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Auto Business Loans review

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Apply for a loan up to $400,000 with Auto Business Loans and get access to a range of lenders.

Auto Business Loans is an Australian finance company that specialises in narrowing down business finance options based on your loan amount and loan purpose. It focuses on options that provide discounted rates, as well as fast loan application and fund drawdown times.

The company finances loans totalling more than $3 billion annually. It has access to discounted wholesale interest rates from its panel of lenders, which means it can potentially offer lower interest rates than if you approached one of the lenders directly.

$400,000

Max. Loan Amount

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Details

Product NameAuto Business Loans
Min. Loan Amount$5,000
Max. Loan Amount$400,000
Loan SecuritySecured

How does a loan from Auto Business Loans work?

When you apply to the company for a business loan, you begin by nominating the proposed amount, and the loan purpose. Using that initial information, Auto Business Loans will compare the business loans being offered by its panel of lenders, and suggest the lender and loan product that may best suit your circumstances.

Loan amounts can range between $5,000 and $400,000 as it is only business loans that are being compared, all applicants must have an ABN and the loan funds must be used primarily for business purposes.

Features of a loan from Auto Business Loans

When you apply for a business loan with Auto Business Loans, you'll be able to access the following features:

  • Simple, personalised application process. When you provide the proposed loan amount and loan purpose upfront, Auto Business Loans can quickly begin the process of matching you with Australian business finance lenders. Your consultant will work with you to ensure that the lender and loan products that have been suggested will be a good match for your needs.
  • Fast funding. The company aims to fund successful loan applications within five hours.
  • Competitive interest rates. Auto Business Loans funds billions of dollars of loan funds every year, giving it access to wholesale prices and interest rate discounts that can then be passed on to you. The company claims it can offer lower interest rates than you could achieve if you approached the individual lender directly.
  • Variety of loan types. You can access specialised business funding depending on your needs, from car and truck loans and commercial hire purchase to cash-flow funding, invoice funding, leases and low doc loans.
  • Deal with one person. After you begin the application process with Auto Business Loans, you will be allocated one consultant who will stick with you throughout the application and funding process. That same person will be your point of contact should any queries arise during the life of the loan.

How much does the loan cost?

There are no costs incurred when you deal directly with Auto Business Loans. The company is paid on commission by the panel of lenders it works with, resulting in no additional fees for you as the borrower.

The lender you ultimately select as a result of consulting with Auto Business Loans will have its own fees, charges and interest rates. It is important to ensure that you fully understand the total cost of the loan before signing on the dotted line.

The total cost of the loan can include:

  • Loan application or initial establishment fees
  • Ongoing account management fees
  • Interest charged on an ongoing rate
  • Early exit fees or penalties
  • Fees and penalties for late payments or defaults
  • A balloon or other residual payment at the end of an equipment or hire purchase loan

How to apply for a loan from Auto Business Loans

First, make sure you fulfil the eligibility requirements associated with applying for a business loan with the company:

  • You must be an ABN holder
  • You are looking for a loan amount between $5,000 and $400,000

Keep in mind that the individual business lender you connect with during the application process will have its own eligibility criteria, along with a list of documents it requires to complete the process.

The criteria and documents may vary considerably from lender to lender, but could include the following:

  • Proof of Australian citizenship or permanent residency
  • Financial documents or tax returns to prove your ability to repay the loan
  • Personal identification for yourself and other directors or major shareholders

When you're ready to apply for a loan, click "Go to Site" on this page to start the online application process.

Auto Business Loans offers a competitive business financing option to consider, but before you submit your application, compare other business loans to make sure you're getting the best deal to suit your circumstances.

 

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