🚛 Can You Get Horse Float Finance If You Have a Side Business?
Yes! If you run a side business (such as horse transport, training, or breeding), you may qualify for horse float finance under either a personal loan or a business loan, depending on how you structure your finances.
If your side business income fluctuates, you can improve approval chances by:
✔️ Showing stable secondary income over the past 6-12 months
✔️ Applying for a secured loan (using the float as collateral)
✔️ Providing business financials (if applying under an ABN)
✔️ Using a guarantor or deposit to reduce lender risk
🏦 How Lenders Assess Horse Float Finance for Side Businesses
Since a side business doesn’t provide full-time income, lenders evaluate your overall financial position, including both personal and business earnings.
| 🔑 Factor | Why It Matters | How It Affects Approval |
|---|---|---|
| 📑 Personal & Business Income | Lenders assess total earnings | Higher combined income improves approval chances |
| 💰 Side Business Longevity | Proves financial stability | 12+ months in business improves credibility |
| 🚛 Loan Security | Using the float as collateral lowers risk | Secured loans offer better interest rates |
| 📆 Tax Returns & Bank Statements | Verifies income consistency | Required for business loan applications |
| 📉 Debt-to-Income Ratio | Ensures you can manage another loan | Lower debt levels improve approval odds |
💡 Tip: If your side business is new or unregistered, applying for a personal loan may be easier than a business loan.
📋 Best Finance Options for Side Business Owners
If you have a side business, these finance options may work best:
| 🔑 Loan Type | How It Works | Best For |
|---|---|---|
| 🚛 Secured Horse Float Loan | Uses the float as collateral for lower rates | Side businesses with stable secondary income |
| 💰 Chattel Mortgage | Business loan with tax benefits | Business owners using the float for work purposes |
| 📆 Low-Doc Loan | Requires minimal paperwork (bank statements, BAS) | Self-employed applicants with irregular income |
| 📉 Guarantor Loan | A co-signer helps improve approval chances | Side businesses with low or inconsistent income |
💡 Tip: If your horse float will be used for business more than 50% of the time, a business loan may offer tax benefits.
🏆 Pros & Cons of Horse Float Finance for Side Business Owners
✅ Pros:
✔️ Allows side business owners to finance equipment without upfront costs
✔️ Secured loans offer lower interest rates and better approval chances
✔️ Business loans may offer tax benefits for eligible purchases
⚠️ Cons:
❌ Some lenders require proof of stable business income
❌ May require a deposit or guarantor if income is irregular
❌ Business loans may have stricter financial documentation requirements
💳 Why a Finance Broker Can Help Side Business Owners Get Approved
A finance broker can:
✅ Find lenders that accept side business income for finance
✅ Secure a loan with flexible repayment options
✅ Assist in applying with low-doc or secured finance options
🔑 Final Thoughts
If you have a side business, you can still qualify for horse float finance, but lenders may require proof of personal and business income. Whether you apply for a personal loan, a secured loan, or a business chattel mortgage, working with a finance broker can help you get the best deal.
🚀 Have a side business and need horse float finance? Get expert advice today!
DISCLAIMER
The information provided on this website is general in nature only and has been prepared without considering your financial needs, circumstances and objectives and should NOT be construed as financial, taxation or legal advice. For more information, get in touch with our experienced partner brokers today.
