Business ute loan

Yes, a ute loan lets you finance both new and used vehicles. Remember to weigh in the pros and cons of each option. For example, financing a new ute often comes with better terms, like lower interest rates, but is overall pricier. On the other hand, used utes require a lower principal loan amount but may come with stricter loan terms.

Business ute loans often cover essential business-related modifications and accessories, like tool drawers, roof racks, and tow bars. Always check your loan agreement to confirm what applies in your case.

Yes, it's possible to upgrade or trade in vehicles mid-loan, including utes. However, early payout fees may apply, and you often have to settle the remaining balance of your loan before you can upgrade.

You don't always need a deposit for a business ute loan, but contributing 10-20% can help reduce your loan amount and total interest. Factors like your business's financial health, credit history, and loan amount will determine whether or not a deposit is required.

Financed utes need to be used primarily for business purposes. This is generally more than 50% of the time, according to the ATO. Some loans may also have conditions on things like off-road driving, towing, or modifications, so check your agreement to make sure it suits your operations.