Key highlights
- Business-use SUVs can be funded with a chattel mortgage
- Claim the business-use portion of interest and depreciation
- Rates from around 6.55% p.a. for strong deals, indicative only
- Compare 80+ lenders in one application for new or used SUVs
If you use an SUV for your business, you can finance it much like any work vehicle: a chattel mortgage secures the loan against the SUV, you repay over a chosen term, and you may claim the business-use portion at tax time. ABN holders and sole traders are welcome to apply. Overdrive compares more than 80 banks and non-bank lenders on one application, helping you find competitive finance for a new or used SUV without approaching each lender yourself.
Financing an SUV for business use
Where an SUV is used for work — client visits, site travel, transporting equipment — you can finance it through a chattel mortgage, the same structure used for utes and vans. The lender advances the purchase price and holds the SUV as security until the loan clears, and you own the vehicle throughout. Because tax treatment hinges on how much you use the SUV for business, keep a logbook and confirm your claim with your accountant. Terms typically run one to seven years, with an optional balloon payment to lower monthly repayments. Passenger vehicles can carry a depreciation cap, so your accountant's advice matters here.
Business use versus private use
An SUV often does double duty, so lenders and the tax office focus on the split between business and private use. The finance itself can still be arranged as a business loan on your ABN, but your deductible portion reflects genuine business kilometres. Keeping accurate records protects your claim. If the SUV is almost entirely private, a personal loan structure may suit better, which a broker can talk through with you.
New versus used SUVs
New SUVs finance readily and tend to attract the most competitive rates given their clear value and warranty. Used SUVs are widely funded too and can reduce your outlay, though older or high-kilometre models may be priced higher or offered on shorter terms. Both dealer and private purchases can generally be arranged, with the finance settling directly with the seller. Choosing the right vehicle age can meaningfully affect your rate and term.
How to secure a strong rate
Pricing reflects the SUV's age and value, your deposit, credit profile and how long your ABN has traded. Strong, asset-backed applications see rates from around 6.55% p.a., while lower-doc, older or cheaper vehicles and weaker credit are priced higher — indicative and subject to lender assessment. Comparing lenders side by side lets you weigh rate against fees, balloon options and flexibility, rather than accepting the first offer you find.
Thinking about financing an SUV for your business? Get a free quote and let Overdrive compare 80+ lenders to match you with a structure that suits your usage and cash flow.
Frequently Asked Questions
Can I finance an SUV through my business?
Yes, if the SUV is used for business you can generally finance it on your ABN with a chattel mortgage or similar structure. Your deductible portion depends on genuine business use, which you should record and confirm with your accountant. Lenders assess the vehicle, your credit and trading history when approving.
Is there a limit on claiming an SUV?
Passenger vehicles can be subject to a depreciation cost limit and GST claim limits, which change over time. That means you may not be able to claim the full value of a more expensive SUV. The rules are specific to your circumstances, so your accountant should confirm what applies to you.
Can I finance a used SUV?
Yes. Used SUVs are commonly financed, and buying used can lower your total cost. Lenders assess age, kilometres and value, and older or high-kilometre models may attract higher rates or shorter terms. Dealer and private-sale purchases can usually both be arranged through a broker comparing multiple lenders.
Do I need a big deposit for an SUV?
Not always. Many business SUV loans can be structured with little or no deposit for strong, asset-backed deals. A deposit or trade-in reduces your repayments and can help borderline applications. The right approach depends on your cash flow and the lender's appetite, which a broker can compare for you.
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