🚛 Can You Get Horse Float Finance with Irregular Self-Employed Income?
Yes! Being self-employed with variable income doesn’t mean you can’t get horse float finance, but it can make the approval process more challenging. Lenders assess self-employed applicants differently, often requiring alternative income verification like business bank statements or BAS statements.
If your income fluctuates due to seasonal work, freelance contracts, or business cycles, you may need a specialized finance option to improve your chances of approval.
🏦 How Lenders Assess Self-Employed Borrowers with Irregular Income
Traditional lenders prefer consistent income, but self-employed applicants often have variable earnings. Here’s what lenders look at:
| 🔑 Factor | Why It Matters | How It Affects Approval |
|---|---|---|
| 💰 Average Monthly Income | Lenders calculate an average of past earnings | Higher averages improve approval odds |
| 📑 Business Longevity | A longer time in business shows stability | 2+ years in business is preferred |
| 📉 Financial Records | Tax returns, BAS statements, or bank statements | Strong financials help secure better rates |
| 🚛 Loan Security | Secured loans reduce lender risk | Using the horse float as collateral can increase approval chances |
| 📆 Deposit Amount | A deposit can lower borrowing costs | May be required for self-employed applicants |
💡 Tip: If you have only 6–12 months of self-employment history, consider a low-doc loan or applying with a guarantor.
📋 Best Loan Options for Self-Employed Individuals with Irregular Income
Here are some finance options for self-employed borrowers:
| 🔑 Loan Type | How It Works | Best For |
|---|---|---|
| 💰 Low-Doc Loan | Requires minimal paperwork, such as bank statements | Self-employed individuals with limited tax records |
| 🚛 Secured Horse Float Loan | Uses the float as collateral to lower interest rates | Borrowers with fluctuating income needing better loan terms |
| 📉 Guarantor Loan | A family member co-signs to improve approval odds | Applicants with variable income needing extra support |
| 📆 Business Chattel Mortgage | Business-use loan with tax benefits | Equestrian businesses and trainers |
💡 Tip: If your business has seasonal fluctuations, applying when income is at its highest can increase approval chances.
🏆 Pros & Cons of Horse Float Finance for Self-Employed Applicants
✅ Pros:
✔️ Helps spread the cost of a horse float while keeping cash flow stable
✔️ Secured loans offer better interest rates
✔️ A finance broker can find lenders who accept self-employed income
⚠️ Cons:
❌ Traditional lenders may require more paperwork
❌ Loan approval may take longer due to extra income verification
❌ Higher interest rates may apply for low-doc or unsecured loans
💳 Why a Finance Broker Can Help Self-Employed Borrowers Get Approved
A finance broker can:
✅ Find lenders who accept irregular self-employed income
✅ Help secure low-doc or alternative finance options
✅ Structure a loan with flexible repayments to suit your income flow
🔑 Final Thoughts
Self-employed individuals with irregular income can still qualify for horse float finance, but they may need low-doc loans, secured finance, or a guarantor to improve approval chances. A finance broker can help navigate lender requirements and secure the best loan for your financial situation.
🚀 Self-employed 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.
