Business Vehicle Refinance
Business vehicle refinancing replaces your existing vehicle loan with a new loans facility, potentially giving you a lower interest rate, better repayments or improved loan terms. The new lender pays out your current loans while you keep the same vehicle on the road and operating in your business.
How Business Vehicle Refinancing Works in Australia
Business vehicle refinancing allows you to replace your existing vehicle loans with a new facility, potentially giving your business a lower interest rate, better loan structure, reduced repayments or improved cash flow.
When you refinance a business vehicle, the new lender pays out the balance owing on your existing loans and replaces it with a new agreement. You keep the same vehicle and continue using it in your business as normal.
Refinancing may be worth considering if your current rate is too high, your business or credit profile has improved, your repayments are putting pressure on cash flow, or a more competitive loans option has become available.
We compare business vehicle refinance options across 80+ lenders, looking at rates, fees, loan terms, repayments and balloon structures. Where available, we can also negotiate lender pricing to help secure a more competitive overall deal.
We can refinance a wide range of business vehicles, including cars, utes, vans, SUVs, 4WDs, light commercial vehicles, light trucks and buses.
Depending on your vehicle's current market value and the amount you still owe, you may also be able to access available equity in the vehicle for eligible business purposes, subject to lender criteria, valuation and approval.
Example: Refinancing a $100,000 Business Vehicle Loan
If you currently owe $100,000 on your business vehicle loans, a new lender could refinance the outstanding balance by paying out your existing lender and replacing the facility with a new loans agreement.
For example, if the new lender offers a lower interest rate, longer term or more suitable repayment structure, your business may be able to reduce its regular repayments and free up cash flow while continuing to use the same vehicle.
If the vehicle is worth more than the amount you owe, you may also be able to release some of the available equity, subject to the lender's maximum lending limits, valuation and credit assessment.
Before refinancing, we compare the proposed facility against your existing loans to determine whether the change makes commercial sense after considering interest rates, remaining loan term, payout costs, establishment fees, repayments and total loans cost.
The actual rate, repayments, savings and equity available will depend on your existing loans, vehicle value, business circumstances and lender assessment.
Why get a loan with Overdrive Business Vehicle Finance
Free service with no upfront costs or hidden fees.
Vehicle Loan Solutions
Whatever your situation, there's a loans structure to suit — we'll match you to the right one for your business.
Low Doc, Light Doc & Full Doc Vehicle Finance
When applying for vehicle finance, lenders will generally offer Low Doc, Light Doc or Full Doc options. The right choice depends on your business structure, trading history, and the type of vehicle you're purchasing.
| Feature | Low Doc Vehicle Finance | Light Doc Vehicle Finance | Full Doc Vehicle Finance |
|---|---|---|---|
| Financial Statements Required | No | No | Yes |
| BAS Statements Required | No | Usually | Sometimes |
| Business Bank Statements | No | Yes | Sometimes |
| Approval Speed | Fastest | Fast | Standard |
| Interest Rates | Higher | Competitive | Most Competitive |
| Borrowing Capacity | Up to $500k | Up to $500k | Up to $10m+ |
| Ideal Outcome | Quick approval with minimal paperwork | Balance of flexibility and pricing | Best pricing and maximum borrowing power |
Which Option Is Right For You?
Need help deciding? Our finance specialists will assess your circumstances and recommend the most suitable asset finance solution for your business.
| If You Are… | Recommended Option |
|---|---|
| Self-employed or businesses with limited financial records | Low Doc |
| Businesses with bank statements and BAS available | Light Doc |
| Businesses with full financials | Full Doc |
Low Doc Vehicle Finance
Low Doc finance is designed for borrowers who want a simple, streamlined approval process. In most cases, no financial statements or BAS statements are required. Approval is generally based on your ABN history, credit profile, and the asset being financed.
Light Doc Vehicle Finance
Light Doc finance provides a middle ground between Low Doc and Full Doc lending. Borrowers can often qualify using recent business bank statements and limited supporting documentation, without the need for full financial accounts.
Full Doc Vehicle Finance
Full Doc finance is suitable for borrowers who can provide complete financial records and supporting documentation. This option typically offers the most competitive rates and highest borrowing capacity.
Business Vehicle Refinance — frequently asked questions
Can I get a loan on a new or used business vehicle refinance?
Yes — we arrange new and used business vehicle refinance loans bought from dealers, private sellers or at auction, with the rate and term matched to the asset.
What interest rate will I get on a vehicle loan?
Rates start from 6.55% p.a. for a strong, asset-backed vehicle loan and move up with the age of the vehicle, the term, any deposit and your credit profile. Because we compare a panel of lenders on one application, we quote the sharpest rate you actually qualify for rather than a single bank's rate card.
Can I get a vehicle loan without financials (low-doc)?
Yes. For an eligible loan under a lender limit we can arrange a low-doc vehicle loan with no tax returns or BAS, on the strength of your ABN age, GST registration and clean credit. It typically needs a 2+ year ABN and sits slightly above a full-doc rate.
Who can apply for a vehicle loan?
ABN holders — sole traders, partnerships and companies. Commercial lending to ABN holders sits largely outside consumer credit rules, which usually means a faster, simpler process than a personal loan.
Does enquiring about a vehicle loan affect my credit score?
No. The initial enquiry is a soft check only and does not affect your credit score. We only lodge a formal loan application to a lender once you have seen the numbers and told us to proceed.
Do I need a deposit for a vehicle loan?
Not always. $0-deposit vehicle loans are available for eligible deals, subject to assessment. A deposit or trade-in can help with a newer ABN or an older asset, and it lowers the amount borrowed and your repayments.
What loan terms are available?
Vehicle loan terms typically run from 1 to 7 years. A longer term lowers the repayment but costs more interest overall; a shorter term costs less interest but repays faster. We help you balance cash flow against total cost.
Can I get a loan on a new or used vehicle?
Both. We arrange loans for new vehicles (dealer stock and factory orders) and used vehicles bought from a dealer, at auction or from a private seller. On a used vehicle, its age, kilometres and condition can affect the rate and term.
Can I buy from a private seller or at auction with a vehicle loan?
Yes. For a private sale the lender verifies ownership and checks the vehicle is clear of existing finance (a PPSR check) before releasing the loan funds. We manage that process with you.
How does a balloon or residual work on a vehicle loan?
A balloon (or residual) is a lump sum set aside to the end of the term. It lowers your regular repayments now, which suits operators who refresh vehicles every few years — you pay it out, refinance it, or trade in at term end.
How quickly can a vehicle loan be approved?
For a straightforward, asset-backed vehicle loan we can often come back with an indicative answer the same business day, with conditional approval frequently inside 24 hours, and settlement within a few days once documents are in.
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