🚛 Can You Get Horse Float Finance with Existing Loans?
Yes! Lenders assess your ability to manage multiple loans by looking at:
✅ Your total debt-to-income ratio (DTI)
✅ Your repayment history on current loans
✅ Whether you have secured or unsecured debts
✅ Your credit score and financial stability
💡 Tip: If your existing loans take up more than 40% of your income, lenders may see you as a higher risk.
🏦 How This Buyer Got Horse Float Finance Despite Multiple Loans
A 42-year-old horse owner had a car loan, credit card debt, and a home loan but still secured horse float finance by:
| 🔑 Strategy | ✅ How It Helped |
|---|---|
| 📑 Consolidating high-interest debts | Lowered monthly repayments and improved affordability |
| 🚛 Choosing a secured loan | Used the horse float as collateral to lower lender risk |
| 💰 Showing strong repayment history | Proved they could manage multiple debts responsibly |
| 📆 Applying for a lower loan amount | Kept repayments within their financial limits |
💡 Tip: Lenders are more likely to approve your loan if your existing debts have been managed well with no late payments.
📋 How to Improve Your Approval Chances with Multiple Loans
If you already have debts, these steps can help strengthen your application:
| 🔑 Step | ✅ What to Do |
|---|---|
| 📑 Reduce Credit Card Balances | High limits affect borrowing power, even if unused |
| 🚛 Choose a Secured Loan | Lower interest rates make repayments more manageable |
| 💰 Consolidate Debt | Combining loans into one can reduce monthly payments |
| 📆 Show Stable Income | Lenders want to see consistent earnings to cover all repayments |
| 📉 Improve Your Credit Score | Paying debts on time boosts approval chances |
💡 Tip: If your DTI (debt-to-income ratio) is too high, consider paying off small debts before applying.
🏆 Best Loan Options for Borrowers with Existing Loans
Lenders offer various finance options depending on debt levels and financial history.
| 🔑 Loan Type | ✅ Best For | 📉 Interest Rate (Typical) |
|---|---|---|
| 🚛 Secured Loan | Borrowers with existing loans wanting lower rates | 5–12% p.a.* |
| 💰 Guarantor Loan | Applicants needing extra lender confidence | 6–12% p.a.* |
| 📆 Debt Consolidation Loan | Combining debts to reduce repayments | 7–15% p.a.* |
| 📉 Low-Doc Loan | Self-employed borrowers with multiple loans | 8–16% p.a.* |
💡 Tip: If you have multiple debts, a debt consolidation loan may help free up borrowing capacity for horse float finance.
(*Rates vary based on lender and credit profile.)
💳 Why a Finance Broker Can Help with Multiple Loan Applications
A finance broker can:
✅ Find lenders that accept borrowers with existing loans
✅ Assist with debt consolidation to improve borrowing power
✅ Compare secured vs unsecured options for lower rates
🔑 Final Thoughts
Having multiple loans doesn’t mean you can’t get horse float finance—but managing your debt-to-income ratio, choosing a secured loan, and consolidating high-interest debts can increase approval chances.
🚀 Need horse float finance but already have existing loans? 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.
