Key highlights
- Sole traders can access commercial ute finance
- Chattel mortgage structures available, subject to lender criteria
- Lenders weigh ABN age, GST and credit history
- Low-doc options may help where documentation is limited
- Obligation-free quote built around your situation
Running as a sole trader keeps things simple, but it can raise questions when it comes to financing a vehicle. The good news is that plenty of lenders work with sole traders every day. Here is what ute finance generally looks like when you trade under your own ABN.
Can a sole trader get ute finance?
As a sole trader you can access commercial ute finance in the same broad ways as larger businesses, including chattel mortgage structures. Because there is no separate company, lenders look closely at you personally, your ABN and how you use the ute. The vehicle generally needs to be used mainly for business to qualify as commercial finance.
What do lenders look at for sole traders?
Common considerations include how long your ABN has been active, GST registration, your credit and repayment history, and the ute itself. Some lenders may ask for bank statements or a declaration rather than full financials, which can suit sole traders whose paperwork is lean. Criteria differ, so options vary from one applicant to the next.
How do sole traders strengthen an application?
A clean credit record, a consistent income picture and a sensible choice of ute all help. Where full documentation is limited, low-doc options may be available to eligible applicants. Comparing across the Overdrive panel makes it easier to find a lender comfortable with sole-trader applications.
Simon and the Overdrive team can prepare an obligation-free quote built around your situation as a sole trader. The first check is a soft enquiry with no impact on your credit score. Reach out to talk through your options.
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