Why choose a Business+ Vehicle Loan?
Vehicles are essential income earners for all kinds of small businesses. But they’re expensive, tying up thousands of dollars of your business’s cash.
Our Business+ Vehicle Loan can be used for new and second-hand vehicles up to five years old that are bought from a dealership.
You can buy passenger and light commercial vehicles including:
- Cars & 4WDs
- Light commercial trucks & cab chassis
- Utes & vans
| Interest rate structure | 6.29% p.a. to 16.99% p.a |
| Loan terms | 1-7 years |
| Balloon available | For terms between 1-6 years. |
| Minimum loan amount | $10,000 |
| Maximum loan amount | $250,000 |
OFFER Save $595 with $0 establishment fee when you apply before 28 February 20251 | |
| Establishment fee |
$595 $0 when you apply before 28 February 20251 |
| Securities administration fee | $100 |
| Service fee | $8 per month |
Before you apply
- Have an ABN for your business
- Have at least one year trading history
- Annual turnover of at least $75,000
- Be a sole trader or a company director
- Provide a personal guarantee from all directors (if applicable)
- Know the VIN or make and model of the vehicle you want to buy from a licensed car dealer
Explore more about Small Business Banking
Check out these clever tips and tools to help your business thrive.
Benefits of a Business Vehicle Loan
A business vehicle loan doesn’t just get you the vehicle you need, it can make smart business sense. Find out why here.
Read moreApply for a Business Vehicle Loan
Here’s a simple guide to buying your next business vehicle with a business vehicle loan. Learn what you’ll need to secure your business vehicle finance.
Read moreYou’ll need to meet our eligibility criteria for a Business+ Vehicle Loan. You can find these here.
When you apply for business finance, you (and any directors, partners or guarantors) may need to provide:
- Financial statements, preferably prepared by an accountant
- Proof of individual income
- Bank statements
- Identification
These documents help us understand your business’s financial position.
You can buy a car, ute, van, truck, trailer or bus from a dealership with a Business+ Vehicle Loan. Your new vehicle is used as security against the loan.
A personalised interest rate is an interest rate based on an assessment of your credit score. If you have an excellent credit score and a good history of repaying loans, credit cards and other bills, you’ll likely be offered a lower interest rate.
When you apply for a Business+ Vehicle Loan, your business and individual situation, vehicle type and credit score will be considered when calculating your personalised interest rate.
A balloon payment is a final lump-sum that’s paid at the end of your loan. It’s a percentage of the vehicle’s purchase price and is paid in addition to your regular repayments and fees.
A balloon payment may lower your monthly repayment amount, but it’s important to note that balloon payments accumulate interest. You’ll also have to set some money aside to make the balloon payment. Don’t forget to calculate the full cost to avoid paying more in the long term.
A business vehicle loan is used to buy a vehicle for business purposes. It can have some tax benefits for the business, so consult your accountant to find out which ones apply to you. Unlike a personal car loan, a business vehicle loan can offer a 'balloon payment'. A balloon payment is a lump sum you choose to pay at the end of your loan term so you can reduce your repayment amount while you're paying back the loan.
‘Appy days!
Everyday business banking, savings and finance all in the Business+ app.
The simple way to fund your business's big plans.
A business management account for sole traders and small businesses.
Reach your goals with our high-interest, no fee savings account.
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL 238317. Conditions, fees and charges apply. Information on Business+ accounts is general information and does not consider your objectives, financial situation or needs. Consider the appropriateness of the information, including the Small Business Banking Terms & Conditions (T&Cs) booklet and the Business Finance Terms and Conditions, before acting on it.
Rates current as at 14 November 2024 and are subject to change.
Loan term range from 12 months to 84 months for Business+ Vehicle Loan.
Business+ Vehicle Loan rates range from 6.29% p.a. to 16.99% p.a.
1 $0 Establishment Fee Offer – Business+ Vehicle Loan.
The establishment fee is waived for a Business+ Vehicle Loan if you apply using Business+ Online and the disclosure date of your loan offer is between 7 November 2024 and 28 February 2025. You must drawdown the eligible Business+ Vehicle Loan(s) within 90 days of the disclosure date.
* The rate you are offered is calculated based on your personal circumstances and credit history. A few different factors are considered, including:
- Your credit score.
- Information provided in your application.
- Existing loans.
- The loan amount and your perceived ability to repay the loan.
Your personalised rate won’t be confirmed until you receive an offer from us (if approved) and is subject change before your loan settles.
To be eligible, here’s what you need to tick off:
- Be aged 18 or over
- Be an Australian resident
- Be registered for GST with at least $75,000 in turnover
- Have at least one year trading history
- Have an ABN for your business
- If your business is a company, all directors must provide a guarantee
- Have a valid email address, mobile number, and driver’s licence for identification
- Be one of the following business structures: a sole trader or a privately-owned Australian company
Can’t remember your business structure, Use the ABN Lookup to find out.
You won’t be able to apply if your business is:
- A tax resident in any country other than Australia
- One of the following business structures: a company owned by another company, a partnership, a trust, or a self-managed super fund
- Simple, fast, and mobile business banking
- Open accounts and loans entirely online in minutes
- In-app support (from real people)
