Tradie Car Loans Rates from 5.59%
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Today’s Lowest Rates From 5.59% Fixed – 6.14% Comp Rate*
Rates current 17-11-2023. National Loans is a Licensed Finance Broker here to assit you when you apply for a Tradie car loan online. Get Tradie car finance today with National Loans.
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Australia’s Sole Trader Vehicle Loan & Tradie Car Finance Experts
If you’re one of the thousands of self-employed tradies in Australia, your car is likely to be a major asset for your business. It’s probably a ute to help get both you and your tools to multiple work sites to earn all your income.
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But when it comes time to get a new or used ute (or any other type of business vehicle), it can be a major expense. That’s where tradie car loans (also called sole trader car loans or sole proprietor car loans) can help.
What are tradie car loans?
Tradie car loans are just like any other car loans, except you need to have a sole trader ABN (Australian Business Number) to apply for one. If you’re just starting your business, you can apply for an ABN here. It’s free and you should get one either straight away or within a few business days.
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You also need to be intending to use the vehicle you buy for work purposes at least 51% of the time to get a sole trader ABN car loan. As long as you will be doing that, you can use your vehicle for non-work purposes the rest of the time if you want.
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You can read more about business car loans here.
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Is a tradie loan right for you?
- It saves you from having to find the money to pay for your vehicle upfront.
- You can take out a longer loan term or arrange a balloon payment to help make your regular loan repayments more affordable..
- Your loan interest and fees are tax deductible.
- You may be eligible of the federal government’s temporary full expensing scheme before June 30 2023 if you structure your loan the right way
- You can use it to build your business credit score
- You take ownership of the vehicle, unlike leasing arrangements.
Sole trader car loan vs commercial finance
A sole trader car loan (or sole proprietorship car loan) is a type of commercial finance arrangement where you repay the money you borrow plus interest over a specified loan term. This is done by making monthly or weekly repayments. When you pay off a sole trader car loan, you won’t have to make any more finance payments and you will have an asset you can sell if you want to.
An alternative finance option to taking out a business car loan is leasing a business vehicle. This is where you make lease payments instead of loan repayments. However, when you lease a vehicle, the ownership remains with a finance company. At the end of the lease term, you may or may have the option to buy the vehicle, renew the lease or decide whether or not to take out a new lease. You won’t have an asset you can sell.
You can read more about auto finance here
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Sole trader vehicle loan rates
Tradie loan interest rates vary depending on:
- The lender.
There is a huge range of car finance lenders in the market, and their rates change regularly as market conditions change and as they compete with each other for business. - The type of loan that you get (secured or unsecured). Secured loans (known as chattel mortgages for business vehicles)have lower interest rates than unsecured loans. This is because you need to put your vehicle up as collateral security for a secured loan. If you don’t make your repayments, the lender can repossess and sell it to get any money you still owe on the loan.
- Your individual or business credit score. If you have a good credit score, you should be able to get your tradie finance at a lower interest rate. You will have a good credit score if you or your business has a record of paying all your debts on time (including loans, credit cards and credit accounts with suppliers).
How to get the best car loan rates for tradies
The best way to get the best car loan rate if you’re a tradie is to understand how to get a loan as a sole trader. You can do that by getting in touch with a broker like one of our expert team at National Loans. Small business car finance is one of our specialist services. You can also call us if you’d like to ask any questions about how to finance a ute.
Our brokers work to find great deals for our car buying clients. We source loans from a diverse panel of lenders across the car finance market in Australia and we stay up to date so we know where the latest great deals are. We can find the best sole trader car loan Australia has to offer.
We will also take the time to understand your needs so we can recommend a lender who will be most likely to approve your car loan application.
How to get car finance as a sole trader
- your ABN,
- low-doc & “no doc
- proof of your identity,
- a statement of your current assets (what you own) and liabilities (what you owe),
- proof of your business income (for example, your most recent business activity statements, tax returns and business bank statements), and
- a budget of your regular expenses that shows you can afford your regular loan repayments.
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The average car finance interest rate
Car & Ute FinanceInstant Quote Apply Now GET A FREE ONLINE QUOTE THE AVERAGE CAR FINANCE INTEREST RATE​ Interest rates have been in the news …
Yes, we have fantastic relationships with a large number of car dealers , giving us access to fleet pricing on new vehicles and a large selection of used cars
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