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Personal Attention, Customised Service – Sole Trader Business Loan
We are specialists in commercial lending and to us, that means – all enterprises, regardless of size and industry. Providing individual attention to achieving a customised solution for sole traders, micro enterprises and ABN holders that are starting up or who are already up and running.
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Comparison
Compare Loan Interest Rates for Sole Trader Financing
As with all enterprises, interest rates offered to sole traders are assessed on an individual basis and the details of the application. Strong financials and a good credit rating can contribute to lower rates. Refer to the current, lowest rates we can achieve to use as a guide for planning and budgeting purposes and contact us for a specific quote based on your exact requirements.
| Loan Product | Interest Rate | Monthly Repayment |
| {{Loan Product}} | {{From - Advertised Rate}} {{Rate Type}} |
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Disclaimer: The comparison rate displayed is calculated for a loan of $30,000 over 5 years. The results from this calculator should be used as an indication only. Quoted repayments are based on advertised rates and do not include lender fees and charges. Results do not represent either quotes or pre-qualifications for a loan. The specific details of your loan will be provided to you in your loan contract. It is advised that you speak with us so that we can provide you with advice that is tailored to your situation.
Today's best rate
Finance Equipment From
4.99 % Fixed
* The interest rate is calculated on a secured loan for commercial use, effective 17/05/2024 and subject to change. Warning: the interest rate is only true for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different interest rate.
Today's best rate
Finance Equipment From
4.99 % Fixed
* The interest rate is calculated on a secured loan for commercial use, effective 17/05/2024 and subject to change. Warning: the interest rate is only true for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different interest rate.
Competitive Rates
How to Get Competitive Rates on Sole Trader Finance
Sole traders can often feel like they are ‘up against it’ when applying for credit through traditional lending channels. We offer a realistic, practical and simple way for sole traders to achieve workable finance at cost-effective rates. Utilising our broker services, provides sole traders with access to more specialist lending sources and particularly those that do offer great rates to even the smallest operators.
Your consultant will negotiate on your behalf directly with non-bank and other lending sources to achieve the most competitive rates and most workable solution for your operation. Sole traders can enhance their prospects by preparing documents that demonstrate their good credit and strong financial position.
- Solutions sourced from 80+ lenders and banks
- Individually negotiated solutions
- Specialist non-lender access
Exploring the Options
Types of Sole Trader Loans Available
The kinds of credit suited to sole traders may depend on the time they have been trading. Sole traders can fall into several categories from a lending perspective:- those just setting up and those that have been operating for 12 months or more.
Established sole traders may be eligible for all kinds of commercial credit including Chattel Mortgage, Leasing, Rent to Own, Overdrafts and Secured and Unsecured products.
Where the sole trader does not meet the criteria set by some lenders including not having all the documentation, we source credit solutions from our specialist lending sources, including:-
- Sole Trader Car Loans
- Sole Trader Truck loans
- Sole Trader Equipment Loans
For sole traders who are just setting up or have been operating for less than 12 months, we source:-
- Low Doc Sole Trader Finance
- No Docs Sole Trader Loans
Despite the specialist nature of these kinds of credit, competitive rates can be achieved.
Simplified Application Process
How to Apply for Sole Trader Commercial Loan
Sole traders can apply directly with us either over the phone or via our online resources. Applications can be made prior to or after a purchase commitment has been made.
Application essentials and preferred requirements include:-
- Current ABN is essential.
- Identification is essential.
- Registration for GST is not essential but may be viewed positively by some lenders.
- Financials as available which may include:- annual accounts, tax returns, bank statements, BAS returns, profit/loss statements, assets/liabilities record, simple current account records showing trading history and other credit commitments.
- New operations may present a business plan to demonstrate prospects for the enterprise.
- The personal credit profile and financial position of the sole trader may be assessed by lenders as part of the application process. This may include a review of personal tax returns, bank records and credit commitments.
- Sole traders may be required to provide personal assets or a guarantee against their commercial credit.
