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