Trailer Finance with a New ABN

Many lenders prefer a couple of years of trading history, but that's not the only path. Some lenders will finance a trailer for a business only months old, or even a brand-new ABN, when the rest of the picture is strong.

What makes a new ABN application stronger

• Industry experience. Moving from employee driver to owner-driver, or from tradie employee to contractor, in the same field counts for a lot.
• Work lined up. A contract, letter of engagement or regular work with a principal contractor shows where the income will come from.
• Clean personal credit. With little business history, your personal credit file matters more.
• Property ownership, which some lenders treat as a sign of stability.
• A deposit, which reduces the lender's risk.
• A mainstream trailer with good resale value.

New ABN vs low doc

They're different things. New ABN finance is about a short trading history. Low doc finance is about using simpler income evidence, such as bank statements and BAS, instead of full financials, and usually still needs an ABN that has been active for a while. Some applications are both.

Getting set up

Register for GST if it suits your business, open a dedicated business bank account from day one, and keep any contract or work offer handy. Those three things make a new business much easier for a lender to assess. See also trailer finance for sole traders and the owner-operator guide.