Commercial asset finance helps Australian businesses purchase vehicles, machinery and equipment without paying the full purchase price upfront. Approval depends on the business, the applicant, the asset being purchased and the lender's individual credit requirements.

There is no single minimum ABN age that applies to every commercial asset finance lender. Established businesses generally have more lender options because they can provide longer trading histories and financial records, but selected lenders will also consider newer ABNs where the overall application is strong.

The Asset Finance Shop (TAFS) is a specialised asset finance broker with access to more than 80 bank and non-bank lenders. Our internal credit team reviews each application before a formal lender submission, helping match the business and asset with lenders whose requirements suit the transaction.

For straightforward applications with the required information available, approvals can be arranged in as little as 24 hours.

This guide explains commercial asset finance approval requirements, how ABN age affects an application, what documents lenders may request and what Australian businesses can do to improve approval speed.

What Is Commercial Asset Finance?

Commercial asset finance is business finance used to purchase an identifiable asset that supports the operation or growth of a business.

The asset generally provides security for the finance.

Commercial asset finance can be used for:

• Trucks
• Trailers
• Utes and vans
• Excavators
• Skid steers
• Posi-tracks
• Loaders
• Tractors
• Harvesters
• Forklifts
• Manufacturing machinery
• Trade equipment
• Commercial equipment
• Other income-producing business assets

New and used equipment can be financed, with selected lenders also considering assets purchased through private sellers and auctions.

How Do You Get Approved for Commercial Asset Finance?

Commercial asset finance approval generally comes down to five areas:

1. The business
2. The applicant
3. The asset
4. The ability to make the repayments
5. The lender selected for the application

Not every lender assesses these areas in exactly the same way.

One lender may place significant weight on the business's trading history. Another may be more comfortable with a newer ABN where the applicant has strong industry experience and clear evidence of future work.

This is why lender selection can be just as important as the application itself.

What Do Lenders Look at for Commercial Asset Finance?

Lenders generally assess the complete application rather than relying on one number or document.

ABN and Trading History

The lender will consider:

• How long the ABN has been registered
• How long the business has actively traded
• Whether the business is registered for GST
• Previous business experience
• Stability of business income

A longer trading history can provide more information for the lender to assess, but a younger ABN does not automatically mean finance is unavailable.

Industry Experience

Industry experience becomes particularly important where the business is new.

For example, someone registering a new earthmoving business after operating excavators for ten years already understands the work, machinery and operating costs involved.

A lender may consider experience gained as:

• An employee
• A subcontractor
• An owner-operator
• A manager
• A machinery operator
• A driver
• A tradesperson working in the same industry

Business Income

The lender needs to understand how the business will make the proposed repayments.

Depending on the application, this may be demonstrated through:

• Business bank statements
• Financial statements
• Business Activity Statements
• Tax returns
• Contracts
• Purchase orders
• Work source agreements
• Existing customer income

The required evidence depends on the lender and application type.

Existing Commitments

Current debts affect how much additional finance the business can comfortably manage.

The lender may consider:

• Existing vehicle finance
• Machinery loans
• Business loans
• Credit cards
• Mortgages
• ATO obligations
• Other recurring repayments

Strong repayment conduct on existing commercial finance can also help support an application.

Credit History

Credit history helps the lender understand how previous financial commitments have been managed.

The lender may assess:

• Current credit conduct
• Previous defaults
• Credit enquiries
• Existing facilities
• Repayment history

Previous credit issues do not automatically mean every lender will decline the application. The circumstances, age of the issue and current financial position can all affect the options available.

The Asset

The equipment being purchased is another important part of the application.

A lender may look at:

• Asset type
• Purchase price
• Market value
• Age
• Condition
• Kilometres or operating hours
• Expected working life
• Resale market
• Seller type

The asset should make sense for the business and the work it performs.

What Is the Minimum ABN Age for Commercial Asset Finance?

There is no universal minimum ABN age for commercial asset finance in Australia.

Each lender has its own credit policy.

Some lenders prefer established businesses with a longer trading history. Others may consider newer ABNs when the application is supported by relevant industry experience, suitable credit history, available work and a commercially sensible asset purchase.

This means an applicant should not assume they need to wait a specific number of months before discussing finance.

Instead, the application should be assessed against lenders whose ABN age requirements suit the business.

Can a New ABN Get Commercial Asset Finance?

Yes. Selected lenders consider commercial asset finance for newer ABNs.

Where the business has limited trading history, the lender may place more weight on:

• Previous industry experience
• Current or upcoming work
• Contracts
• Work source agreements
• Recent bank statements
• Personal credit history
• Available working capital
• Deposit or trade-in
• The asset being purchased

For example, an experienced transport operator starting a new business may still be able to apply for finance for their first truck.

