Applying for a vehicle and equipment loan online

• Your business has an active ABN, registered for at least 12 months.
• Your business is registered for GST and has a turnover of at least $75,000 per year.
• You're at least 18 years and hold an Australian citizenship or permanent residency.
• You have a business and residential address in Australia.
• You intend to use the product mostly for business purposes.
• You're a sole trader, a business partnership with no more than two individual partners, a company with five or less directors or an eligible trust. Joint borrowers who are not partnerships, or partnerships where one or more partner is a company are not eligible to apply.
• Any shareholders of companies or trustee companies that are listed in the application are individuals, and not companies.
• Eligible trusts include the following:
  • your trust is a non-government discretionary trust.
  • your trust has a valid Australian Business Number (ABN) and has been registered for at least 12 months.
  • your trust has been established in Australia.
  • the beneficiaries of your trust are individuals.
  • your trustees can only be one of:
    • a company with no more than five directors.
    • up to two individuals.
  • if the trustee is a company, shares in the company must be beneficially held by individuals.
• You and any additional directors/partners or shareholders (holding 25% or more) must not have lived overseas in the past three years.
• If your business is an existing NAB Customer, you can only apply for this product if you have less than $1 million in existing business lending with NAB.
• If you have existing NAB Business Lending, you can apply online for an additional NAB QuickBiz Loan, NAB QuickBiz Overdraft, NAB business credit card or NAB Equipment Finance Loan 50 days after your most recent establishment date.
• If you have an existing online Vehicle or NAB Equipment Loan from NAB, you can apply for an additional online Vehicle or NAB Equipment Loan provided the total amount borrowed does not exceed $250,000 in any 12 month period.
• You are purchasing an eligible vehicle or equipment, including:
  • Cars, utes, vans, motorcycles, buses, trucks, trailers, forklifts, boom and scissor lifts, all-terrain vehicles, bulldozers, loaders, excavators, and graders up to five years old.
  • Tractors, harvesters, sprayers, tillage and seeding equipment, and hay and silage equipment up to seven years old.
• The total purchase price of the vehicle or equipment does not exceed $150,000 including GST and any on road costs such as stamp duty, registration, Compulsory Third Party insurance, and luxury car tax.
• If your vehicle or equipment supplier is a dealer, they must:
  • have an ABN and be registered for GST, and
  • supply the vehicle or equipment you are buying as part of their normal course of business.
• If your vehicle or equipment supplier is a private seller, you are eligible to apply online, however there are some additional items we’ll need before we can provide you with an unconditional approval (see Information we may require once you’re conditionally approved below)

Information we may require from you as part of an application

• Some financial information about your business, which may include:
  • For Xero, MYOB Essentials and QuickBook customers, you can login securely to link your financials. As your credentials are encrypted and passed to your accounting package software, we don't see your password or store your credentials.
  • For all other accounting software, you can upload your financial data in PDF within the application.
  • You may also need to upload your transaction history from your business trading account as a CSV file.
• Information from ATO Portals.
• Further information about the people in your business, including directors, shareholders, partners, beneficiaries.

Trust details, if your business is structured as a trust.

Information we may require once you’re conditionally approved

If you’re buying from a dealer:

• An invoice addressed to your business for the purchase of the vehicle or equipment.
• If your vehicle or equipment supplier is registered for GST, the invoice will need to be a tax invoice.
• Permission to directly debit your business's Australian transaction account for the upfront fees and regular repayments.

If you’re buying from a private seller:

• Permission to directly debit your business's Australian transaction account for the upfront fees and regular repayments.
• A copy of the current registration papers (for cars, utes and vans).
• The current owner to make the vehicle available for inspection by a NAB staff member (for cars, utes and vans).
• The current owner to make the vehicle available for valuation by an asset valuation firm on our approved panel (for all other assets).
• A formal valuation by an asset valuation firm on our approved panel may be required depending on the type of vehicle or equipment being purchased:
  • Formal valuation is required for all truck (heavy or light), trailer, bus, minibus, construction equipment, agricultural equipment, forklift or access equipment,
  • If you are buying a car, ute, or van, we will only need a formal valuation if
    • the loan amount is higher than the “Private Price Guide” range stated for the same* vehicle on redbook.com.au, or
    • the vehicle’s odometer reading is higher than the range stated for the same* vehicle on redbook.com.au, or
    • the vehicle is not listed on redbook.com.au
  • If a formal valuation is required:
    • We’ll let you know after the online application is conditionally approved
    • We’ll provide you with quotes from at least 2 asset valuation firms. Or, if you prefer, we can give you a list of our panel valuation firms for you to contact directly for valuation quotes. Please let us know if you want to do this.
    • You’ll need to pay for the valuation before we can prepare your contract
• If you are buying a car, ute or van that doesn’t require a formal valuation:
  • We will arrange an inspection of the vehicle by a NAB staff member
  • We only need to do this if you are buying a car, ute or van that does not require a formal valuation
  • We don’t need to do this if the vehicle or equipment is being valued by an asset valuation firm on our approved panel
  • There is no cost for the inspection
  • We will arrange this directly with the private seller, and may need them to drive the vehicle to a NAB branch
    • As part of the sale, NAB will run a Personal Property Securities Register (PPSR) search
  • The search will need to show there is no finance currently over the asset that you are buying. We will discuss this with you after you’ve been conditionally approved and before we send you the contract to sign.
    

*The same vehicle means that the vehicle identified on redbook.com.au research matches your vehicle’s manufacture year, compliance year, make, model, badge, series, body type, transmission, fuel type, number of seats and number of doors

Additional information, credit checks and fees

• You should know that each time you complete an online application you'll undergo a credit reference check. Multiple credit checks may adversely impact your credit rating.
• Because we're committed to responsible lending, we'll request a credit report of your business entity and applicant(s) from the credit reporting agencies. To find out more about credit reporting and credit history checks, visit Privacy Consent and Notification.
• The interest rate is fixed for the term - quotes are available online.
• The loan term is fixed from one to five years (for used vehicles and equipment the maximum term is three years).
• Economic cost may apply if the contract is terminated before the end of the contracted term.
• Repayments include principal and interest, and can be made monthly or quarterly.
• The loan amount will be paid direct to the supplier when you are ready to pick up the vehicle or equipment.
• The standard upfront fees include:
  • $575 settlement fee (if your vehicle or equipment supplier is a dealer)
  • $25 Personal Property Securities Register (PPSR) registration and maintenance fee for each asset you are buying.
• Additional fees may apply if:
  • You want to make a change to the loan after it has been drawn down
  • Full details can be found in our Business Banking Fees guide.