How This Sole Trader Secured Horse Float Finance Despite Irregular Income 🏇💰

🚛 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.

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All Your Questions Answered

What is a car loan and how does it work?

A car loan is a finance product where a lender provides funds for you to purchase a vehicle, which you repay over time with interest.

What’s the difference between secured and unsecured car loans?

Secured loans use the car as collateral, often leading to lower interest rates. Unsecured loans don’t, but usually have higher rates.

What loan terms are available for car finance?

Most car loans offer terms from 3 to 7 years. Find out what term suits you best.

How is interest calculated on a car loan?

Interest is based on the loan amount, term, and rate. Fixed-rate loans have predictable repayments, while variable rates can change.

Can I get a car loan for a private sale?

Yes, many lenders accept private sellers. You’ll need to provide extra documents.

Do government employees get lower interest rates on car loans?

Yes — many lenders offer better rates due to your stable income. Explore finance options for government employees.

Can I apply for a car loan while on probation?

Yes. Many workers are approved during probation.

What credit score do I need as a government employee?

A score of 650+ is ideal, but lower scores may still be considered.

Are corporate professionals eligible for low-rate finance?

Yes, especially if you're full-time with strong income.

Can I get car finance with a novated lease?

Yes, many government departments support novated leasing.

Can I get a car loan with no credit history?

Yes, it's still possible to get a car loan with no credit history.

What if I’ve been declined elsewhere?

A broker can help restructure your application for better results.

How do I check my credit score?

Use Equifax, Experian, or Illion for a free check.

Can I get finance if I have a current personal loan?

Yes, if your income supports both loans. A broker will assess your capacity.

What documents do I need to apply?

Typically: ID, payslips, and bank statements.

Can casual workers get car loans?

Yes, if you’ve worked consistently for 6+ months.

Can I apply if I’m self-employed with an ABN?

Yes. Consider a low-doc loan.

Can Centrelink be used as income?

Yes, when paired with PAYG income.

What’s the minimum income to qualify for car finance?

Most lenders prefer $30,000+ annually, but this varies.

Can I apply on a fixed-term contract?

Yes, especially if it’s government-backed.

Can I finance a used car?

Yes, most lenders allow used cars under 10 years old.

Can I get a loan for an SUV or family car?

Absolutely

Can I finance a caravan or motorbike?

Yes

Can I finance an EV or hybrid car?

Yes. You may even qualify for green car loan discounts.

Can I use my car for both work and personal use?

Yes you can.

What is a balloon payment?

It’s a lump sum due at the end of the loan term.

Can I make extra repayments?

Yes, many lenders allow this without penalty.

Can I pay off the loan early?

Yes — ask if there’s an early payout fee.

Is there a deposit required?

Not always.

What loan terms are available?

1 to 7 years is standard.

How long does approval take?

24–48 hours in most cases

Can I apply online?

Yes — most lenders and brokers accept online applications.

Is a broker better than going direct?

Often, yes. They can compare lenders for you.

Can I get pre-approved?

Yes — and it gives you better negotiating power at the dealership.

What happens after I apply?

Your documents are reviewed, and if approved, the lender issues funds to the seller.

Can I get a loan with a visa?

Yes, in some cases. see finance for visa holders here.

Do I need a driver’s licence to apply?

Yes, but learners may qualify with a co-applicant.

Can I apply with someone else?

Yes, joint applications are allowed.

Can I refinance my current car loan?

Yes — it can lower your repayments or get you a better rate.

Can I trade in my old car as a deposit?

Yes, many lenders accept trade-ins toward the deposit.

Can nurses get car finance?

Yes — see nurse-specific finance tips.

Can teachers apply while on contract?

Yes. Read how to get approved.

Do defence personnel get special car loan rates?

Yes, in some cases. Your job security is a major advantage.

Can FIFO government workers apply?

Yes — consistency in income matters more than job location.

Can I apply if I’m on maternity leave?

Yes, especially if you’re returning to work. Here’s how.

Can I use car finance to buy interstate?

Yes — just make sure the seller provides all required documents.

Can I finance a car from an auction?

Yes, but only through select lenders. Ask your broker first.

Will applying hurt my credit score?

Only if you apply to multiple lenders directly. Brokers help protect your score.

Can I get a car loan if I’ve been bankrupt before?

Yes — see bad credit car loan options.

What if I want to upgrade my car before the loan ends?

You can sell the car, pay off the loan early, or refinance.