Jump The Queue, Finance A Horse Box
If you are searching for a loan for a horsebox, things can be tricky because a trailer which transports your equestrian friend is a rare thing and will be more difficult to explain to the bank manager. You need good reason to explain your bad credit and have evidence for the purchase in hand. You may be a self-employed fan of ponies and this could be the reason why you have bad credit. Sometimes the reasons are not clear cut but you may have been affected by the state of the economy or a redundancy. Watch your lifestyle spending, there is no point driving around in the latest Range Rover (your show jumping friends will be green with envy!) as a tow vehicle for your horse box if you have no money left over for a decent trailer.
Get your numbers in order
Lenders should not assess you solely on a credit report, they may talk to you about your current financial situation. Perhaps then they’ll be able to work out your monthly spending. This of course will include hay, stable costs and vet’s bills. They will look at the horse box you wish to purchase after considering all your current debts on hand. Be careful when performing credit checks, going through the process too many times will have an adverse effect. There are plenty of websites that you can use to get a free credit check like Experian but remember what I have just said about the amount you do.
Bad history may not hold you back
No one strategy can guarantee horsebox finance approval but be positive regardless of your financial situation. Riders who have been declined in the past due to their bad history can get lucky and have the horse box of their dreams. Remember if your application is approved be smart about your payback periods. 3–5 years is normal but different lengths affect the annual percentage rates. Be smart and you’ll be towing the trailer of your dreams.