Key highlights
- Many lenders actively cater to sole traders with an ABN
- Finance a car, ute, van or SUV used for business
- ABN age, GST registration and personal credit are assessed
- One broker compares lenders on your behalf
- Obligation-free quote is a soft check with no credit impact
As a sole trader, your vehicle is often central to how you earn a living, but arranging finance can feel harder when it is just you and your ABN. The good news is that many lenders actively cater to sole traders. Overdrive compares a panel of 80+ banks and non-bank lenders to find an option that suits your situation.
What can sole traders finance?
If you hold an ABN and use a car, ute, van or SUV for business purposes, you may be eligible for a commercial vehicle loan. Lenders look at how the vehicle is used and whether your business income can comfortably support the repayments, rather than requiring you to be a large company.
What do lenders ask sole traders for?
Requirements vary, but many will consider your ABN age, whether you are registered for GST, and your personal credit history since a sole trader and the individual are one and the same. Some lenders offer low-doc options where full financials are not required, subject to lender criteria.
What can sole traders claim on a car?
The way you finance and use a business vehicle can affect what you may be able to claim. Depreciation and GST treatment depend on your circumstances, so it is wise to check with your accountant or registered tax adviser before you commit.
Ready to see what is possible? Simon Kendrick can compare lenders on your behalf and give you an obligation-free quote. It is a soft check that won't affect your credit score, so reach out to Overdrive today to get started.
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