Thousands Eligible For Reduced Rate Work Ute
Or Equipment Funding

You can finance a new/used ute or vehicle through your ABN (business) with 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 the Comparison Australia team can quickly highlight options across our large panel of lenders.

Each lender will have its own criteria based on the age of the ute or vehicle, LVR amount and credit assessment. In most circumstance the newer the vehicle or equipment the better for approvals. There are however many lenders that specialise in funding older or unique vehicles and equipment.

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.

You can finance any type of new or used that works for your business.

Some of the top selling utes in Australia for trades and business owners alike include:

– Toyota Hilux
– Ford Rangers
– Ford Raptor
– Mitsubishi Triton
– Isuzu D-Max
– Ssangyong Musso/Musso XLV
– Holden Colorado
– Mazda BT-50
– Nissan Navara
– Volkswagen Amarok
– Dodge Ram
– Chevrolet Silverado

To name a few.

Each lender will have its own criteria for credit requirements. Comparison Australia’s partner have access to over 70 lenders and banks across the country. Many of which who will assist those with less than perfect credit. We help loads of self employed business owners with bad credit access ute finance.

If you are interested in learning about options, please reach out today.

The overall costs of owning a ute through your business can be cheaper as there are GST & other tax breaks available. In addition, commercial lending typically has a lower rate than consumer finance.

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.

You’ll need to get a comprehensive car insurance policy just like you would if purchasing an normal vehicle, so it’s important to factor that into your budgeting.

The below are general requirements a lender may request.

You’ll first have to confirm that:
– You are a active ABN holder
– That the vehicle will mostly be used for business purposes (i.e. more than 50% of the time)

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.

There are lenders that provide terms to 7 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.

Depending on lender and what your after, there are very quick turnaround times for ute loans. 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.