Key highlights
- Chattel mortgage, hire purchase or finance lease options
- Lenders weigh ABN age, GST, trading history and credit
- Plan deposit, term and repayments around your cash flow
- One broker compares 80+ banks and non-bank lenders
- Obligation-free small business finance quote
Adding a vehicle to a small business is a big decision, and how you finance it can shape your cash flow for years. This practical guide covers the essentials so you can approach it with confidence. It is general information only, not financial advice.
What are small business finance options?
Small businesses commonly use structures such as a chattel mortgage, commercial hire purchase or finance lease for cars, utes, vans, SUVs and light commercial vehicles. Each treats ownership, repayments and end-of-term arrangements differently, so the best fit depends on your goals and how your accountant suggests you structure things.
What do lenders look at?
For eligible applicants, lenders often consider ABN age, GST registration, trading history, credit conduct and the vehicle being purchased. A tidy set of business records tends to make the process smoother. Requirements differ between lenders and are subject to their individual criteria.
How do you plan for cash flow?
Think about the deposit, term length and repayment amount that keep your business comfortable through quieter periods. It is worth modelling a few scenarios before committing. Any GST or tax deductibility questions should go to your accountant or registered tax adviser.
How do you compare small business finance?
Overdrive Business Vehicle Finance lets you deal with one broker, Managing Director Simon Kendrick, who compares 80+ banks and non-bank lenders for ABN businesses. Get in touch for an indicative quote and a no-obligation soft check to see what may suit.
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