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Expert, Specialised Attention for Sole Trader Loans
We assist self-employed operators overcome the obstacles they often face in sourcing affordable funds for their enterprise. Offering an expert service and a simple process for ABN holders to access the right lenders and the expertise to achieve lower rates for cost-effective solutions.
As specialists in commercial lending, we work with all types of entities of all sizes and across all industries. Providing the attention required for self-employed operators, ABN holders and other small entities to achieve workable credit quickly and efficiently
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Find the Best Business Loans for Sole Traders
Compare Our Business Interest Rates for Sole Trader Loans
Interest rates offered by lenders to all commercial enterprises will be based on and individual assessment of the application and credit profile. Lower rates can be achieved for self-employed operators, especially when strong financials are presented. Use these rates that we are currently achieving for some operators, as a guide for budgeting and planning purposes. For a confirmed quote on your rate, simply get in touch with us.
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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.
Qualifying for Sole Trader Financing
How to Know if Your Qualify for Sole Trader Financing
There are a number of commercial structures for enterprises in Australia including those trading on a solo basis. Self-employment on this basis involves one sole owner operating the enterprise. Under Australian corporate laws, they may employ others but not themselves and they have full control of their operation. It is a simple structure that many Australians utilise.
You must have an ABN to be eligible for commercial finance. Being registered for GST is not essential but if turnover exceeds $75,000, registration is mandatory under the law. Some lenders will include a minimum trading time and minimum turnover as criteria to apply for funds. We overcome these issues with a range of non-bank lenders that provide funding to those that have been operating for less than 12 months and have smaller turnover.
Affordable Loans for Sole Traders
How Business.Finance Assists with Affordable Loans for Sole Trader
As specialists in commercial lending we completely understand the issues facing self-employed operators in sourcing credit. Many of those issues arise because they do not have access to the right lenders. Right, as in lenders that do provide funding for their specific type of enterprise. Many operators only have access to traditional lenders that often have lending criteria that does not include their profile.
That is where we step in and assist. As brokers with extensive experience in the sector, we have access to more than 80 banks and non-bank lenders. That includes the ‘right’ ones – the credit providers that offer credit to the self-employed.
Many of these lenders are not accessible directly to clients, operating through their select network of brokers, including ourselves, to provide credit to their clients. With our industry-level connections and large lender base, we can access workable solutions for ABN holders.
You will be assigned one of our consultants who will handle your credit application and negotiate on your behalf to achieve a workable outcome at the lowest interest rates.
- Access to 80+ banks and non-bank lenders
- Access to specialised lending for self-employed operators
- Individual representation and negotiation
Workable Finance Solutions
Solutions to Workable Terms & Conditions Finance for Sole Traders
Self-employed operators can be extremely time-challenged. If you’re not working, you’re not earning. So spending non-billable hours sourcing funding is not usually a sensible use of your time. Using our services allows you to keep working while we work on finding your funding.
Using a specialist commercial lending broker can greatly benefit ABN holders. We welcome self-employed clients and address each application individually. ABN holders receive the full support and backing of our resources, capabilities and expertise in sourcing a workable solution.
Achieving lower interest rate credit is a high priority. But for many clients, achieving workable credit terms and conditions can be equally important. If a lender imposes conditions which hamper the ability to operate optimally and achieve objectives, the credit can be simply not workable.
While negotiating lower rates, we also negotiate the most acceptable conditions around security and other aspects of the funds. The term of the funding is also critical as it directly impacts cash flow. We work to achieving an offer with a funding term that delivers a workable repayments schedule.
We assist our self-employed clients to find the right credit solution through the right lenders. If you’ve not taken advantage of the services of a broker, then now may be the ideal opportunity to do so and discover the benefits for your specific requirements.
Explore a Range of Loan Options
Types of Loans for Sole Traders Available
We offer a comprehensive selection of options to suit the varying types of products and purposes for which self-employed operators require funding. Options especially sourced from lenders that approve applications that do not always meet the full criteria of some lenders.
Whether you require funds to purchase vehicles, cars, vans, plant, machinery and equipment or for on-asset acquisitions, we meet the challenge.
- Sole Trader Business Loans – secured and unsecured options to support cash flow and for non-asset expenses
- Sole Trader Car Loans – includes funding for all types of vehicles used in an operation. Utes, SUVs, vans, passenger cars and others.
- Sole Trader Truck Loans – light, medium and heavy duty, vehicle only and truck-trailer combinations.
- Sole Trader Equipment Loans – covering all types of machinery and equipment used in the operation.
