Applying for trailer finance might seem straightforward, but the wrong move can slow you down or even get your application declined.
If you're a sole trader or running a business with an ABN, here are the top 5 mistakes to avoid so you can get approved faster and with fewer headaches.
❌ 1. Applying Through the Wrong Lender
The mistake: Going straight to a bank or lender that doesn't specialise in commercial trailer loans.
The fix: Use a finance broker who understands trailers and works with non-bank lenders that accept ABN-only and low-doc applicants. They’ll match your profile to the right funder from the start.
❌ 2. Submitting Incomplete or Inaccurate Information
The mistake: Leaving out key details, using an old ABN, or submitting the wrong trailer value.
The fix: Double-check everything. Make sure your ABN is active, your contact details are correct, and your quote or invoice matches the trailer you want to finance.
Incomplete or dodgy info = instant delay or decline.
❌ 3. Applying for a Trailer That Doesn’t Fit the Lender’s Policy
The mistake: Trying to finance a trailer that’s too old, unregistered, or custom-built with no valuation.
The fix: Check the trailer age, condition, and compliance. Most lenders prefer trailers under 10–12 years old and roadworthy. Used trailers are fine — as long as you provide a proper invoice and supporting photos/specs if needed.
❌ 4. Not Being Clear on Business Use
The mistake: Mixing personal and business use, or failing to show the trailer is for work.
The fix: Lenders only approve trailer loans if they’re for commercial use. Be clear about how the trailer supports your income. Use terms like “used for work,” “equipment transport,” or “client servicing” to strengthen your case.
❌ 5. Waiting Too Long After Getting a Quote
The mistake: Getting a trailer quote and sitting on it for weeks before applying.
The fix: Apply while the quote is current. Most lenders want a valid invoice or quote dated within the past 30 days. Trailer prices can change, especially with dealer stock levels — so act fast to lock in approval.
✅ Bonus Tip: Always Use a Broker
They’ll help you avoid all five of these mistakes, prep your application properly, and connect you to lenders that actually understand sole trader finance.
🚀 Ready to Apply (The Right Way)?
We’ll match you with a broker who can fast-track your application — no fluff, no missed steps.
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DISCLAIMER
The information provided on this website is general in nature only and has been prepared without considering your financial needs, circumstances and objectives and should NOT be construed as financial, taxation or legal advice. For more information, get in touch with our experienced partner brokers today.
