Thousands Eligible For Reduced Rate
Sole Trader Loan & Funding Options
- Sole Trader loans from $10,000 to $1mil+
- Specialist finance for active ABNs – Available to all industries
- Qualify for more than initially thought or at a better rate
- No deposit, 100% tax deductible options
- Lowest rates across 70+ lenders & banks
Get Pre-Approved in Less Than 60 Seconds
Finance to support business owners
No Hassle Loans for Sole Traders
Minimum Sole Trader 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 All Types of Vehicles & Equipment
Sole Trader Loan Advantages
That Many Don’t Know
If you are self-employed or a business owner looking for new or used equipment or vehicles, you can access exclusive finance rates for ABN holders only. Compare Sole Trader loans across 70+ lenders and take advantage of extended tax benefits and more! Get specialised assistance covering all loan types from no deposit options to different low doc solutions for new or existing ABNs.
Secure and unsecure loans to purchase any type of machinery or equipment: Heavy Equipment, Tools, Vehicles, Trailers, Materials etc.
Quickly calculate and find your best sole trader loan options for your business with no impact to your credit score!
- 1 day business continuance ABN
- Larger balloons & more flexible terms
- Lowest rates through direct lender negotiations
- ABN loan options with no credit check
- Easy low doc replacement policies
- Low doc to $100k for new ABNs
- Low doc to $250k for ABNs + home owner
Finance Designed For Sole Traders
At Comparison Australia we make finance for ABN holders simple. No hassle for all businesses regardless of size, time in business, industry, or location.
Access the best sole trader loans & get the lowest rates across 70+ lenders & banks.
Lenders Supporting Sole Traders!
- GST & tax breaks for ABN holders
- No deposit or paperwork options
- Approvals & funding in as little as 24hrs
- Secure or unsecure loans
- Purchase new/used vehicles or equipment
Applying For A Sole Trader Loan
People also asked
Can I get a business car loan as a sole trader?
You can finance a new/used vehicle or equipment 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, sole traders 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.
How much can sole traders borrow?
Each lender will have its own borrowing matrix for those wanting to take out a loan. Borrowing amounts for sole traders are no different to other borrowers – the amount received is based on serviceability.
Borrowing capacity is determined by the difference between your monthly income less your total monthly business expenses.
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 type of loans can sole traders get?
Sole traders have access to the same loans available to any business owner. Qualifying finance and rates are determined by your business health and financials. For those without financials or irregular income, low doc loans are available.
Example of loan options available to sole traders can include both secure loans like a vehicle, equipment or commercial property to unsecure loans for tax, expansion, debt consolidation, wages, product development, etc.
As a sole trader, how can I improve my chances of qualifying for a business loan?
Below are some of the best ways to improve your chances of approval.
– Register for GST as this tells lenders straightaway that your business turns over at least $75,000 a year.
– Have a deposit, the bigger the better. This helps reduce risk to the bank as the asset has some of your money against it.
– Strong banking figures showing good and steady cash flow/turnover.
– Incoming producing vehicles or equipment help demonstrate that they are earning their keep. Whilst it may be a depreciating asset, its generating income the whole time for the business.
– Having a good credit history goes without saying, will always help with approvals and better finance options.
Can I get a loan as a sole trader with bad credit?
Yes, sole traders with bad credit can qualify for a loan. Rates will be higher and lenders may require more information to qualify. An alternative option could be a low doc loan.
What are sole trader 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 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.
How does a sole trader loan work?
A sole trader loan is simply a business loan which can be secured or unsecured. If you are a business owner in need of working capital, a vehicle or equipment, an ABN loan may work for you.
See our FAQs section on types of ABN loans along with general requirements for applying.
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 an loan?
Depending on lender and what your after, there are very quick turnaround times for ABN 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.