Business Car Loan Bad Credit
Running your own business is easier when you have a set of wheels. Apply today to have the best shot at approval on bad credit business car loans.
Running your own business is easier when you have a set of wheels. Apply today to have the best shot at approval on bad credit business car loans.
Time is precious when you’re self-employed or running a small business. That’s why owning a car can be a lifesaver, whether it be helping you run errands, attend jobs or deliver orders.
If you’re looking to grow your business but have a poor credit history, we can help. By having strong ties with flexible lenders, we can help you unlock fast approvals on car finance. Start saving time and apply today.
You can have the keys to your new car in no time at all with rapid approvals on loans and funding in as little as 48 hours.
We service Australia’s cities, remote regions and coastal towns, meaning you can apply no matter where you call home.
Our consultants find you a suitable lender and prepare your application as part of our guaranteed personalised service.
You can finance the total price of your car, plus on-road costs, with business car finance without the need for a deposit.
If you have an ABN but lack some necessary paperwork, you can apply for low doc car loans to get you behind the wheel.
Buy factory-fresh or second-hand cars from private sellers or showrooms anywhere in Australia.
Finance everything from utes, fleet cars, trucks, forklifts, mowers and valuable machinery with your bad credit loan.
Determine the speed at which you pay off your loan with term options ranging from one to five years, ensuring you remain comfortable with each repayment.
You can choose between weekly, fortnightly and monthly repayment options to suit your preferences.
Filling out a quote form online takes a few minutes. This tells us how much you need to borrow. A consultant then calls to discuss options.
Upon applying, your consultant can turn to our high-tech software to match your application to a lender most likely to approve it.
Your consultant knows our lenders’ criteria like the back of their hand, so they’ll prepare your application to give you the best shot at approval.
Once approved, your consultant emails you a digital copy of your loan contract to sign and return so your loan funds can be released.
If you’re a business owner, critical decisions are part of the day-to-day running of your company. One of those decisions may be what type of finance you apply for when looking to expand your fleet of vehicles. Some of these include:
How you apply
When you apply for a business car loan, you’ll have to show evidence that your company can afford the car. This includes checks of your business bank accounts, latest tax return and BAS. Applying for a regular car loan will only look at your personal income and expenditure to assess your borrowing power.
What you can use your car for
Taking out a business car loan means you agree to use the vehicle you buy mostly for business-related purposes. Your lender may even assess what type of car you’re buying to make sure it’s appropriate for your business. For instance, you may run a business that needs a vehicle to transport small to medium orders, therefore a ute or a van would be more appropriate than a station wagon.
The tax implications
Buying a car through a chattel mortgage unlocks many benefits that don’t apply to standard private-use car loans. You can claim back any GST paid on the purchase price, as well as the interest on monthly payments and depreciation up to a certain amount.
Limiting your liability
If your business fails, your personal assets won’t be sought to cover your debts. In the untimely event your business does fall into the hands of liquidators, your car will be sold along with other assets to pay off your debts. Nevertheless, you should be trying to avoid this at all costs, as having your assets sold can leave you in a compromised business position.
Checking you qualify for finance is guaranteed to save you plenty of heartache down the track. Ensure you’re over 18 years old and a permanent Australian resident or citizen. You’ll also need to show your business has a consistent revenue and your ABN has been registered for at least three months.
Borrowing within your means can fast-track your application and increase the likelihood of its approval. Take a look at your accounts and see if there are areas where you can cut back on spending to allow your business to take on a new loan.
Know what type of vehicle you want and why you’re using it. Our lenders will let you finance anything from a fleet car to expensive mechanical equipment, so it’s important to know what you want before you apply.
Some types of bad credit are better than others. Doing a quick check of your business’ credit score will reveal the nature of your bad credit. For example, having a few late payments on your business’ report from years ago is better than having recent unpaid defaults for other loans. Making prompt payments will be recorded on your file and help you increase your score.
Cars and other vehicles come with running costs such as ongoing maintenance, insurance and petrol. Ensure to factor these in when budgeting for your business’ new ride.