FAQs

Lite credit describes enterprises that do not have all the accounts and trading figure requirements for the standard commercial credit application form.

Yes. All sized operations with an ABN can apply for commercial funding without full accounts information through specialist lenders and brokers.

Having an ABN is a compulsory requirement for all forms of commercial credit. Operators in the early stages of setting up a new venture should prepare information on their financials, asset securities and trading activity as is available. Some lenders will approve applications with short-period turnover figures. Personal financials may also be required.

Yes. The full selection of asset acquisition credit facilities may be considered by operators without financials. These are Rent-to-Own, Lease, CHP and Chattel Mortgage.

All types of heavy vehicles are generally eligible for funding with lite doc credit. The total amount requested, which may reflect the size or type of vehicle, will be reviewed by lenders and this may impact any offer made. Subject to lender guidelines.

Yes. All the inclusions of the credit facility selected can be realised by all approved applicants. A balloon is included with CHP and with Chattel Mortgage.

Interest rates are offered following an assessment of individual applications by lenders. New owner drivers can be offered competitive rates through the appropriate lenders with lite doc funding.

Yes. Approved applicants for vehicle funding without financials are entitled to all the tax benefits associated with the credit facility selected.

Prior to requesting a quote or applying, operators may use an online credit calculator to get estimates using advertised lender rates. The results obtained on these devices are estimates only.

Operators that have been rejected by a bank for vehicle funding may seek non-bank lenders that approve applications based on 6 months of turnover figures. A broker may assist in identifying these lenders.

Yes. Pre-approved lite doc and without financials vehicle credit is a service provided by most lending institutions and brokers.

It is advisable for all commercial operators to consult with an accountant to select the credit facility which is best suited to their accounting method and approach.