Whether you’re after a work car for the business or a car for yourself and the family, getting finance sorted doesn’t need to be complicated. What lenders want to see is a little different depending on who’s buying — here’s the plain-English rundown for both.
Before you apply
It helps to have a rough idea of what you’re after (make, model, age, new or used) and who’s buying it — the business or you personally. That one decision changes what paperwork we’ll ask for, so it’s worth settling first.
Buying through the business
If the car is going on the business, we just need:
- The driver’s licence of the director of the business
- Your ABN
- What you’re buying — a rough idea of the age, make and model is plenty to get started
- Why you’re buying it — a run-around for the business, a second work car, replacing something older
Buying as an individual
Buying for yourself — not through the business — is a different assessment, but just as straightforward. Lenders will typically want:
- Your driver’s licence
- Proof of income — recent payslips are the easiest way to show this
- A basic picture of your regular expenses, so the lender can see the loan is comfortably affordable
Every lender on our panel weighs these a little differently, and part of our job is matching you to one whose requirements fit your situation — rather than the one asking for the most paperwork.
New vs used, dealer vs private sale
Car finance works for new and used cars, bought from a dealer or through a private sale. The car’s age and condition can affect which lenders will consider it and on what terms, so it’s worth mentioning upfront if you’re looking at an older or higher-kilometre car.
Private sales do involve some additional work — things like inspections and valuations — but we take care of all of that for our customers. We also get in touch with the seller directly: we explain the process to them, keep them informed, and chase them for the documents and information we need — all on your behalf. We even generate the tax invoice for the transaction. Essentially, we take care of everything so you don’t have to worry about the paperwork.
Business structure or personal loan?
A business buying a car generally uses a chattel mortgage, sometimes with a balloon payment built in to lower the regular repayments. Buying personally usually means a straightforward consumer car loan instead. Which suits you depends on who’s buying, how the car will be used, and — for business purchases — your accountant’s advice on tax treatment.
Thinking about buying a more expensive car through the business? There are some tax traps worth knowing about first — read our luxury car tax guide before you sign anything.
How Budget Finance can help
Instead of applying to one lender and hoping, we take your deal to our panel of 40+ lenders and bring back options that actually fit — whether you’re buying a work car for the business or a car for yourself. One call is usually all it takes to find out what’s possible.
Find out your borrowing power — it costs nothing
Remember: asking one of our brokers to assess your profile and come back with your exact borrowing power doesn’t cost you anything, and it doesn’t affect your credit file. So why not find out? You could be eligible for up to $150k without even knowing it.
Ready to see what’s possible for your next car? Get in touch and we’ll walk you through it.
Have a question about your deal?