Similarly, an experienced civil contractor may be able to finance their first excavator through a new business structure.

The strength of the complete application matters more than ABN age alone.

Do You Need to Be Registered for GST?

GST registration can support an application, but it is not automatically required for every commercial asset finance transaction.

The requirement depends on the lender, business and finance amount.

A lender may consider whether the business:

• Is registered for GST
• Is required to register for GST
• Has started trading
• Has sufficient income
• Can demonstrate the commercial use of the asset

If your ABN is new or you are not yet registered for GST, tell your broker early so suitable lender options can be assessed.

How Much Trading History Do You Need?

Trading history requirements vary between lenders.

An established business may have:

• Several years of bank statements
• Financial statements
• Tax returns
• BAS history
• Existing commercial finance
• Established customer contracts

A newer business may have much less documentation.

In that situation, a lender may instead consider:

• Previous experience
• Current bank statements
• Confirmed work
• Available savings
• Existing assets
• Credit history
• The proposed equipment

There is no single trading history requirement that applies to every commercial equipment finance application.

What Documents Are Needed for Commercial Asset Finance?

The required documents depend on whether the application is full doc, low doc or a newer business scenario.

For an initial assessment, you may need:

• Driver's licence
• ABN and business details
• Recent business bank statements
• Information about your industry experience
• Existing finance commitments
• Details of current or expected work
• A summary of assets and liabilities

Depending on the lender, additional documents may include:

• Business Activity Statements
• Financial statements
• Tax returns
• Accountant information
• Contracts
• Work source agreements
• Existing loan statements

Information about the asset is generally required before final approval or settlement.

This may include:

• Dealer invoice
• Make and model
• Year of manufacture
• Registration details
• Serial number or VIN
• Operating hours or kilometres
• Private seller details
• Auction invoice
• Inspection
• Valuation

Your broker can confirm which documents the selected lender requires.

What Is Low Doc Commercial Asset Finance?

Low doc commercial asset finance allows eligible businesses to apply without always providing complete financial statements or several years of tax returns.

Selected lenders may instead assess the application using:

• Recent bank statements
• ABN history
• Credit profile
• Industry experience
• Current business activity
• Existing commitments
• Asset information

Low doc does not mean no assessment.

The lender still needs to be satisfied that the business can afford the finance and that the proposed asset is appropriate for the transaction.

Low doc lending is simply a different documentation pathway.

Full Doc vs Low Doc Commercial Asset Finance

Neither option is automatically better.

A strong full doc application may open additional lender options and pricing.

Low doc finance can provide a useful pathway when the business is performing well but current financial statements are unavailable.

What Is the Fastest Way to Get Commercial Asset Finance Approved?

The fastest way to get commercial asset finance approved is to prepare the application properly before making a formal lender submission.

There are several practical ways to improve approval speed.

1. Have Your Bank Statements Ready

Recent bank statements can be one of the most useful documents for assessing current business performance.

They help show:

• Income
• Existing repayments
• Normal operating expenses
• Account conduct
• Available cash flow

Providing complete statements early can reduce requests for additional information later.

2. Be Clear About Your ABN History

Tell your broker:

• When the ABN was registered
• When trading started
• Whether you previously operated under another structure
• Your previous industry experience

Someone moving from a sole trader structure into a company may have much more business experience than the current ABN age initially suggests.

That background should be explained clearly.

3. Provide Accurate Information About Existing Debts

Declare current:

• Asset finance
• Business loans
• Credit cards
• Mortgages
• Tax debts
• Other commitments

Finding undisclosed debts later in the assessment can create unnecessary delays.

4. Explain What the Asset Will Do for the Business

The lender should understand why the asset is being purchased.

Examples include:

• Replacing ageing machinery
• Taking on a new contract
• Adding another truck
• Reducing equipment hire
• Reducing subcontractor costs
• Increasing production
• Improving reliability
• Expanding into additional work

A clear commercial purpose makes the application easier to understand.

5. Have Evidence of Work Available

Newer businesses may benefit from having evidence of expected work ready.

This could include:

• Contracts
• Work source agreements
• Letters of intent
• Purchase orders
• Existing customer information

Not every lender requires these documents, but they can be useful where there is limited trading history.

6. Choose an Asset That Fits the Business

The purchase should make commercial sense.

A lender may question a transaction where the:

• Asset is significantly more expensive than the business appears able to support
• Equipment does not suit the work
• Asset is very old
• Purchase price is above market value
• Remaining working life is limited

Choosing an appropriate asset can make the lender assessment more straightforward.

