Personal loan or asset loan? Here's the actual difference
We finance the horse, the float and the truck. They just don't get financed the same way, and it's worth knowing which is which before you apply.
Usually a personal loan
A horse isn't an asset a lender can easily repossess and resell, so buying one for personal or recreational use is typically financed as a regular consumer credit contract. That's the same shape of product as a car loan, just assessed on the horse's price rather than a horse a bank can put on a lot.
Where the horse is genuinely for a breeding or racing business, it can sometimes be structured differently again. Your Simple Loans specialist will ask real questions to work out which one actually applies to you.
Usually an asset loan
A float or truck is a physical asset with a resale value, which means it can be secured against the loan itself. That generally means a different rate, a different assessment and sometimes a faster approval than an unsecured personal loan.
We run this through the same panel and the same application as the horse. You don't need to go find a separate float lender and start again from scratch.
Buying a horse and a float together?
That's the most common version of this, honestly. Tell us what you're buying and what it's for, and we'll work out whether that's one application or two, and which structure fits each piece. You shouldn't have to be your own loan broker just to figure that out.
Do you only finance the horse, or the float and truck too?
All of it. The horse is usually financed as a personal loan and the float or truck as an asset loan, but you can run both through the one application with us rather than hunting down a separate float lender.
Can one loan cover the horse, the float and the truck at once?
Sometimes, depending on how the lender wants it structured. More often it works out as two connected applications: one personal, one asset. We'll tell you plainly which shape makes sense for your purchase rather than force it into one box.
Why does a float get a different loan type to the horse?
Because a float has a resale value a lender can secure the loan against, and a horse effectively doesn't. That difference in security is what changes the loan type, not the price tag.