Business Car Loan FAQs

business car finance

We are experienced business car finance brokers who work with small and large business owners to find them great car finance options. Each day we are asked similar questions from new potential clients, so we have put together this page to answers some of those more common questions.

  • How Long Does It Take To Get Approval?

Depending on your circumstances, business car finance can be arranged in less than twenty four hours. The more straight forward your finances are, the faster a business car loan can be processed.

  • Do I Need Comprehensive Car Insurance?

Because the loan is usually secured against the value of the vehicle, it is very likely that the lender will require you to have comprehensive car insurance for the life of the loan. This reduces their risk of loss if your car is written off, damaged or stolen.

  • Can I Get A Car Loan If I Am Self Employed?

Of course, you can. We are very experienced when it comes to arranging car finance for small business owners. This includes Tradie Ute Finance, van finance for deliveries or cleaning vehicles for example and so much more.

There are options such as low doc car loans and no doc car loans for those who are self employed, which can increase your chance of approval.

  • Can A Car Loan Include Vehicle Signage Or Car Wraps?

Many lenders let business owners include the cost of advertising on their vehicles as part of the car loan. If this is your intention, it is great to let us know in advance.

  • What Term Can A Car Loan Be Spread Over?

Generally, a car loan can be obtained for a repayment period of seven years. 

  • What Documents Will I Need For A Business Car Loan?

The most common documents required are proof of your identity, address, ABN, and some basic business financial documents.

  • What Is A Balloon Payment?

A balloon payment is basically a final payment at the end of the loan term. It is a way to make lower repayments per month, by deferring part of the loan to a one-off payment to finalise the loan. Usually, it is also possible to refinance the balloon payment when the time arrives.

  • Are There Fees Involved To Apply For Business Car Finance?

No. Any loan set-up fees or similar only apply when a loan is approved. If this is relevant, you will be informed of any cost before an application is made. Any fees can usually be incorporated into the loan.

  • What are my chances of getting a loan?

This is a common question. If you are a business loan and you own your own home, it is usually not a problem to get a car loan. However, it always depends on individual circumstances, such as credit rating, time in business, deposit amount, business assets and liabilities, and other factors too.

If you have any other questions about applying for business car finance, then simply contact us today.

What are the latest business car loan rates?

Business car loan interest rates vary from lender to lender. They also fluctuate over time, similar to home loan rates. Depending on the vehicle you would like to buy, circumstances such as trading history, and repayment terms, we will find the best business car finance we can for you.

To find out the latest rates, you could simply contact us for an indicative current rate for the vehicle you want.

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Your full financial goals & situation along with servicing requirements, would need to be reviewed prior to offer or acceptance of any financial product.