Financing Options For New Businesses
Rent to Buy, is the simplest and quickest way to finance an asset for a new businesses. (A new business is a business running less than 12 months with an ABN Number).
There are however many other options that you may qualify for:
Generally an applicant or company director would be a permanent resident or citizen of Australia to qualify for below.
Motor Vehicles, Utilities and Vans:
- Asset Backed Applicants (have a mortgaged or owned property with $100,000 equity +) No Deposit Finance available, must have a clear credit file. Up to $75,000.
- 20% cash or trade in deposit, No asset backing required. Must have clear credit file. Up to $90,000.
- Contract from Established Company and previous good credit: No deposit, Maximum loan amount varies dependent on other application details.
- Swapping from Employee to Contractor (with same company): With 2 years as employee and clear credit file, application assessed as continuous employment.
- An experienced truck driver. (Previous own business or employee) with a contract from an established company.
- Asset Backed Applicants: No Deposit Finance available. Less than $100,000 preferred, but any amount considered.
- Non-Asset Backed Applicant: 10% to 20% deposit by cash or trade in. Maximum Amount on considering other application details.
- Non Asset Backed Applicants: Other asset security. If you have an unencumbered asset (e.g. trailer, motor vehicle) it can be used in-lieu of cash deposit. Less than $100,000 preferred, but any amount considered.
All applications are subject to individual financier approval conditions and satisfactory supporting documentation being acceptable.