle is a big decision and buyers will often search far and wide to find something that meets their specification. Many riders start by browsing horseboxes and trailers for sale to get a sense of prices, layouts and specifications before deciding how they plan to fund the purchase.

 

 

 

When buying a horsebox, there’s a lot more to it than simply finding the right make or model in your chosen colour with low mileage – a horsebox will become a second home for the buyer and their horse whilst they’re on the road, so it’s important that it meets both parties’ needs. This can make it a very costly purchase.

 

With this in mind, let’s explore the benefits of taking out finance on a horsebox and why it could be the right purchase option for you.

 

 

Taking out finance on a horsebox allows you to:

 

 

Financing allows you to pay off the cost in manageable instalments over a reasonable period of time. Most lenders don’t require a deposit, but the more you pay upfront and the longer the term you take the finance over, the less you will be required to pay monthly.

 

 

Taking out finance on a horsebox, rather than paying for it in one lump sum, gives you more scope in terms of what you can afford.

 

Naturally, newer or higher specification models are going to be more expensive, but finance allows you to consider a wider range. This can make it easier to compare different horseboxes on the market and choose something that properly suits both you and your horse.

 

 

In uncertain times, many buyers prefer to keep some money back for day-to-day needs, whether business or personal, or for unexpected veterinary bills.

 

Financing your purchase means you don’t have to make a decision between keeping savings and investing in your horsebox.

 

 

At the end of the fixed finance term, you will have several options.

 

You may choose to settle your balloon payment and keep the horsebox, refinance the outstanding balance, or trade the vehicle in for a newer model.

 

Many owners choose to upgrade at this stage, selling their existing horsebox and moving into a newer model that better suits their needs.

 

 

 

 

A balloon payment is the term used to describe the outstanding amount that is left to pay at the end of the finance term.

 

The size of the balloon payment will vary based on factors such as the size of the deposit paid initially, the length of the finance term, how much the monthly payments were and the estimated value of the horsebox at the end of the term.

 

A larger balloon payment will usually mean lower monthly repayments during the finance period.

 

 

If you wish to keep your existing horsebox, you can pay the balloon payment in one lump sum and own the vehicle outright.

 

Alternatively, you can refinance the balloon payment so you can continue making monthly payments to pay it off gradually.

 

If you would prefer to upgrade, you may decide to sell or part-exchange your existing horsebox and move into a different model under a new finance agreement.

 

Exploring current horsebox listings can help you understand what newer models or different sizes are available if you are considering an upgrade.

 

 

 

If finance sounds like it might be the right option for you then why not apply today?

 

You don’t even need to have found the exact horsebox you want before applying. Many buyers arrange finance first so they know exactly what their budget is before beginning their search.

 

Once you know your budget, you can start exploring horseboxes and trailers for sale to find the model that suits your needs.

 

Related guides

 

• Henning Horseboxes’ Guide to Buying a New or Used Horsebox
• What to Consider When Buying a Horsebox or Trailer
• Top Tips for Purchasing a New or Used Horsebox
• Horsebox and Trailer Insurance: What UK Owners Need to Know