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Financing Horeboxes In The UK

March 6, 2013

horsebox-finance

Original image by EVERYMANFILMS

Traditionally people wishing to finance a horsebox in the UK have been limited in options when it come to raising the funds, often resulting in them applying for a personal loan from their bank or dipping into their savings.

Bank Loans To Finance Horseboxes

This method of financing horsebox purchases has seen a significant decline over the past couple of years as banks rein in their funding – this trend could well continue into the future.

If you are able to arrange a bank loan for the purpose of buying a horsebox, just consider one thing – Everyone will have a limit to the total funds made available to them via their bank. Should you decide to borrow from this virtual pot of money, it will reduce the balance available for other purposes.

Hire Purchase (HP) Loan Agreement

Hire purchase is often the preferred choice when it comes to financing a horsebox.

It provides the customer with a simple finance method where they pay regular monthly instalments and at the end of the term they own the vehicle outright. A typical deposit of around 10% is often required and terms are generally between 24 – 60 months.

The monthly repayments will tend to be a little higher but Hire Purchase is often the cheapest way to borrow money to finance a horsebox.

Personal Contract Purchase (PCP)

This is similar to a contract hire agreement, but with one key difference. At the end of the term, you have the option to pay a pre-agreed balloon payment to take ownership of the horsebox.

Monthly payments are based on the deposit amount and the difference between the retail value of the horsebox and it’s residual value – i.e. the estimated future value of the vehicle. Therefore, the better the vehicle holds its value, the lower your monthly payments will tend to be.

A mileage limit may apply to all personal contract purchase deals. This is because the
mileage will determine the vehicle’s depreciation and therefore its residual value. It’s important to be honest about how many miles you are likely to do – exceeding the mileage may lead to financial penalties at the end of the agreement.

To discuss your requirements for horsebox finance please call today, we will be happy to assist.

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COVID-19 UPDATE

Many dealers remain open for virtual viewings plus Click-&-Collect services. The law dictates that Click-&-Collect actually offers you added security. If the vehicle doesn't match the description given by the dealer or doesn't meet your expectations, you have 14 days to return the vehicle.

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