Key highlights
- Finance may be available even with a young ABN
- Some lenders specifically consider newer businesses
- Clean credit, a deposit and experience support an application
- Comparing 80+ lenders widens your options
- Soft check to quote, no credit-score impact
Just started your business? A fresh ABN does not have to stand in the way of financing the ute you need to get moving. Some lenders specifically consider newer businesses. Here is what to expect when your ABN is young.
Can you get ute finance with a new ABN?
A short ABN history means less of a track record for lenders to review, which can narrow the field. Even so, options exist for new businesses, and eligible applicants may access finance through structures like a chattel mortgage. Lenders look more closely at your personal credit and the vehicle when business history is limited.
What helps a new-ABN application?
A clean personal credit record, a deposit and evidence of prior industry experience can all support a new-ABN application. Being registered for GST and having a clear plan for how the ute earns its keep also helps. Requirements differ between lenders, so outcomes vary and approval is never guaranteed.
Which lenders accept new ABNs?
Some lenders are more comfortable with new ABNs than others, which is where comparing the market matters. The Overdrive panel of more than 80 banks and non-bank lenders makes it easier to identify who may consider a newer business rather than applying blind and risking a knock-back.
Simon and the team can assess your situation and provide an obligation-free quote, even with a new ABN. The first step is a soft check that does not affect your credit score. Get in touch with Overdrive to explore your options.
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