Key highlights
- As a sole trader, you and your business are assessed together
- Lenders review income, trading history, credit and the vehicle
- Terms and repayments can match how your income flows
- A broker sets the loan up to sit comfortably with cash flow
- Request an obligation-free, indicative quote for your situation
Car finance for sole traders follows the same broad path as other business finance, with one key feature: because you and your business are legally one, lenders look at both together. Overdrive walks sole traders through each step.
How do lenders assess a sole trader?
As a sole trader, there is no separation between you and your business, so lenders assess your personal and business finances as a whole. Your ABN establishes the business use of the vehicle.
What do lenders review for sole traders?
Lenders review your income, trading history, credit file and the vehicle you are financing. Because the vehicle is for business use, you may access commercial finance products, with any tax treatment a matter to check with your accountant or registered tax adviser.
How is a sole trader loan structured?
Terms, deposit and repayment structure can be shaped to match how your income flows. A broker helps set this up so the loan sits comfortably with your cash flow, subject to lender criteria.
How do you take the next step?
Request an obligation-free, indicative quote and Simon Kendrick will explain how finance would work for your specific situation as a sole trader.
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