Commercial car finance is a type of business loan used specifically to purchase vehicles for business purposes. Whether you run a sole trader business, a company, or a fleet-based operation, commercial finance options like chattel mortgages, finance leases, or commercial hire purchases can help you acquire the vehicle you need without tying up your working capital.
Applying for commercial vehicle finance in Australia is a relatively straightforward process. Here’s a step-by-step overview:
Start by identifying the type of vehicle your business requires — whether it’s a ute, van, truck, or sedan. Ensure it will be used at least 50% for business purposes to qualify for commercial finance products.
There are several commercial vehicle loan options available:
Each option has different tax and accounting implications, so it’s best to speak with a broker or accountant to decide which suits your business.
Lenders typically require:
Low-doc and no-doc options may be available for businesses with a strong credit history or who use a broker.
Pre-approval allows you to shop with confidence, knowing how much you can borrow. It also shows dealerships and sellers that you’re a serious buyer.
Once you’ve chosen a vehicle, your finance provider or broker will arrange settlement. Funds are typically paid directly to the seller, and you can take delivery of your new business vehicle.
Contact our friendly finance brokers at 168 Finance on 02-8046 7621, or simple send us an email at info@168finance.com.au, we will be more than happy to assist.
