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30 Nov Today's
best rates
Today's Business Rate
From 2.85 %*
Fixed

*The Interest Rate is calculated on a Secured Loan for business use, effective 30/11/2020 and subject to change. WARNING: The interest rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different interest rate.

Today's Consumer Rate
From 3.85 %
Fixed
Comparison Rate
From 4.65 %**
Fixed

**The Comparison Rate is calculated on a Secured Loan of $40,000 fixed for a term of 5 years, new goods, effective 30/11/2020 and subject to change. WARNING: The Comparison Rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate.

An ABN Car Loan is another term used in the finance sector in relation to no docs and low docs car finance.  It refers to business vehicle finance which is secured with none or very little financial information around the actual business, except the ABN.

It is not uncommon for our consultants to assist customers with ABN Car Finance as more and more people look to setting up their own businesses. There is a growing trend toward self-employment, contractor-based work, people turning a hobby business into a more sizeable concern, consultants and other professionals transitioning through from employment to retirement via a ‘still doing some work’ phase and a lot of tradies that go out on their own as soon as it is feasible.

These are all great initiatives but when your business is relatively new or just being set-up, it can pose issues around seeking finance to purchase a vehicle. If a vehicle is essential to your operations or there are tax benefits to be realised by your business purchasing a vehicle, securing finance without complete financial information can be challenge.

In this scenarios, Jade Car Loans consultants seek an ABN Car Loan for these customers.

Conditions and Requirements

There is some information that is essential to an ABN Car Loan and some conditions may apply. As with no docs and low docs loans, by having less information to verify financials, lenders may rate the loan at a higher risk and as such apply a higher interest rate.

But your Jade consultant will know which of the lenders that we are accredited with will make you the best offer and will negotiate the best deal for you.

  • An ABN is essential.
  • As with all loan applications, proof of identification is essential.
  • Where you do have some financial information, it is advisable to provide BAS statements, bank statements and any financial accounts, whether prepared by an accountant or yourself, to support your application.
  • If you are a recently-acquired ABN holder and where no additional security apart from the vehicle is provided as security against the loan, a deposit may be required by the lender for an ABN Car Loan.
  • The GST status of the business – either registered for GST or not registered for GST – may result in additional conditions being placed on the loan.

ABN Car Finance Types

Depending on the lender and your individual requirements, there are a number of car finance types available:

  • Car Leasing
  • Commercial Hire Purchase (CHP)
  • Chattel Mortgage

The details of each of these products are covered in full on our web pages.

Jade Car Loans assists a wide range of customers to secure all types of car finance and we welcome your call to discuss an ABN Car Finance deal for your business.

To discuss an ABN Car Loan with one of our Jade Car Loans consultants, call 1300 000 003 

Best Car LoanCalculator

Making use of this online free calculator is established on the individual's awareness and undertaking that the outcome displayed does not specify a loan quote; it does not indicate an application for any loans has actually been lodged; it is not a suggestion that any lending application has actually been approved. The formatting of this calculator does not take into account specific information pertaining to any kind of particular personal finance application or any kind of loan provider fees and also costs. It is formatted to multiply a general outcome based on general details as well as values only.
After lodging a formal lending application, the quote and payment totals that you might be given might vary from the loan quote worked out by this device.
The tool is not suitable for computations on car loans that are established on a passion just basis. The format is simply set up to compound the calculated interest rate for a set time period based upon the amounts entered by the user.
The calculator is not planned as a device for financial decision making. Users that require financial advice ought to look for an expert monetary expert in regard to their personal circumstances. To make an application for a loan and also acquire a quote based on your individual requirements, the individual must speak to Jade as well as have their individual application assessed by among our Jade specialists.

Finance Calculator Disclaimer

ABN Only Car Finance FAQs

ABN only car loans is a highly specialised area of motor vehicle financing which requires individual action. Each enquiry that is received by Jade is addressed and assessed on individual attributes but there are general guidelines relevant across the category. We’ve defined ABN vehicle loans in general on our web pages and drilled down into more specifics here. After taking in this information, please contact one of our consultants for a quote based on your individual requirements. Call 1300 000 003

Can I get a business car loan if I have an ABN?   

A pre-requisite for business vehicle finance is to be a business and in Australia, that requires the holding of an ABN. So if you currently hold an ABN, you are technically in a position to apply for business vehicle finance. However, there are other requirements to be offered commercial vehicle finance.

 

Lenders may request some form of financial documentation relating to your business. This may be a BAS return, financial accounts and other such verification of your business depending on wether JADE looks for a low doc, no documentation or full documentation loan.

 

If an ABN holder only has minimal financial documentation as is often the case with a business that is just starting up, then an ABN-only vehicle loan may can be sourced by your Jade consultant under the category of low docs and no docs car loans.

What is an ABN-only loan?   

An ABN-only loan is a type of vehicle loan in the same broad classification as low docs car loans. This type of loan is structured for businesses that have an ABN but very little, or no substantial financial accounts as is required for a fully-documented business vehicle finance deal.

 

The minimal requirements for this type of loan maybe a current ABN and proof of identity. Preferable is being registered for GST, presentation of BAS returns and presentation of some form of business financial accounts, even simple spreadsheets.

 

As this type of loan is assessed as a higher risk than a fully-documented loan, the interest could be higher. Some lenders may request additional forms of security against the loan by way of property or personal guarantee.

 

Other loan conditions depend on individual lenders and may include requesting a higher deposit be paid to reduce the loan amount and maximums on the amount that will be lent.

 

Your Jade consultant will handle the negotiations on your behalf to source you a workable solution wherever possible.

Do I need to have an ongoing trading business to get an ABN-only loan?   

All loan applications received by Jade, including ABN-only vehicle finance, are assessed on an individual basis. Lenders make their own risk assessment of each business and offer the interest rate and loan conditions based on that assessment.

 

In most cases it is presumed that some form of trade/business is being conducted by an ABN-holder. In order to be offered motor finance, the applicant will need to prove they have the ability to repay the loan. This will require some form of income which would normally come from the trading of the ongoing business.

 

If an ABN holder does not have a currently operating business, they would need to show proof of how they intend to meet the loan obligations through some form of regular income.

Is the interest rate the same for ABN-only car loans and other business vehicle finance?   

 ABN-only loans are in the category of low docs and no docs motor vehicle finance. With these types of loans, applicants do not have all the financial records and documents that are usually required for motor vehicle finance. With less documentation to verify the financial position and ability to service the loan, this type of loan could be considered as a higher risk.

 

As a higher risk loan, ABN-only loans might attract a higher interest rate than fully documented loans. Applicants can improve their chances of achieving a lower interest rate by providing more financial documents. In general but not always the case, the more docs provided and better quality of docs the better the interest rate offered,

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