🚛 Can You Get Horse Float Finance with a Business Partner?
Yes! If you’re buying a horse float with a business partner, you can apply for joint finance under both names or through a business loan. Lenders will assess both applicants’ financial status to determine eligibility.
To improve approval chances, lenders may require:
✔️ Both applicants to have good credit and financial stability
✔️ A clear ownership agreement between partners
✔️ A secured loan using the float as collateral
✔️ Evidence that the float will be used for business purposes (if applying for business finance)
🏦 How Joint Horse Float Finance Works
Lenders assess each partner’s financial situation to ensure they can repay the loan together.
| 🔑 Factor | Why It Matters | How It Affects Approval |
|---|---|---|
| 📑 Both Credit Scores | Lenders check both applicants’ creditworthiness | Higher scores improve approval chances |
| 💰 Business or Personal Income | Proves ability to afford repayments | A strong income increases borrowing power |
| 🚛 Loan Security | The float can be used as collateral to lower risk | Secured loans offer better interest rates |
| 📆 Ownership Agreement | Defines how the float is shared | Needed if financing as a partnership |
| 📉 Deposit Amount | Reduces the loan size and lender risk | A 10-30% deposit improves approval odds |
💡 Tip: If one partner has a weaker credit score, the stronger applicant may take the lead in the loan application to secure better terms.
📋 Best Finance Options for Buying with a Business Partner
If you’re purchasing with a partner, these finance options may be best:
| 🔑 Loan Type | How It Works | Best For |
|---|---|---|
| 🚛 Joint Secured Loan | Both partners share loan responsibility | Business partners with good credit |
| 💰 Chattel Mortgage | Business-use loan with tax benefits | Equestrian businesses using the float for work |
| 📆 Business Equipment Loan | Designed for business assets | Riding schools, trainers, or transport companies |
| 📉 Partnership Loan | Formal loan under a business partnership | Buyers entering a shared asset agreement |
💡 Tip: If you’re using the horse float for business, a chattel mortgage may allow you to claim tax benefits on depreciation and interest.
🏆 Pros & Cons of Horse Float Finance with a Business Partner
✅ Pros:
✔️ Increases borrowing power by combining incomes
✔️ Can reduce financial burden by sharing repayments
✔️ Business finance may offer tax benefits
⚠️ Cons:
❌ Both applicants are equally responsible for repayments
❌ If one partner has bad credit, it can affect loan terms
❌ Requires clear agreements on ownership and repayment responsibilities
💳 Why a Finance Broker Can Help Business Partners Get Approved
A finance broker can:
✅ Find lenders that offer joint finance or business horse float loans
✅ Structure a loan agreement that suits both partners
✅ Assist in applying with the best financial setup for tax efficiency
🔑 Final Thoughts
If you’re buying a horse float with a business partner, you can choose between joint personal finance or a business loan. A clear ownership agreement, strong financial backing, and a secured loan structure will help improve approval chances. A finance broker can guide you through the process and secure the best loan terms.
🚀 Buying a horse float with a business partner? 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.
