Key highlights
- A new business can get car finance in many cases
- Some lenders specifically cater to start-ups
- Lenders weigh personal credit, income, deposit and property
- Tighter terms or a larger deposit may apply
- Obligation-free soft-check quote, no credit-score impact
Can a new business get car finance? Yes, in many cases it can, though the path may look different to that of an established company. Lenders take a more careful look when there is little trading history, but options genuinely exist for eligible applicants. Here is the picture.
Can a new business get car finance?
A brand-new business is not automatically excluded. Some lenders on Overdrive's 80-plus panel specifically cater to start-ups and newly registered ABNs. The important step is matching your profile to a lender whose criteria you can meet.
What tips the balance?
Because the business itself has little history, lenders weigh your personal credit, income, deposit and any property you own more heavily. Relevant prior industry experience and GST registration can also work in your favour.
What terms should new businesses expect?
Newer businesses may face tighter terms or need a larger deposit than a long-established company. That is normal, and it does not mean finance is out of reach. Any tax questions belong with your accountant or registered tax adviser.
Running a new business and need a work vehicle? Ask Overdrive for an obligation-free quote. It is a soft check that won't affect your credit score, and Simon will outline what may be possible.
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