What lenders usually look at when the ABN is new
Every lender is different, but these come up often:
- How long you’ve worked in the industry. A driver of ten years who has just started their own business is a different case from someone new to the industry.
- Whether you own property. Some lenders treat property ownership as a sign of stability, and some require it for a new business.
- A deposit. Some lenders ask for a deposit, often larger when the ABN is new.
- The asset. Trucks, trailers and machinery that hold their value are generally easier to finance than specialised or older items.
- Your work. A contract or a letter from the business you’ll be working for can help.
- Your personal credit history. When the business is new, lenders lean more on yours.
- ABN continuity. If you’ve moved from a sole trader to a company in the same line of work, some lenders count the earlier ABN’s time.
What we do
Tell us how long you’ve had your ABN, what you did before, and what you want to buy. We’ll match that against the new-business rules of the lenders on our panel, and tell you what’s likely to be asked for.
The lender assesses the application and decides.
One thing to be clear about
This is finance for a genuine business and for business use. Don’t register an ABN or describe a purchase as business use just to get a loan. If the asset is mainly for personal use, it’s a personal loan: we don’t arrange these, but we can refer you to a trusted partner.
More: Guide: truck finance for new ABN holders in Melbourne · Truck finance for ABN holders · Low doc finance