Key highlights
- Partnerships can finance a vehicle in the partnership name
- Lenders assess each partner's credit and serviceability
- Full financials or low-doc options may apply
- Chattel mortgage and finance lease structures available
- Obligation-free quote via a soft check only
Partnerships are a straightforward way to run a business with others, and they can absolutely access car finance. Because two or more people share the business, lenders look at the partnership as a whole and often at each partner individually. Here is what to expect.
Can a partnership finance a car?
A partnership can finance a vehicle in the partnership name, using its ABN. Structures such as a chattel mortgage or finance lease apply just as they would for a sole trader or company, and the vehicle is used for the partnership's business purposes.
How are partners assessed for finance?
Lenders commonly review the credit profiles of the individual partners as well as the partnership's income and serviceability. A guarantee from one or more partners may be required. Because criteria differ, Overdrive matches your partnership to a lender whose approach fits.
What documents does a partnership need?
Depending on the lender you may provide full financials or use low-documentation options. Any GST or deduction questions relating to a partnership are best confirmed with your accountant or registered tax adviser.
In a partnership and need a work vehicle? Request an obligation-free quote from Overdrive. It is a soft check that won't affect your credit score.
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