Business Van Loans
What happens if I can’t make a repayment?
Since the van acts as security for the loan, lenders do have the right to repossess it if payments stop. That said, it’s a last resort and lenders much prefer to work with you to find a solution first.
Do I need to be GST registered to get a business van loan?
Not always, but being GST registered can make it easier to claim the GST on the purchase price back from the ATO.
Can I get a van loan if I'm a new startup?
Yes. It can be a bit more of a climb for new startups, but some specialist lenders offer low-doc loans for new ABN holders. Keep in mind, you may need a larger deposit.
Is the interest tax-deductible?
Generally, yes. If the van is used for business, you can typically claim the interest component of the repayments, as well as the depreciation.
Do I need a deposit for a business van loan?
Not always. Many lenders offer 100% finance, meaning you can drive away without an upfront cash deposit, though providing one can lower your interest costs.
Can I buy a used van from a private seller?
Yes, but some lenders prefer dealership sales. For private sales, they may request an independent inspection or valuation.
Can I buy a used van with a business loan?
Yes, you absolutely can. Most lenders are happy to finance used vans, as long as they aren't hitting their 'retirement age' (usually 10–15 years) by the time the loan wraps up.