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Self Employed Loan Options To Get You Approved!
There are multiple business loan options for self employed Aussies. Finance that ranges from traditional business loans to low doc or no doc solutions. Access unsecure funding, equipment, or vehicle loans for your business.
Loans for self employed ABN holders can be arranged in as little as 24hrs. Rates are determined by borrower profile and loan type. Our comparison service allows you to submit one quick enquiry to access multiple finance across a lending panel of 70+ banks and lenders.
Visit our Australian business loans rate chart to compare different loan types currently available.
Popular loans for self employed businesses based on situation
- Low Doc or No Doc Loans: Business owners that have irregular income such as: contractors, freelancers, investors, cash only businesses & those with less than perfect credit.Essentially, self employed businesses that can’t easily provide payslips, tax returns or financial statements to prove income.
- Unsecure Loans: Those that have been in business for at least 6 months with strong financial statements, good credit, and strong business activity.Traditional business loans typically have the lowest rate and flexibility. If your business can show it’s a low-risk business, then this is ideal finance.
- Equipment or Vehicle Loans: Business owners that have been trading for 6+ months with stable income and okay credit, a few minor credit issues may be okay.Flexibility for secure finance is typically better than unsecure finance as there is an asset the loan is secured to. Rates are often slightly lower than other types of finance as well.
Eligibility & Applying for Self Employed Finance
The basic criterion for finance is straightforward and similar for most lenders.
- Be 18 years or older
- Have an active ABN
- Be a citizen or permanent resident
Actual qualification criteria for finance differs from lender to lender. Typically, requirements may include a combination of the following.
- Trading a minimum of 6 months
- Good credit (not required by all)
- Financial statements
- Minimum income of $6k a month (or pass serviceability)
- Have a deposit (not required by all)
- Be GST registered (not required by all)
What’s the best financing for small businesses?
The ideal finance for a small business is based on the type of business it is and what the funds will be used for. In general, secure finance will have a bit more flexibility and a lower rate because the finance is attached to an asset.
In addition, as shown above, a low doc or no doc loan provides lots of flexibility to those with irregular business circumstances or less than perfect credit.
How do I get a business loan if I’m self employed?
Lenders provide a range of options for Australian small business owners. Tradie loans, sole trader loans, contractor loans and self employed loans. These are all just names for business loans which can be secure or unsecure finance.
Depending on your needs most lenders will have options to assist your business.
A favourite of self employed Aussies – Low or no doc loans
A popular business loan option for many self employed workers is the low doc or no doc loan. Whilst it may have a slightly higher interest rate, it is a very flexible loan. It allows many borrowers with irregular income or contracts access to funding where traditional loans won’t work.
Learn more and access low doc loans here.
Finance Designed For Self Employed
At Comparison Australia we make finance for self employed Aussies simple. No hassle for all businesses regardless of size, time in business, industry, or location.
Access the best ABN loans & get the lowest rates across 70+ lenders & banks.
Lenders Supporting Small Business!
- GST & tax breaks for ABN holders
- No deposit or paperwork options
- Approvals & funding in as little as 24hrs
- Secure or unsecure self employed loans
- Purchase new/used vehicles or equipment
Applying For A Self Employed Loan
People also asked
How do I finance a car with my ABN?
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, 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.
Are there any purchase restrictions with low doc car loans for sole traders?
Each lender will have its own criteria based on the age of the vehicle/equipment, LVR amount and credit assessment. In most circumstance the newer the vehicle or equipment the better for approvals. There are however certain 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.
How long do I need to be trading as a self employed business to get car 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.
How fast can I get a business loan?
Depending on lender and what your after, there are very quick turnaround times for 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.