7. Apply Before the Asset Is Urgently Needed

Waiting until a truck, machine or vehicle must settle the same day can create unnecessary pressure.

Where possible, begin the finance assessment before:

• Signing an urgent contract
• Bidding at an auction
• Paying a large deposit
• Committing to a private seller
• Scheduling immediate delivery

Pre-approval may also be available for some transactions.

Can Commercial Asset Finance Be Approved in 24 Hours?

Yes. Straightforward commercial asset finance applications can be approved in as little as 24 hours when the required information is available.

Approval may take longer when the application involves:

• A newer business
• Limited documentation
• Older equipment
• A private sale
• An auction purchase
• Previous credit issues
• ATO debt
• A larger finance amount
• An inspection
• A valuation
• A complex business structure

The speed of approval depends on both the lender and how complete the application is.

What Can Delay Asset Finance Approval?

Common causes of delays include:

Missing Documents

Incomplete bank statements or missing business information can prevent the lender from finishing its assessment.

Unclear Business History

If the ABN is new but the applicant has years of previous experience, that background should be explained.

Undisclosed Debts

Existing commitments discovered later in the process may require the application to be reassessed.

Private-Sale Checks

A private transaction can require seller identification, ownership checks and confirmation that the asset is free from existing finance.

Asset Valuations

Older or specialised equipment may require an independent valuation or inspection.

Credit Explanations

Previous credit issues may need additional background before the lender can make a decision.

ATO Debt

Where tax debt exists, the lender may want details of the amount outstanding, payment arrangements and current repayment conduct.

Does a Deposit Improve Approval Chances?

A deposit is not required for every commercial asset finance application.

It can, however:

• Reduce the amount financed
• Improve the loan-to-value position
• Lower regular repayments
• Provide additional lender options in some circumstances

Whether a deposit is required will depend on:

• ABN age
• Business history
• Asset value
• Purchase price
• Credit history
• Available documentation
• Finance amount
• Overall application strength

A trade-in may also be used as a contribution.

Can You Get 100% Commercial Asset Finance?

Potentially.

Selected applicants may qualify for finance covering the full purchase price of an eligible business asset.

The lender may consider:

• Business history
• Credit conduct
• Repayment capacity
• Asset value
• Industry experience
• Available working capital
• Existing debts
• Documentation

Finance covering the full purchase price is subject to lender criteria and is not guaranteed for every application.

Can Sole Traders Get Commercial Asset Finance?

Yes.

Sole traders can apply for commercial equipment finance for vehicles, machinery and other business assets.

A lender may review:

• ABN history
• Industry experience
• Recent bank statements
• Credit history
• Existing financial commitments
• Current work
• Asset value
• Deposit or trade-in

Selected lenders may also provide low doc options where complete financial statements are unavailable.

Can Commercial Asset Finance Cover Used Equipment?

Yes.

Used vehicles and equipment can be financed through selected lenders.

The lender may consider:

• Asset age
• Condition
• Kilometres or operating hours
• Purchase price
• Market value
• Expected working life
• Seller type

Older assets can have shorter available terms or fewer lender options.

An inspection or valuation may also be required.

Can You Finance Equipment From a Private Seller?

Yes.

Selected lenders provide commercial asset finance for private-sale equipment and vehicles.

Additional requirements may include:

• Seller identification
• Proof of ownership
• VIN or serial number
• Existing security checks
• Asset value
• Asset condition

A broker can coordinate these requirements between the buyer, seller and lender.

Can Commercial Asset Finance Cover Auction Purchases?

Yes.

Selected lenders will finance equipment purchased at auction.

Pre-approval may be available before bidding.

This can help the business understand:

• Potential finance amount
• Deposit requirement
• Acceptable asset age
• Finance term
• Expected repayment

Final approval will depend on the asset eventually purchased.

What Is a Chattel Mortgage?

The main commercial asset finance product TAFS arranges is a chattel mortgage.

Under a chattel mortgage:

• The business owns the asset from settlement
• The lender registers a security interest over it
• The finance is repaid over an agreed term
• A deposit or trade-in may be included
• A balloon payment may be available
• The lender's security is removed once the loan is repaid

A balloon leaves part of the finance amount until the end of the term.

This can reduce regular repayments, but it also creates a larger final payment.

The business may be able to claim the GST on the purchase price, along with eligible interest and depreciation deductions. Speak with your accountant about the tax treatment that applies to your circumstances.

What Assets Can TAFS Finance?

TAFS can arrange commercial asset finance across a broad range of industries.

