New Business Finance
Started a new business and need finance for a car, ute, truck, or equipment?
Sierra Finance works with 50+ lenders who actively support new ABN holders.
Whether your ABN is three months old or you registered it last week, we find the right lender for your situation with fast approvals and no upfront fees.
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How New Business Finance Works
Most new business owners assume they need 12 months of trading history before any lender will consider them. That is how the major banks work, but it is not how the broader lending market works.
Specialist commercial lenders assess new business applications differently. Instead of requiring two years of tax returns and BAS statements, they focus on three things: your personal credit history, your industry experience, and the asset you are purchasing.
Vehicle finance is where new businesses have the strongest position. Cars, utes, and vans hold predictable resale value, which gives lenders confidence even when your trading history is limited. A borrower with a clean credit file, 3+ months ABN registration, and a dealer purchase on a current model vehicle is a straightforward file for the right lender.
The most common structure is a chattel mortgage, where your business owns the vehicle from settlement and you claim depreciation and interest as tax deductions. A commercial hire purchase works in a similar way with a final payment at the end of the term that can be refinanced, paid out, or used to upgrade.
The key difference between a new business file and an established business file is not the structure or the process. It is which lenders are suitable. Out of 50+ lenders on our panel, a portion specialise in new ABN lending and assess applications based on the borrower's personal profile rather than business financials. Knowing which ones to approach, and how to present your application, is where a broker adds the most value.
What You Can Finance as a New Business
Cars, utes, and vans are the easiest assets to finance as a new business. New and near new vehicles through a dealer are the strongest files, but used vehicles and private sales are also possible depending on the vehicle's age and condition. Most lenders cap vehicle age at 12 to 15 years at end of term. Nil deposit is achievable on the right profile, though 10 to 20% equity makes the approval faster and opens more lender options.
New business car finance and new business vehicle finance are the most common enquiries we receive from recently registered ABN holders. If you have clean credit and a sensible vehicle purchase, this is one of the most reliable pathways into asset finance as a new business.
Trucks are harder than passenger vehicles but absolutely placeable if you have relevant driving experience and ideally a contract or work source letter. Lender appetite for new ABN truck finance depends heavily on the borrower's background. A transport operator with 10 years of experience starting a new entity is a very different proposition to someone entering the industry for the first time.
Equipment and machinery require more work. Lenders are more cautious about secondary market value when the operator has no established track record, so deposit expectations are higher (typically 20%+) and the lender panel narrows significantly. Forklifts, earthmoving machinery, and manufacturing machinery are all possible with the right equipment finance structure, but the file needs careful structuring and the right lender match.
What is generally not available for new ABN holders: Unsecured cash flow lending is off the table until you have at least 6 to 12 months of BAS lodgements. Working capital products and overdraft facilities need trading history to assess serviceability. This page covers asset finance, where the vehicle or equipment itself provides the security for the loan.
Who New Business Finance Is For
The most common new business finance enquiry comes from someone who has been working in an industry as an employee and is now going out on their own. They know the trade, they have the skills, and they need a vehicle or equipment to start operating independently.
A tradie who has just finished their apprenticeship or has been working under someone else for years, now setting up their own ABN and buying their first work ute or van.This is the most straightforward new business vehicle finance file. Clean credit, industry experience, and a sensible vehicle purchase.
A subcontractor changing entity structure, perhaps moving from a sole trader to a company or trust. The ABN is new but the operator has an established client base and a track record in the industry. Lenders recognise this distinction when the application is presented correctly.
Someone leaving a PAYG role to start a service based business. They have payslips showing stable income from their previous employer, clean personal credit, and a clear direction, but no business financials yet. Recent payslips and bank statements bridge the gap.
A rideshare or delivery driver formalising their business. Income from platforms like Uber can support the application where bank statements show consistent earnings over three to six months.
A franchise operator starting a new location. The franchisor relationship and brand backing strengthen the file even with a brand new ABN.
If you have 3+ months ABN registration and clean personal credit, you are likely in a position to get vehicle finance approved. If your ABN is under three months, approval is still possible on a case by case basis where you can demonstrate industry experience and the asset purchase makes commercial sense.
Why Use a Broker For New Business Finance
When your business is new, the margin for error on a finance application is smaller. A declined application creates a credit enquiry on your file, and for a new ABN holder, that second attempt with a different lender starts from a weaker position.
A broker who works with new business files regularly knows three things that matter. Which lenders have genuine appetite for new ABN applications right now, not just on paper. What documentation to provide and how to present it so the file gets assessed properly. And what structures get approved at this ABN age versus what will be declined on policy.
Banks will typically decline a new ABN application on automated policy rules before a human even reviews it. A broker bypasses that entirely and goes directly to the lenders who are actively writing new business finance.
Sierra Finance has 50+ lenders on our business finance panel, including specialist new ABN lenders that you will not find through a dealer or a comparison site.There are no upfront fees, and you get a same business day response on every enquiry.
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Getting New Business Finance
Step 1: Tell us what you need.
Call or submit an enquiry with the basics: your ABN, what you want to finance, and your situation. We give you a same business day response and let you know exactly where you stand before anything is lodged.
Step 2: We match you to the right lender.
Based on your ABN age, credit profile, and the asset you are purchasing, we identify the lenders with the strongest appetite for your file and present your application with the documentation that matters to them.
Step 3: Approval and settlement.
Most new business vehicle finance approvals come through within 24 to 48 hours. Once approved, we handle settlement directly with the dealer or private seller so you can pick up your vehicle and start working.
New Business Finance FAQs
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