Easily Compare Estimate Repayments and Source Quotes for ABN Car Loans

ABN Car Finance is a category of business finance similar to Low Docs and No Docs Loans. Often the terms are interchangeable. In general terms, ABN only finance relates to loans secured with little or no financial documentation except the essential current ABN. Interest rates may be higher. When using the comparison table calculator to compare rates and estimated repayments, ABN applicants may enter a higher rate to allow for the difference.

With a growing trend towards contracting, owner-operator, owner-driver and self-employment, the need for an ABN only car loan can cover many people across many industry sectors. In general terms, any person starting a new business or who has been operating a small concern for a short time may require this type of finance.

ABN Car Loans are not a specific loan type or finance product. It is a description of the applicant as not having the complete amount of financial docs that lenders require to fully complete the business application form.

The application needs to be approved based on minimal or no records. That is the challenge for applicants as not all lenders will offer consideration of this category of application. At Easy, we overcome those challenges by having access to specialist lenders that do. We can access car finance quotes for applicants that essentially have little more than an ABN to support their loan application.

The documentation referred to would include:- BAS returns, income tax returns, accounts which have been prepared by the business owner or an accountant, profit and loss statements, statements of assets and liabilities. In some instances, lenders may request a formal Business Plan from new operators.

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How Easy Can Assist with ABN Car Finance

We can assist new and small operators to source affordable and cost-effective ABN Car Loan quotes. No fuss, no time-wasting and minimal effort on your part. Just provide us with the necessary information and we’ll source the cheapest and most suitable quote from across our large selection of lenders.

Those setting up their own new business may relish taking on a challenge. But the challenge of obtaining affordable car finance may not be one that can be successfully taken on alone.

Reach out and request an ABN Car Finance quote from Easy and tick that challenge off your goals.

Points to note about sourcing ABN Car Finance:-

  • The personal credit profile and rating of the business owner would typically form an integral part of the application assessment.
  • A higher interest rate may be expected due to the higher risk of a business without records to prove its profitability and performance.
  • Affordable, cost-effective interest rates can be achieved, depending on individual aspects of the application and the approach taken by the lender.
  • Additional security may be requested. This is in addition to the vehicle being purchased being accepted as security for the finance.
  • Lenders may have restrictions on the loan amounts they will approve for this type of loan.
  • Loan amount limits may be in dollars or a percentage of the vehicle purchase price.
  • Applicants may pay a deposit to the car dealer to reduce the loan amount.
  • Where the operator has only recently obtained the ABN, and where no extra security is available with the exception of the vehicle, loan limits and deposits may be required.
  • GST registration is not essential but it can be viewed positively by lenders where a business is registered for GST.
  • All types of vehicles used by a business may be eligible for an ABN Car Loan.
  • When the application is approved, the business may select the most suitable finance product: Chattel Mortgage, Leasing or Commercial Hire Purchase.
  • ABN Car Finance holders would be eligible to realise the tax deductions and other tax benefits pertinent to their choice of product and subject to ATO rulings.