Key highlights
- Your ABN is the basis of a sole-trader application
- The van is treated as a business asset
- Repayments can be structured around variable income
- Lenders treat sole-trader applications differently
- Obligation-free quote via a soft-check enquiry
Sole traders make up a large share of van buyers, from solo couriers to one-person trade businesses. Financing a van as a sole trader is very achievable. Here is what to expect and how to approach it.
Can a sole trader get van finance?
As a sole trader, your ABN is the basis of a commercial finance application, and the van is treated as a business asset. Lenders typically look at how long your ABN has been active, your trading history and the vehicle itself. Because there is no separate company structure, some lenders will also consider your personal financial position. Many sole traders successfully finance delivery, trade and cargo vans this way, subject to lender criteria.
How to finance a van with variable income
Sole trader income can rise and fall with the season or the job pipeline. Structuring repayments around this reality matters. Options such as a chosen term length or a balloon payment can shape monthly commitments to suit your cash flow. The goal is a repayment you can comfortably sustain through quieter periods, not just busy ones.
How to find the right sole trader lender
Lenders treat sole trader applications differently, so comparison helps. Simon Kendrick can assess your situation and identify lenders on the Overdrive panel whose criteria may suit a sole trader. For how any structure affects your tax, check with your accountant or registered tax adviser. Approval and terms remain subject to lender assessment.
If you run your business under your own ABN, Overdrive can prepare an obligation-free, indicative quote for your van. The enquiry is a soft check with no impact on your credit score. Get in touch with Simon.
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