Commercial Vehicle Loans
At Cash Store, we understand that commercial vehicles are the backbone of many businesses. Whether you need a delivery van, a construction vehicle, or a fleet of cars for your enterprise, we’re here to provide you with streamlined and tiered commercial vehicle loans tailored to your unique requirements.
Streamlined and Tiering Criteria
We offer tiered commercial vehicle loans based on the following criteria:
Tier 1:
- ABN registration for 2 years
- GST registration for 2 year
- Loan amounts up to $125,000
- Asset-backed loans with equity in a property owned by the director
Tier 2:
- ABN registration for 2 years
- GST registration for 1 year
- Loan amounts up to $100,000 for private sales and non-asset-backed loans
- Non-asset-backed loans with comparable credit based on current repayments of all directors' personal and car loans
Tier 3:
- ABN registration for 1 years
- Loan amounts up to $100,000 for registered for GST, $40,000 for non-registered, and $30,000 for non-asset-backed loans
- No equity-based asset-backed loans
Loan Terms and Acceptable Purposes:
- Loan terms of 3, 5, and 7 years (7-year loans not available on Tier 3).
- Suitable for dealership sales, private sales, or midterm refinancing.
Vehicle Types:
- Our loans cover motor vehicles under 4.5 tonnes that can be driven with a standard driver’s license.
Guarantor and Company Requirements:
- Guarantors must be company directors, with a maximum of 2 directors allowed as guarantors.
- Guarantors must have a minimum comprehensive credit score of 500.
- Company credit score should be a minimum of 500.
Document Verification:
- For ID verification, we require documents such as a driver’s license, Medicare card, or passport.
- Additional documentation may be necessary for beneficial shareholders or trustees
Loan Features:
- Monthly repayment frequency via direct debit.
- Available to sole traders, companies, and certain trust types.
Trust Applications:
- Trust applications require the certification of the trust deed and identification of individual trustees, beneficial owners, and guarantors.
Basic Eligibility:
- Applicants must be AUS/NZ citizens or permanent residents.
- Acceptable license types include learner, P1, P2, and full license holders.
- The maximum age of the vehicle should not exceed 12 years at the start of the loan term and 15 years at the end of the loan term.
- For refinance, a clean repayment history of at least 6 months is required, with GST registration and a current loan term running for 12 months.
At Cash Store, we are committed to providing simplified and flexible commercial vehicle loans for your business. Contact us to get started on your journey towards acquiring the commercial vehicles you need to drive your business forward.
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