Let’s explore which options for financing are available for you if you’re an ABN holder, and what you’ll need to put in your application.
Financing options for Aussies with ABNs
If you’re going to use the car for business purposes more than 50% of the time, there are a few different options for you which include chattel mortgage, finance lease and a commercial hire purchase agreement. Each has their own pros and cons, and the one you decide to go with should best match your individual circumstances.
If you don’t have all of the documents necessary for the above financing types, you may consider a low doc car loan. For example, if you’re lacking the required two years’ worth of tax returns that other packages require, lenders offering low doc car loans can accept other supporting documents that show you’re able to make the repayments such as BAS statements and the like.
Should you not be using it for business purposes (or will be doing so less than 50% of the time), you can opt for either a secured or unsecured personal loan, both which may actually be easier to secure approval for.
What you need to apply for car financing if you’re an ABN holder
Before applying for your chosen car financing package, it’s important to have all of the documentation ready to go.
While this may differ lender by lender and also between each of the types of financing, usually this includes up to two years of tax returns, bank and other financial statements covering the previous six months, assets and liabilities.
Get help from the best finance brokers in the business
Still a little bit confused as to where you should begin with car finance when you’re an ABN holder? We totally understand. At Stratton Finance, we have helped many self-employed Aussies just like you find and secure fantastic car finance deals for over two decades.
So if you’re in the market for a new car, use our free financing calculator to find out how affordable your monthly repayments could look like.
For any questions you may have or if you need assistance with the finance application process, our team is always happy to help. Simply give out team a call on 1300 787 288 or send us an online enquiry and we’ll get back to you ASAP with a reply.