The NIK Finance business loan Quick Check is a free 2-minute set of questions about the finance you need, how long the business has traded, your income, residency and credit history. It tells you whether you look like a match for mainstream business lenders or specialist lenders, or whether to talk to a broker first. It does not check your credit file. A licensed broker then follows up with real rates from our 130+ lender panel.
An estimate is fine. You can change it later.
Business lenders start with how long you have been trading, then look at the business’s cash flow and the credit of the people behind it. What you are financing matters too: a vehicle or piece of equipment can secure the loan, which opens up more lenders and lower rates.
| Time trading (ABN) | What it usually means |
|---|---|
| 2 years or more | Meets most business lenders’ policy |
| 1 to 2 years | Many lenders want 2 years, some accept 1 |
| Under 1 year | Specialist lenders, often with a deposit or stronger security |
| Asset finance | Unsecured working capital | |
|---|---|---|
| Used for | Vehicles, machinery, equipment | Stock, wages, cash flow gaps |
| Security | The asset being bought | None, sometimes a director’s guarantee |
| Typical structure | Chattel mortgage or hire purchase | Term loan or line of credit |
| Rates | Generally lower, because the asset secures the loan | Generally higher |
Buying a work vehicle? See business car loans and equipment finance.
If your tax returns are not up to date, low doc lenders can assess an established business on BAS statements, business bank statements or an accountant’s declaration instead. Rates are usually a little higher than full doc, and your broker checks which documents each lender accepts.
No. The Quick Check only uses your answers. Nothing is sent to a credit bureau or a lender. A credit enquiry only happens if you choose to apply with a lender your broker recommends.
Yes, through specialist lenders. With under a year of trading, expect to need a deposit, stronger security such as the asset being financed, or industry experience from before the ABN.
A chattel mortgage is a business loan where you own the vehicle or equipment from day one and the lender holds it as security until the loan is repaid.
Not always. Full doc loans use tax returns and financial statements, while low doc loans for established businesses can use BAS, bank statements or an accountant’s declaration.
Yes. Business car loans are commonly structured as a chattel mortgage. Talk to your accountant about how it suits your tax position.
Find out which lenders fit your business before any credit enquiry, then get a broker’s call back. No credit check.
NIK Finance Pty Ltd (ACN 685 393 917) is a Credit Representative (567387) of Finsure Finance & Insurance Pty Ltd (Australian Credit Licence 384704). This page is general information only and does not constitute financial advice. Consider your personal circumstances and speak with a licensed broker before applying for credit.