Key highlights
- Sole traders with a valid ABN can be considered
- Trading history and an asset base help your case
- Low-doc structures can suit sole traders
- Credit history and serviceability closely assessed
- Sole-trader-friendly lenders compared across the panel
Running as a sole trader doesn't shut you out of coach finance. Overdrive helps individual operators with a valid ABN compare a panel of 80+ lenders to fund the coach behind their tour or charter work.
Can a sole trader get coach finance?
Many lenders are comfortable financing a coach for a sole trader, particularly where there is a solid trading history or an existing asset base. Your ABN, identification and vehicle details form the starting point, and established operators may be considered with limited paperwork.
What do lenders assess for sole traders?
As a sole trader your personal and business finances are closely linked, so credit history and serviceability matter. A deposit, trade-in or property behind the application can broaden your options. Contract income such as regular charter or school runs also helps demonstrate that the coach will earn its keep.
Can sole traders use low-doc finance?
Low-doc structures can suit sole traders who don't have a full set of financials ready. The right term, deposit and any balloon should reflect your cash flow. How the purchase affects your GST or depreciation position is a question for your accountant or registered tax adviser.
Simon Kendrick can compare sole-trader-friendly lenders and give you an obligation-free quote. The first check is soft and won't affect your credit score.
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