- Loans for New and Used Goods – dealer, private and auction purchases.
Flexible Financing for Sole Traders
Financing for Sole Traders Without Financials
For operators without all the usual financials and for those that are starting out or have operating for less than 12 months, we have access to specialist options.
- Low Docs Sole Trader Loans
- No Docs Sole Trader Loans
These are categories of applicants and cover all types of funding for many purposes. Competitive interest rates and workable terms achievable.
Tailored Loan Products for Sole Traders
Specific Sole Trader Loan Products
When we get your application approved, the choice of the most suitable product can be made. This choice can be based on accounting method, balance sheet and other strategies and overall objectives. Consulting with an accountant can be advisable with this decision.
- Chattel Mortgage
- Leasing
- Commercial Hire Purchase
- Rent-to-Own
- Overdraft
- Secured and Unsecured Funds
ABN holders can realise all the tax benefits pertaining to the funding product once approved and subject to ATO guidelines.
Get Expert Assistance Today
Get Our Assistance to Apply for a Sole Trader Loan
Applications can be made by phone or online. But we recommend having a discussion with us first so we can assist with your application. Applications for funds can be submitted before a commitment to purchase has been made so you know exactly how much you are approved to borrow.
- Current ABN and ID required
- GST registration not essential but can be preferred by some lenders.
- Provide as many financials as available to support the applications – BAS and tax returns, accounts, bank statements and similar. The stronger the financials, the stronger the application.
- Personal financials of the self-employed operator may be requested and form part of the application.
- Details of the purpose for the funds. Make and models of assets including age and condition of used goods.
- Funding amount required.
Your consultant will then source the right lender that meets your profile and application requirements and handle the paperwork. When a quote is sourced, you have the choice to accept or not. When accepted, we process the application and assist with settlement.
Accelerate Financing for Sole Traders
Fast Application Processing of Financing for Sole Traders
Using a broker means our consultants are working for you. We work quickly and efficiently to get applications approved and the funds working for your operation as soon as possible.
To apply – answer a few questions, speak with us and your application could be approved in 24 hours!
FAQs
Sole Trader Loan
All commercial funding applicants must have an ABN and identification. The application should be supported with whatever financials the operator has available. This can include tax returns, BAS returns, bank statements, annual accounts, trading figures and similar.
The interest rate offered on all applications for commercial funding are subject to the lender assessment of the application, especially the credit profile and strength of the financials or turnover. The rates advertised by lenders will be the best rates available and can be used as a guide.
When approved for self-employed funds, the operator may choose from Chattel Mortgage, Leasing, Rent to Own and Commercial Hire Purchase. The choice will depend on accounting method and other aspects of the operation. In some instances, the lender may have a preference for approval of a particular product for a particular applicant.
Yes. Operators that are new or just in the initial phases may apply for self-employed funding. Some lenders have minimum trading times to approve commercial funding applications. Those that have been trading for less than 12 months may seek a lender that approves such applications and/or use a broker to assist.
ABN holder funding can be sourced for a range of product purchases. These include cars and motor vehicles, trucks and all types of equipment used in a commercial operation.
The structure of funding and products for self-employed enterprises will be the same for operators in all industries. The interest rates offered on credit can vary for different industries.
The amount of the funds approved for an ABN holder will be subject to lender approval and may be based on the strength of the application and the security provided.
Conditions may be placed by lenders on funding approvals for all types of commercial operators. Conditions may include additional security requirements, total loan limits and similar. All applications are assessed individually.
Yes. When approved for funds, all operators are entitled to the tax benefits applicable to the particular product selected. Tax deductibility is subject to meeting ATO guidelines and criteria. The tax benefits vary with different credit products.
Yes. Credit can be sourced for the purchase of all types of motor vehicles to be used in the operation. This includes utes, passenger cars, wagons, SUVs, vans, cab chassis and other body types.
Yes. When applying for credit ABN holders can request their preference for credit product, including Leasing.
Yes. Excavators would be included in equipment funding. Equipment funding generally includes all types of machinery including that used in construction, earthmoving and other industries.
Yes. IT equipment would be consider as equipment for an operation and subject to equipment funding. Some lenders will provide funds for hardware and software.
The security required for self-employed funding can depend on the individual application and be subject to individual lender approvals. For some applications, lenders may approve the application with the goods being purchased as the only security. Other applicants may be requested to provide additional security or personal guarantee.
It can be an accepted and common practice for lenders to include a review and assessment of the personal credit position of a self-employed operator when a credit application is made.
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Trusted by 60+ lenders Australia-wide
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