- Details of the acquisition or the purpose for the credit. If the make and model of assets is known this should be provided. New and used goods can attract different rates so this should be stipulated in the application to receive an accurate quote.
- Credit amount required.
Our consultants will assist with the paperwork so the application process itself does not become overwhelming and unworkable. Speak with us about exactly what your application will require.
Seamless Financing
Fast Access to Lenders offering Financing for Sole Traders
We appreciate that as a sole trader, your priority is running your operation. In handling your credit requirements, we act quickly to provide fast access to a large swathe of the lending sector.
- Efficient and effective process
- Large selection of banks and non-bank lenders
- Direct, industry-level connections for faster service
- Reduce the time spent sourcing finance, maximise time spent running your operation
Flexible Commercial Loan Solutions
Solutions to Workable Terms on Business Loans for Sole Traders
Sole traders are as welcome as other enterprises to take advantages of the benefits of our commercial broker services. We address every enquiry on a individual basis and use the full strength of our resources and capabilities to find the right solution for every sole trader.
While lower interest rates are critical to the cost of credit, the terms and any special conditions may be critical to the feasibility of an offer. We negotiate with our lenders to achieve the term that will deliver the most workable repayment schedule and work to minimising any restrictive conditions which a provider may look to apply.
If you’ve never used broker services previously, have a no obligation conversation with us about how our services may work for you.
Approval for Sole Traders Made Easy
Get Approved for Commercial Finance for Sole Traders
Sole traders can get applications approved prior to purchasing so they know exactly what the offer will be before making that acquisition commitment. To proceed to get approved, simply answer a few questions and submit your application.
FAQs
Sole Trader Commercial Financing
Sole traders are required to complete a commercial credit application form. Having an ABN and identification is essential. Being registered for GST is not essential but may be preferable. A range of financials is requested to verify the strength and status of cash flow, assets and liabilities. Where not all documents are available, sole traders may source low doc or no doc options.
Interest rates on commercial credit for all enterprises are offered based on a risk assessment by lenders. This includes a review of the credit profile, cash flow and financials. Sole traders that have good credit and strong financials can attract competitive rates. To obtain a specific rate based on individual specifications, an application or quote request would need to be submitted.
Sole traders have access to credit to purchase assets including motor vehicles, trucks and all types of equipment with Chattel Mortgage, Leasing, Hire Purchase and Rent to Own products. For general support for cash flow and other non-asset expenditure, secured and unsecured options are available as well as overdrafts and lines of credit.
Yes. Some lenders do have a minimum trading period in their criteria for commercial credit. There are credit providers that do offer credit to new and start-up operations. Where all the documentation required for the application is not available, new operators may source low doc and no doc options.
In general terms, sole traders may acquire a wide range of goods for their operation with commercial credit. This may include motor vehicles, vans, trucks and equipment with asset acquisition products. Stock, training and development and other goods not considered as assets may be acquired with secured or unsecured credit options.
The range of credit products is the same for sole traders in all industries. The interest rates offered can vary with the industry and the goods being acquired. All credit offers are subject to a risk and credit assessment by the credit provider.
The amount requested for credit by sole traders will be reviewed by providers when assessing the application. The amount will be assessed against the strength of the cash flow, financials and prospects and the suitability of the goods as credit security. Where the total amount requested is not accepted, sole traders may consider reducing that amount by paying a deposit on the goods or sourcing lower priced options.
Up to 7 year terms are available on many commercial credit products, particularly asset acquisitions. The term approved on any individual application will be based on the ability of the applicant to furnish the commitment, the age and condition of the goods, the amount requested and other factors.
No. Sole traders may have very good credit profiles whereas bad credit applicants, by definition, have poor credit. The personal credit profile of a sole trader may form part of the application for credit by the enterprise. Where the personal credit rating is good, this may contribute to a better offer.
Yes. Credit is available for sole traders for the purchase of all types of vehicles which are to be used in the operation as per ATO rulings. The most popular credit products for vehicle purchases are Chattel Mortgage and Leasing.
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