Thousands Eligible For Reduced Rate
Business Loans – Secure Or Unsecure Funding
- Business loans from $10,000 to $1mil+
- Specialist finance for active ABNs – Available to all industries
- Get repayment calculations for full loan term
- No-deposit and low-doc options available
- Competitive rates for new and used equipment
Check eligibility in 60 Seconds
Finance to support business owners
Hassle-Free Equipment Finance for Australian Businesses
Credit Score Protection: Checking your initial options without impacting
your credit score.
Specialist Lending Options: Assistance for those with minor credit impairments – Less than perfect credit is okay
Finance More Types of Equipment: Options for a wide range of industries, locations, equipment types and asset ages.
Flexible Options: Low-doc and streamlined finance options may be available for eligible ABN holders.
How it works
Submit Your Enquiry
Complete our quick 60-second form and tell us what equipment you are looking to finance.
Speak With a Finance Broker
An experienced broker will assess your information, explore options across a panel of lenders and identify the strongest loan options available.
Choose Your Finance
Review the available options with your broker and proceed with the one that best suits your business.
General Equipment Finance Requirements
Are over 18
Have a current and valid drivers licence
Are an Australian resident or citizen
Have a valid ABN or ACN (new or existing)
Flexible Finance for a Wide Range of Vehicles and Equipment
Trucks
Utes
Cars
Vans
Trailers
Construction
Agriculture
Earthmoving
Equipment
Other
Business Loan Advantages
That Many Don’t Know
A range of competitive business loan options may be available for business owners and sole traders with an active ABN.
An experienced finance broker can explore options across a broad lender panel, including flexible loan structures, low-doc solutions and specialist finance for different business needs. They can also explain potential tax and GST considerations that you may wish to discuss with your accountant.
Submit one initial enquiry without impacting your credit score. A participating broker can then discuss available options, provide clear repayment calculations and explain the fees, loan terms and total cost before you decide whether to proceed.
- Options for new ABNs and business continuance
- Flexible loan terms and balloon structures
- Competitive rates across an extensive lender panel
- Low-doc options for eligible applicants
- Streamlined finance for replacement assets
- Low-doc finance up to $100k available for eligible new ABNs
- Low-doc finance up to $250k available for eligible property owners
Business Finance Designed For ABN Holders
Comparison Australia connects business owners and sole traders with experienced finance brokers.
Whether you need funding for wages, staff, expansion, inventory, contractors, renovations, equipment, debt consolidation or other business expenses, a participating broker can explore finance options suited to your needs.
Flexible solutions may be available for new and established ABNs across a wide range of industries and locations. Brokers can explore competitive business loan options across an extensive panel of 70+ banks and lenders.
Lenders Supporting Business!
- GST and tax benefits for eligible businesses
- No-deposit and low-doc options may be available
- Fast approvals and funding for eligible applications
- Secured and unsecured finance options
- Finance for new and used vehicles or equipment
Applying For Business Finance
People also asked
What types of business finance is available?
There are a few types of unsecure loan options available that can be provided by most lenders. The main criteria is to be able to prove to lenders and the ATO that it will be used for business purposes and qualify for the loan.
With regards to lenders, borrowers can access both full doc or low doc ABN finance options and in some cases half doc.
Full doc finance is a traditional loan and may require a large amount of paperwork; including tax returns, bank statements, business activity statements and up to date accounts. Rates for full doc loans are often lower than low doc finance.
Low doc finance is popular as it requires less paperwork along with a bit more flexibility in approvals. General lender requirements for low doc finance may include; recent BAS or from previous year, summary of business accounts, possibly a deposit or be asset backed.
Half doc finance is obviously in the middle of the other options, typically requiring documents like a BAS + 6 months bank statements.
In all cases the better your credit the better your rate and chances of approval.
A quick chat with a Comparison Australia partner can quickly highlight options across our large panel of lenders.
Are there any business loan purchase restrictions?
Each lender will have its own criteria on borrowing terms. However, working capital finance can be used for most needs that are specific to a business. Common finance use typically includes, wages, stock/inventory, contractors, expansion, acquisition, debt consolidation, tax, equipment, vehicle, advertising/marketing, etc
Comparison Australia’s partners have access to 70+ lenders and banks making it easier for borrowers to find a lender that will fund most things.
What are the main reasons businesses get declined for a business loan?
The main reasons a business owner may get knocked back from finance include:
– ABN age and activity. Those with a short trading history may not be able to demonstrate steady income. (However there are instance where 1 day ABN’s or business continuance can be approved due to prior history)
– Not being GST registered will reduce options, often reducing the amount a lender will provide.
– Poor credit or banking conduct. Low running balances, late fees or dishonours will often lead to a decline in funding.
– Negative or low cash flow will impact serviceability resulting in declines. The business must show the capacity to repay the loan on top of general business running costs.
– Business in liquidation or being de-registered by the government will not be able to borrow.
The above are some of the more common reasons a business will not qualify for finance. By speaking with a Comparison Australia partner, they will be able to quickly outline potential options if your dealing with any or multiple points above. Whilst borrowing options will be reduced or tricky, there still may be specialist lenders willing to provide funds.
How long does a business need to be trading to get a business loan?
Most lenders prefer your ABN be active for at least two years. However, there are certain lenders that will accept 1 year ABN’s or less based on different circumstances such as ‘business continuance’ or strong cash flow.
A quick chat with Comparison Australia partners can provide current options across different lenders and their ABN length requirements.
What are the current rates for a business loan?
Like most finance, rate is determined by the borrowers specific circumstances and background.
Comparison Australia’s partners have access to the lowest rate provide by 70+ lenders and banks including equipment finance specialist.
At them moment, the lowest advertised rate for business finance across our extensive list of lenders is in the 5% range PA. Review the current market interest rate chart on business loans here.
If you wish to speak to a finance specialist, please contact us and we’ll be happy to answer any questions.
What are business loan requirements?
The below are general requirements a lender may request.
You’ll first have to confirm that:
– You are a active ABN holder
– That the funds will be used for business purposes
Proof of Identity (one or multiple of the following)
– Drivers licence
– Passport or Proof of age card
– Valid Medicare card
– Valid credit card or debit card
– Can also use a valid Veteran card
Documents can include any of the following:
– Proof of residence via a rates notice
– Financial statements (ideally from an accountant)
– Bank statements (generally 2 months, possibly more)
– Recent Business Activity Statement (BAS)
– ATO Tax Agent portal report (generally for a trading period)
– Accountants letter confirming business activity
– Depending on trading structure: Income tax return and/or Personal tax return (1 financial year)
Other documents may be requested based on individual business circumstances. For those that may have a difficult time producing these documents, a low or half doc loan may be preferred.
Speak to a Comparison Australia partner to quickly learn about ABN finance options and what documents will be needed.
We can also provide detailed information on low doc & half doc finance options to remove the hassle of documentation.
How much can I borrow as a business and for how long?
Most lenders provide funding from $5,000 to $1mil+. Terms can go up to 7 years with most going between 1 to 3 years. However, borrowers on different terms can possibly refinance their loan after a certain period.
If you wish to speak to a finance specialist, please contact us and we’ll be happy to answer any questions.
How fast can I get a business loan?
Depending on lender and what your after, there are very quick turnaround times for a business loan. In certain circumstances borrowers can receive unsecure funds in the same day or within 24 hours. Borrowers after a secure loan for a vehicle or equipment can get funding as quick as 24 to 48 hours.
Quick funding is dependant on having all documents required by the lender ready to go for immediate assessment and approval.