🚛 Can You Get Horse Float Finance as a Sole Trader?
Yes! Many lenders offer finance for sole traders, but they assess applications based on:
✅ Your business income stability over time
✅ The length of time you’ve been self-employed
✅ Your ability to provide tax returns or financial statements
✅ Whether you can offer a deposit or collateral
💡 Tip: Some lenders specialize in low-doc loans, which require minimal paperwork for self-employed applicants.
🏦 How This Sole Trader Secured Finance with Irregular Income
A 45-year-old sole trader running a small equine business wanted to finance a horse float but had fluctuating monthly income. They successfully secured finance by:
| 🔑 Strategy | ✅ How It Helped |
|---|---|
| 📑 Applying for a low-doc loan | Avoided strict income verification requirements |
| 🚛 Using a secured loan | The horse float was used as collateral, reducing lender risk |
| 💰 Providing a 15% deposit | Lowered the loan amount and showed financial commitment |
| 📆 Using business tax returns | Proved income stability over the past two years |
💡 Tip: If your income fluctuates, showing consistent annual earnings rather than monthly figures can strengthen your application.
📋 How to Increase Your Chances of Loan Approval as a Sole Trader
Lenders may see self-employed income as risky, but these steps can improve approval chances:
| 🔑 Strategy | ✅ How It Helps |
|---|---|
| 📑 Apply for a Low-Doc Loan | Reduces the need for extensive financial documents |
| 🚛 Use a Secured Loan | Using the horse float as security lowers lender risk |
| 💰 Save for a Deposit | A deposit reassures lenders and reduces your borrowing amount |
| 📆 Show Consistent Annual Income | Two years of tax returns prove financial stability |
| 📉 Keep Business Debts Low | High existing debts can affect approval chances |
💡 Tip: If you operate through an ABN, some lenders offer business finance options for horse floats.
🏆 Best Loan Options for Sole Traders with Irregular Income
Different loan types are available depending on business income, collateral, and credit score.
| 🔑 Loan Type | ✅ Best For | 📉 Interest Rate (Typical) |
|---|---|---|
| 🚛 Low-Doc Loan | Self-employed borrowers without full financial records | 7–15% p.a.* |
| 💰 Secured Loan | Borrowers with assets to use as collateral | 5–12% p.a.* |
| 📆 Business Equipment Loan | Sole traders using a horse float for business | 6–14% p.a.* |
| 📉 Personal Loan (Unsecured) | Sole traders with strong credit but no deposit | 10–20% p.a.* |
💡 Tip: A low-doc or business loan may be the best option for sole traders who don’t have traditional payslips.
(*Rates vary based on lender and credit profile.)
💳 Why a Finance Broker Can Help Sole Traders Get Approved
A finance broker can:
✅ Find lenders that specialize in self-employed finance
✅ Assist with low-doc loan applications
✅ Help compare business vs personal loan options
🔑 Final Thoughts
Sole traders can still qualify for horse float finance, even with irregular income. Choosing a low-doc or secured loan, providing tax returns, and working with a finance broker can improve approval chances.
🚀 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.
