Used Business Vehicle Finance

Used business vehicle finance allows Australian businesses and ABN holders to purchase a second-hand vehicle without paying the full purchase price upfront. The vehicle is financed over an agreed term, with repayments structured around your business, cash flow and the vehicle you're purchasing.

Used vehicle finance rates depend on your business history, credit profile, vehicle age and value, amount financed, loan term and documentation. Simon compares suitable options across our panel of 80+ lenders and negotiates pricing where available to help secure a competitive rate and overall finance structure.

We arrange finance for used business cars, company cars, utes, vans, SUVs, 4WDs, light commercial vehicles, delivery vehicles, light trucks, minibuses, buses and specialised business vehicles.

Vehicle-age policies vary between lenders. Some lenders are comfortable financing older commercial vehicles, while others have maximum age requirements at the beginning or end of the loan term. Simon can assess the vehicle and identify lenders whose policies are suited to its age and your circumstances.

Potentially. Some lenders offer streamlined finance to eligible ABN holders. Your ABN and GST history, business activity, turnover, credit profile, vehicle age and value may all be considered when assessing your application.

Yes. Sole traders and self-employed ABN holders can apply for used business vehicle finance. Depending on your circumstances, low-doc or streamlined options may also be available without requiring a complete set of financial statements.

Potentially. Some lenders consider new businesses and recently established ABNs. Your industry experience, credit profile, current business activity, vehicle, contribution and ability to service the finance can influence the options available.

Potentially. No-deposit and 100% used vehicle finance may be available to eligible applicants. Whether a deposit is required will depend on your business, credit profile, vehicle age and value, purchase price and lender criteria.

Yes, subject to eligibility. Low-doc and lite-doc business vehicle finance up to $500,000 may be available, potentially reducing the documentation required compared with a traditional full-doc application.

Potentially. Eligible applicants may qualify without providing full financial statements or tax returns. Depending on the lender, your application may instead be assessed using your ABN and GST history, business bank statements, BAS, turnover, accountant information and credit profile.

Requirements vary between lenders. You may need identification, ABN or company details, vehicle information and a purchase invoice or contract. Depending on the application, business bank statements, BAS, financial statements, tax returns or other supporting information may also be required.

Yes. We arrange finance for used business vehicles purchased through dealerships across Australia and can coordinate the finance and settlement once your application is approved.

Yes, subject to lender criteria. Private-sale vehicle finance may require additional checks to confirm the vehicle, ownership, seller and purchase details before settlement.

Potentially. We can arrange finance for eligible auction purchases. Because auction transactions can have strict payment and settlement requirements, arranging your finance position before bidding can be particularly important.

Borrowing capacity depends on the purchase price, vehicle value and age, business turnover, trading history, existing commitments, credit profile and ability to service the finance. We can assist with individual vehicles through to multiple used vehicles and fleet purchases.

Terms of up to 7 years may be available to eligible applicants, although the age of the vehicle can affect the maximum term offered by a lender.

It depends on the vehicle's age, expected useful life and your business cash flow. A shorter term generally means higher repayments but less interest over the life of the finance. A longer term can reduce regular repayments but generally increases the total interest paid and may not be available for every older vehicle.

Potentially. Balloon payments may be available subject to lender criteria, vehicle age and expected value at the end of the term. A balloon can reduce regular repayments but leaves an agreed amount outstanding at the end of the finance agreement.

Potentially. Previous credit issues don't automatically prevent approval. Your current business performance, the nature and age of the credit issues, repayment history, vehicle and overall application will influence the available lenders, rates and terms.

Same-day pre-approvals and approvals may be available for eligible applications, with many straightforward transactions completed within 24 to 48 hours once the required information and vehicle details have been supplied.

Yes, subject to eligibility. Pre-approval can give you an indication of your borrowing position before choosing a vehicle, helping you understand your budget and move quickly when you find the right one.

Potentially. Eligible businesses may be able to finance 100% of the purchase price with no deposit, subject to the vehicle's value, age, your application and lender criteria.

Potentially. Eligible accessories, modifications and permanently fitted equipment may be included in the finance. This can include service bodies, shelving, refrigeration and other business-related vehicle fit-outs, subject to lender criteria and valuation.

Yes. We can arrange finance for multiple used vehicles and business fleets, subject to your borrowing capacity, the vehicles being purchased and lender approval.

Depending on the vehicle and your circumstances, finance may be structured as a chattel mortgage, commercial hire purchase, finance lease, rent-to-own arrangement or another commercial vehicle finance facility.

A chattel mortgage is a common form of business vehicle finance where your business generally takes ownership of the vehicle from the beginning and the lender takes security over it until the finance has been repaid.

Generally, the vehicle itself provides the primary security for asset-backed vehicle finance, meaning residential or commercial property security may not be required. Additional security can still be requested depending on the transaction and lender.

Potentially. The GST and depreciation treatment depends on factors including the seller, whether GST applies to the transaction, your GST registration, business use and finance structure. You should confirm the tax treatment with your accountant or registered tax adviser.

Getting an initial quote with Overdrive does not require an upfront credit check. Where available, we can assess and compare your options before submitting a formal application. A formal credit enquiry may be made once you decide to proceed with a lender.

Yes. If you've already received finance from a dealership, bank or another broker, Simon can compare the rate, fees, repayments, term, balloon and overall finance structure against suitable options across our lender panel and negotiate for a better deal where available.

Used vehicle lending policies can vary significantly between lenders, particularly as vehicles get older. Simon compares suitable options across our panel of 80+ lenders, taking into account the vehicle's age and value as well as your business profile, before negotiating pricing and terms where available.

Used vehicle finance can be more lender-specific than new vehicle finance because different lenders have different policies around vehicle age, value, purchase method and loan term. At Overdrive Vehicle Finance, you deal directly with Simon Kendrick, Managing Director. Simon compares your application across our panel of 80+ lenders, identifies lenders suited to the particular vehicle and your circumstances, negotiates the rate and terms and manages the application through to settlement.

You deal directly with Simon Kendrick, Managing Director, from your first enquiry through to approval and settlement. Simon personally manages the lender comparison, negotiations and application process. No call centres. No handovers. No being passed from one broker to another.

Yes. Our vehicle finance comparison service is 100% free to you, with no obligation to proceed. Simon compares suitable options across our lender panel and manages the finance process through to settlement.

You get one experienced broker with access to 80+ lenders. Simon understands how different lenders assess used vehicles and can identify which lenders are better suited to the vehicle's age, value, purchase method and your business circumstances. Rather than simply accepting the first finance offer available, we compare the market, negotiate pricing where possible and structure the finance around your business.