FAQs

It is typical for personal financials of sole traders and self-employed operators to be assessed as part of the commercial credit application approval procedure.

When purchasing assets such as cars, trucks and equipment, lenders may accept the goods as the sole security for the funding. With some applications additional collateral may be required.

Computer equipment used in a commercial operation would be included as equipment funding.

The choice of credit product determines the tax deductibility of the monthly repayments. Rent to Own and Leasing feature tax deductible repayments but CHP and Chattel Mortgage have deductions with depreciation of the truck. Interest is deductible.

Being registered to charge and claim GST is not required to apply for commercial funding.

Prior to requesting a quote or making an application, buyers can use a credit calculator to obtain rough repayment estimates on vehicle funding.

Self-employed operators have the choice of CHP, Rent-to-Own, Leasing and Chattel Mortgage for asset acquisitions.

Some banks and lenders will stipulate 12-24 month trading to be eligible for commercial credit. There are lenders that do approve applications for lesser trading periods.

Lenders assess each application individually to make interest rate offers. Self-employed operators can be offered competitive rates with a strong application.

Yes. You will need the official Australian Business Number in order to apply for commercial credit.

Some banks and lenders may reject an application due to low turnover, weak cash flow and other reasons. Operators may seek out other lenders through brokers, that will approve this type of application.

Yes. Approval of a credit application entitles the enterprise to the tax deductions pertaining to the specific credit product selected.

A wide range of self-employed set-ups may be eligible for credit. These include freelancers, contractors, SMEs, gig workers, tradies and others.

An Australian Business Number is essential to all commercial lending applications. Being registered for Goods and Services Tax is not an essential requirement but may enhance the application. Financial documentation on the operation is requested but this type of credit may be obtained with minimal documentation and with minimal turnover and trading period.

No. Credit for self-employed operators is not the same as bad credit funding. Self-employed funding is for operators that simply do not tick all approval criteria as set by some lenders. They may have good credit.