Unlock Better Loan & Funding Options
for Australian Sole Traders
- 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 and low-doc options available
- Competitive rates across 70+ lenders & banks
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 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 a Wide Range of Vehicles and Equipment
Trucks
Utes
Cars
Vans
Trailers
Construction
Agriculture
Earthmoving
Equipment
Other
Sole Trader Loan Advantages
That Many Don’t Know
If you are self-employed or operating as a sole trader and looking for finance for new or used equipment or vehicles, you may be able to access exclusive rates available to ABN holders. An experienced broker can compare sole trader finance options across a panel of 70+ lenders and help identify competitive solutions, including no-deposit and low-doc options for new or established ABNs.
Secured and unsecured finance may be available for a wide range of business purposes, including heavy equipment, tools, vehicles, trailers, materials and more.
Quickly explore sole trader finance options for your business, with an initial assessment that does not impact your credit score.
- 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
Finance Designed For Sole Traders
Comparison Australia connects you with experienced finance brokers.
Whether you’re buying a vehicle, machinery or tools, a participating broker can explore competitive options across an extensive lender panel.
Flexible solutions may be available for new and established ABNs across a range of industries.
Lenders Supporting Sole Traders!
- 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 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 a Comparison Australia broker partner 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.