Business car, vehicle & equipment finance loans empower Australian businesses to invest in new or used cars, trucks, forklifts, tractors, as well as a range of other work equipment that is vital for keeping things moving in the right direction.

Also known as asset finance, vehicle and equipment finance for businesses provides options for purchasing, leasing, or even simply hiring equipment as and when needed.

Types of Business Loans

Vehicle & Equipment loans and finance enables businesses to buy and upgrade vehicles and equipment through a range of different loan types including secured loans, unsecured loans, fixed rate loans, low doc loans, and refinancing for a range of different uses, including:

Vehicle Loans

Trucks, utes, and cars – vehicle finance allows businesses to purchase new or used business vehicles with manageable loan repayment terms that can be spread out over the life of the vehicle.

Agriculture Loans

Purchase tractors, trailers, farm equipment, and agricultural equipment required to build and maintain a strong and resilient business. Agricultural loans empower Australia’s farmers to invest in the equipment needed to be successful while effectively managing expenses and cash flow.

Equipment Loans

From tools to coffee machines and everything in between – equipment loans allow businesses of all shapes and sizes to invest in the equipment that they need to succeed. With flexible loan structures available, equipment loans allow businesses to make investments in their business that can pay dividends for years to come.

Is it better to finance a car for business?

Compared to personal car loans, business car loans may offer you more benefits such as tax deductions. Business loans for equipment and vehicles offer specific features to suit business owners. If you are unsure, talk to a finance broker about which options will best suit you.

Can I get a car loan as a sole trader?

Yes, all types of businesses from large companies to self-employed and sole traders can get business car loans. You must have an ABN (Australian Business Number) and use the car for at least 50% business use. As with any loan, you will need to meet the lender's criteria. Work with a finance broker to help you find the loan that fits your specific situation.

Low-doc car loan for self-employed

A low-doc car loan stands for low-document car loan. Put simply, low-doc loans mean you don't need to provide as much paperwork as a regular loan application. This may suit you if you are self-employed, because you might not have consistent payslips or PAYG documents.

Are car loan repayments tax-deductible?

Only the interest part of your repayment (not the prinicipal amount) is tax-deductible. This only applies for commercial vehicle and equipment loans. For personal vehicle loans, you cannot claim the repayment or interest on tax.

Keep in mind, you can claim motor vehicle expenses too such as fuel, registration, insurance and servicing. These expenses must be essential to running your business, such as travelling between different business premises or deliveries.

Loan Repayment

Repaying your business loan is crucial to maintaining a healthy financial profile. Here are some tips for successful repayment:

  • Budget wisely – Create a budget that includes your loan repayments. Make sure to factor in interest and fees.
  • Automatic payments – Setting up automatic payments can help you stay on track and avoid late fees.
  • Early payments – Consider making extra payments to pay off the loan faster and reduce overall interest costs. Talk to your broker about whether early payments are an option for your chosen loan, and whether it will work in your favour.

Choosing the right lender and loan type is crucial. Take your time to research and consult with a finance broker to ensure you're on the right path. With a good strategy and the right financing, your business will thrive.

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