Key highlights
- Small businesses finance cars through commercial products
- Spread the cost while keeping cash for operations
- Lenders look at ABN history, GST, credit and serviceability
- Structure depends on use and your accounting setup
- Obligation-free soft-check quote, no credit-score impact
For a small business, the right vehicle can be the difference between winning work and turning it away. Car finance lets you spread the cost while keeping cash available for day-to-day operations. Here is how small businesses can approach it sensibly.
Can small businesses finance a car?
Small businesses of every kind, from trades to consultancies, finance vehicles through commercial products such as chattel mortgages and finance leases. Holding an ABN opens the door, and eligibility is assessed against each lender's criteria rather than a single rigid standard.
What do lenders want to see?
Typically lenders look at your ABN history, GST status, credit profile and capacity to make the repayments. Established small businesses with financials have plenty of choice, while newer ones can often use low-documentation pathways instead.
How do you get the structure right?
The best structure depends on how you use the vehicle and your accounting setup. There can be depreciation and GST considerations, so it is worth a quick conversation with your accountant or registered tax adviser.
Growing a small business and need a vehicle? Request an obligation-free quote from Overdrive. It is a soft check that won't affect your credit score, and Simon compares the whole panel for you.
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