Yes, you can get truck finance with no trading history, but lenders will look at other factors like your personal credit, deposit, and industry experience to fill the gap. Low-doc and no-doc lending structures are specifically designed for newer businesses that don't yet have full financial statements or BAS history to show.
The Short Answer
Yes, it's possible, though the pathway looks different to a finance application from an established operator. Lenders weigh up the vehicle itself, the deposit or asset position, and your personal credit history to offset the lack of business trading records, so approval isn't automatically off the table just because your ABN is new.
Why Trading History Matters To Lenders
Trading history normally gives a lender confidence that a business can generate consistent revenue to service repayments. Without financial statements or BAS lodgements to point to, some lenders will decline outright, while others simply adjust their approach and ask for different evidence instead, such as personal income, industry experience or a larger deposit.
Low-Doc And No-Doc Options
For newer businesses or those without full financials on hand, low-doc and no-doc truck finance is often the most practical route, generally available up to $500,000. These structures rely less on business paperwork and more on the value of the truck or trailer as security, along with your credit profile and declared income.
What Can Strengthen Your Application
A clean personal credit history, relevant industry experience (even as an employee before starting your own ABN), a healthy deposit, and a clear plan for how the vehicle will generate income all help build a lender's confidence. Some no-deposit or up to 100% finance options may be available for stronger applicants, though a deposit generally improves your terms when trading history is limited.
How Rates And Terms Are Assessed
Because a new business carries more perceived risk, rates for no-trading-history applicants tend to sit toward the higher end of the market, and could range from 6.55% p.a. for well-qualified borrowers up to around 15% p.a. for higher-risk profiles, over terms of 1 to 7 years. These figures are indicative only and subject to lender criteria, credit assessment, fees, terms and individual approval.
Why A Broker Helps When You're Just Starting Out
Every lender treats new ABNs differently, and some specialise in start-up and low-doc lending while others avoid it altogether. Comparing across 80+ banks and non-bank lenders means your application can be matched with those more likely to consider it favourably, rather than guessing which door to knock on with limited paperwork.
If you're setting up a new transport business and want to know where you stand, Overdrive Truck Finance can provide an obligation-free quote, with pre-approval on eligible applications potentially available quickly, subject to lender assessment and approval. Enquiring only involves a soft credit check, so it won't affect your credit score. Get in touch to explore your options.
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