Key takeaways
- ABN holders can get vehicle finance, but lenders often want more evidence of income.
- Whether the vehicle is for business or personal use changes the type of loan.
- A deposit, tidy records and a longer ABN history all help.
Why lenders look closer at ABN holders
Employees have payslips, while sole traders and contractors have income that can change month to month. Lenders therefore ask for extra evidence that your income is steady and that you can meet the repayments.
Business use or personal use?
Finance for a vehicle used mainly for business is usually a commercial loan, while finance for personal use falls under consumer credit rules. The type of loan affects the documents, features and protections that apply. A broker can help you work out which applies to you.
What lenders usually ask for
- Photo ID and your ABN details, including how long you have held the ABN
- Recent bank statements, showing regular income
- BAS statements and tax returns
- Details of the vehicle, such as a dealer quote or invoice
- Your deposit, if you have one
Seven ways to improve your chances
- Save a deposit.
- Build up a longer ABN trading history if you can.
- Keep business and personal banking separate.
- Lodge your BAS and tax returns on time.
- Check whether GST registration is required for the type of finance you want.
- Choose a vehicle that fits your income and work needs.
- Limit the number of lender applications you make at once.
Tradies, rideshare and delivery drivers
If you plan to drive for a rideshare or delivery platform, check the platform's vehicle age and type requirements before you buy. Tradies should consider payload, towing needs and running costs, as well as the repayment.
Vehicle finance near you
We help ABN holders, tradies and drivers across Melbourne, Brisbane and the Gold Coast. See our local pages for Sunshine, Springwood and Logan Central, or our main Melbourne and Brisbane pages.
Frequently asked questions
Can I get a car loan with a new ABN?
Some lenders will consider newer ABNs, but options are usually wider once you have a longer trading history. Approval is not guaranteed.
Do I need to be registered for GST?
Some lenders and loan types ask for GST registration, while others do not. Requirements vary, so ask us or your accountant.
Can I get finance with a poor credit history?
In many cases we can arrange finance for credit-impaired applicants, though rates and terms can differ. Approval is subject to lender assessment.
Ready to talk it through?
Use our car loan calculator for an estimate, or call 1300 483 955 for a free, no-obligation chat. We compare a panel of 30+ lenders and handle the paperwork.
This article is general information only and does not take into account your objectives, financial situation or needs. It is not an offer of credit. Finance is subject to lender assessment and approval. Tax treatment varies, so speak to your accountant.