Key highlights
- The vehicle is usually the security for finance
- Age, condition and kilometres influence the deal
- Newer, popular models are often straightforward
- Unusual or older vehicles may prompt extra questions
- 80+ lenders compared through Simon Kendrick
When you are choosing a work vehicle, it is natural to wonder whether the badge on the bonnet changes anything about the finance. The make, model and age of a vehicle can play a part in how a lender views the deal. Here is what to know.
Why does the vehicle itself matter?
In business vehicle finance, the vehicle is usually the security, so lenders take an interest in what it is. Factors like age, condition, kilometres and how well a model holds its value can influence how an application is assessed. This applies across cars, utes, vans, SUVs and light commercial vehicles.
New or used for business finance?
Newer vehicles and popular models are often straightforward, while older or more unusual vehicles may prompt extra questions from some lenders. That does not mean they cannot be financed, only that appetite varies. Outcomes for eligible applicants are subject to lender criteria.
How do you choose a vehicle with finance in mind?
Picking a well-regarded, work-appropriate vehicle can make the finance process smoother and may suit your business better over time. Any tax or GST considerations tied to your choice should be checked with your accountant or registered tax adviser.
How do you match a vehicle to the right lender?
Overdrive Business Vehicle Finance compares 80+ banks and non-bank lenders through Managing Director Simon Kendrick, your single point of contact. Request an indicative quote and a no-obligation soft check for the vehicle you have in mind.
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