Key highlights
- An ABN under 12 months is a common, workable bracket
- Many lenders will still consider your application
- Clean credit, income, deposit and GST offset a short ABN
- Full-doc or low-doc products may be available
- Obligation-free soft-check quote, no credit-score impact
An ABN that has been active for under twelve months puts you in a fairly common bracket, and plenty of lenders will still consider you. The outcome usually depends on how the rest of your application is put together. Here is what tends to move the needle.
Can you finance with an ABN under 12 months?
Many businesses need a vehicle within their first year, so lenders see this often. Some are happy with a sub-12-month ABN provided other elements are solid. Overdrive's job is to point your application at the lenders most likely to say yes, subject to their criteria.
How do you build a stronger application?
A clean personal credit history, consistent income, a deposit and GST registration all help offset a short ABN. Property ownership can strengthen things further. The more evidence you can show that the business is genuine and serviceable, the better.
What documents and structure apply?
Depending on your circumstances, you may qualify for full-doc or low-doc products. A chattel mortgage often suits businesses at this stage, though any tax treatment should be confirmed with your accountant or registered tax adviser.
Under twelve months in and ready to finance a car? Request an obligation-free quote from Overdrive. It is a soft check that won't affect your credit score.
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