Transport

• Prime movers
• Rigid trucks
• Tippers
• Trailers
• Refrigerated trucks
• Vans
• Utes

Earthmoving and Construction

• Excavators
• Skid steers
• Posi-tracks
• Loaders
• Rollers
• Graders
• Dozers
• Attachments

Agriculture

• Tractors
• Harvesters
• Headers
• Seeders
• Implements

Manufacturing and Business Equipment

• CNC machinery
• Lathes
• Fabrication equipment
• Packaging equipment
• Forklifts
• Commercial equipment
• Other income-producing assets

How the TAFS Commercial Asset Finance Process Works

1. Initial Assessment

TAFS reviews the business, ABN history, industry experience, available documentation and proposed asset purchase.

2. Soft Credit Check

The initial credit check leaves no mark on the applicant's credit file.

3. Internal Credit Review

The TAFS internal credit team assesses the application before making a formal lender submission.

4. Compare Suitable Lenders

TAFS has access to more than 80 bank and non-bank lenders.

The application can be matched with lenders based on:

• ABN age
• Documentation
• Credit profile
• Asset type
• Purchase method
• Finance amount

5. Review the Finance Structure

The proposed:

• Finance amount
• Deposit
• Term
• Repayment
• Balloon

are reviewed before proceeding.

6. One Formal Application

Once an option has been selected, the formal application is submitted to the chosen lender.

7. Approval and Settlement

TAFS coordinates the lender requirements, finance documents and payment to the seller.

Questions to Ask Before Applying for Commercial Asset Finance

Before applying, ask:

1. Does the lender accept my ABN age?
2. How much trading history is required?
3. Do I need complete financial statements?
4. Is low doc finance available?
5. What bank statements are required?
6. Does my previous industry experience help?
7. Is a deposit required?
8. Can a trade-in be used?
9. Can the full purchase price be financed?
10. Can used equipment be financed?
11. Are private sales accepted?
12. Can auction purchases be financed?
13. Will an inspection or valuation be required?
14. What interest rate applies?
15. What will the regular repayment be?
16. Is there a balloon payment?
17. What is the total estimated amount repayable?
18. How quickly can approval happen?

Frequently Asked Questions

What Is the Minimum ABN Age for Commercial Asset Finance?

There is no single minimum ABN age that applies to every lender.

Some lenders prefer established businesses, while selected lenders will consider newer ABNs based on the applicant's industry experience, source of work, financial position and proposed asset.

Can a Brand-New ABN Get Asset Finance?

Potentially.

Selected lenders consider newer businesses. The applicant may need to provide additional information showing previous experience, expected work, available working capital and the ability to make the proposed repayments.

What Are the Main Finance Approval Requirements?

Lenders generally assess ABN history, business income, credit history, existing commitments, repayment capacity and the asset being purchased.

The exact requirements depend on the lender.

Do I Need Financial Statements?

Not always.

Selected low doc lenders may assess an application using bank statements, ABN information, industry experience and other supporting information.

Is GST Registration Required?

Not in every application.

GST requirements vary between lenders and may also depend on the business, turnover and finance amount.

Do I Need a Deposit?

Not every application requires a deposit.

A lender may request one depending on the business, asset, finance amount and overall strength of the application.

Can I Finance the Full Purchase Price?

Potentially.

Selected applicants may qualify for finance covering the full purchase price, subject to lender criteria.

Can I Finance Used Equipment?

Yes.

Used commercial vehicles, machinery and equipment can be financed through selected lenders.

Can I Finance an Asset From a Private Seller?

Yes.

Selected lenders consider private-sale transactions, although additional seller and asset checks may be required.

What Is the Fastest Way to Get Commercial Asset Finance Approved?

Prepare your bank statements and business information in advance, disclose existing debts clearly, explain your ABN and industry history and make sure the proposed asset suits the business.

Submitting a complete application to a lender whose criteria suit the scenario can significantly reduce unnecessary delays.

Can Commercial Asset Finance Be Approved in 24 Hours?

Yes. Straightforward applications can be approved in as little as 24 hours when the required information has been supplied.

Applications involving newer businesses, older assets, private sellers, credit issues or additional lender checks may take longer.

Apply for Commercial Asset Finance With TAFS

TAFS can assess your ABN history, business circumstances, available documentation and proposed asset purchase before comparing suitable commercial asset finance options through access to more than 80 lenders.

Start with a no-obligation assessment and a soft credit check that leaves no mark on your file. Contact The Asset Finance Shop or apply online at www.tafs.com.au.

The Asset Finance Shop (TAFS) is a commercial asset finance brokerage based in Sydney.
Information on this page is general in nature and doesn't take your personal circumstances into account. Speak to a TAFS broker for options tailored to your business, and to your accountant regarding tax treatment.