Business car loans, even with bad credit

A business car loan is finance to buy a vehicle you'll use mainly for your business, such as a car, ute, van or truck under 3 tonne. At Ume Loans it's a secured loan from $5,000 to $50,000, and the vehicle you're buying is the security. Sole traders, partnerships and companies can apply, and bad credit is considered.

Yes. You may still be eligible for a business car loan with defaults, missed payments, court judgements, a Part 9 debt agreement or a past bankruptcy. Ume Loans assesses your business income and what you can afford as well as your credit history. Our guide to bad credit business car loans has more detail.

You can borrow $5,000 to $50,000 over up to 7 years for a new or used car, ute, van or truck, from a dealer or a private seller. Ume Loans charges no early payout fees and no upfront costs, and offers options for weekly, fortnightly or monthly payments that align with your income.

Ume Loans may not be the right lender if you need less than $5,000, your ABN is less than 6 months old and you're new to the industry, or you're buying a vehicle mainly for personal use. For personal use, our bad credit car loans may suit you. If we can't approve you, we'll explain why and how we can work towards a future approval.

No. A lender can't promise approval before it has assessed you, and every Ume Loans application is assessed on your business income and what you can afford. Pre-approval is the closest step, and it's obligation free.

Starting an application won't affect your credit score. Ume Loans will protect your credit file by only completing credit checks when it's likely we can get you approved. Please hold off applying with other lenders while we assess your application, because multiple applications can lower your credit rating.

Not on its own. A default affects your credit file, but Ume Loans also looks at your recent business income and spending, and we'll ask what happened and what has changed.

In many cases, yes. If you're in a Part 9 debt agreement, Ume Loans will consider your application once it's at least halfway through and you've kept up with payments. If you've been bankrupt, we can consider your application from the day after you're discharged.

Apply with your last 3 months of bank statements showing your business income. If they show you can afford the repayments, having no credit history isn't a barrier on its own for Ume Loans. Lenders can see it as a risk, because there's nothing on file to show how you repay.

Ume Loans has no minimum credit score for business car loans. Each credit bureau scores differently, so we focus on your business income and what you can afford instead of a single number.

Your ABN needs to have been active for at least 6 months, or less if you've previously worked in the same industry, and your business needs to be generating income. You don't need to be registered for GST.

Yes. In most cases Ume Loans verifies your income from your last 3 months of bank statements showing business income, so you don't need recent tax returns. If you don't have full financials, our low doc car loans are built for you.

Your rate depends on a variety of factors, including your credit history, how you manage your current commitments, the vehicle and the loan term. Because Ume Loans lends to businesses a bank has turned down, our rates are typically higher than a bank's. Your Lending Specialist will explain why your rate is what it is before you decide. There are no upfront costs, because fees are included in the loan. Read our Interest Rate Statement for how we set rates.

No. Ume Loans charges no early payout fees, so you can pay your loan off sooner and save on interest.

Many applications are pre-approved within hours, some may need further review. It depends on how quickly we receive your information. The more responsive you are, the faster we can get you approved. Once you've signed, funds can be paid the same day.

Work out what your business can comfortably repay each week, then apply with one lender at a time, because several applications can lower your credit rating. With Ume Loans, you apply online in about 2 minutes, share your bank statements, and a Lending Specialist calls to talk through your options.

A secured business car loan uses the vehicle you're buying as security. Because the loan is secured, Ume Loans can look past your credit score to what your business can afford.

Yes. We require an appropriate insurance policy noting Ume Loans as the financier. As an authorised agent for Suncorp, we can quote and include the premium in your loan, or you can use any insurer.

A second chance business car loan is for business owners who've been turned down elsewhere because of their credit history. Ume Loans assesses your business income and what you can afford. Our guide to second chance loans has more detail.

It's a not now, not a no. If we can't approve your application today, we'll explain why and how we can work towards a future approval. See our 5 steps to improve your chances of getting a loan. You can also call us on 07 5443 3863, Monday to Friday, 8:30am to 5pm.

Yes. Ume Loans offers business car loans across Australia, and you can apply online from anywhere in the country. If you're on a temporary visa, you can still apply with some additional conditions: at least 2 years left on your visa, working rights and a deposit. Your Lending Specialist will explain the details.