Tradie Finance
Compare a range of business loans from Australia’s most reputable lenders to find your tradie finance deal with Savvy.
Last updated on June 15th, 2022 at 02:41 pm by Thomas Perrotta
Compare business loans for tradies
Whether you’re a sole trader or running your own company, there are many reasons why you might look to take out a loan as a tradie. However, it’s crucial you compare different business loans before settling on one, which you can do right here with Savvy, to ensure you lock in the best deal for your needs.
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Lightning business loans up to $150K can be funded in as fast as 2 hours - simply provide 6 months of recent bank statements.More details |
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Boost your business with fast hassle-free funding from Lumi. Apply online in five minutes without harming your credit score and get funds in as quickly as 24 hours. For a limited time: Business Loans with No Repayments for the first 6 weeks. T&C apply.More details |
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Lumi Lux™ is an innovative rate-reducing business loan that rewards customers with good repayment histories and no contractual breaches throughout their loan term by dropping interest rates by 25 basis points (0.25%) every six monthsMore details |
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Valiant is Australia’s leading business loan broker with a network of over 80+ lenders. Apply for a business loan between $5,000 and $1 million and get approved in as little as 24 hours.More details |
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Compare, find and match fast to over 80 bank and non-bank lenders accessing much needed working capital from a unsecured business loan.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
The features and benefits of tradie finance
Borrow up to $500,000
You’re able to access quick business loans of up to $500,000, so you won’t have to worry about providing any valuable assets to act as security for your finance agreement.
Diverse finance types
Whether you’re seeking out an unsecured business loan to distribute across several areas or finance specific equipment with a secured loan, you can find an option for you with Savvy.
Repay at your own speed
You can set your own repayment term to suit your business’ income needs, with instalment periods ranging from as little as three months all the way up to seven years depending on your business loan type.
Access competitive rates
With a wealth of lenders on the market vying for customers, you can take advantage of their competition and secure a loan starting from an affordable interest rate.
Pay ahead of schedule
Many business financiers can allow you to contribute additional repayments towards your loan, which can help you save hundreds, if not thousands, and shorten your term in the process.
Funding available in as little as 24 hours
Perhaps the most attractive feature of tradie finance to borrowers is the speed at which it can be processed, with same-day approvals and 24-hour funding possible.
Why you should compare tradie finance deals with Savvy
Trusted lending panel
We only partner with trustworthy, reputable and flexible lenders to give you the best quality of options to choose from.
Comparing made easy
By breaking down each offer and listing them side-by-side, we take the hard work out of comparing to save you valuable time.
Free comparison service
Best of all, there aren’t any subscriptions or costs for our service, so you won’t have to worry about paying to compare with us.
How to compare different business loans for tradies
Eligibility criteria
The most important part of an Australian business loan application process is to ensure you’re eligible for financing. There’s little point in applying without knowing whether you qualify, as this could lead to an entirely avoidable rejection. The main points you’ll need to meet are that you must:
- Have no history of bankruptcy
- Have been trading for at least six months
- Be generating at least $5,000 in monthly turnover
Interest and fees
Interest and fees form the basis for the cost of your loan. Even small differences between interest rates can save you hundreds over a relatively short time span. However, fees are a relevant consideration also, as origination costs of up to 3% of your loan sum can set you back a considerable amount overall.
Fortunately, Savvy lays out all of our lenders’ interest rates and costs, including comparison rates, to paint a more detailed picture of your loan cost.
How flexible your repayments are
You should prioritise the ability to submit extra repayments, as you never know when your business’ situation might change and put you in a position to pay down your loan ahead of schedule. As mentioned, doing this can slash the amount of interest you pay by shortening your loan term, which is done by more sharply reducing the principal amount on which your interest calculation is based.
Early repayments on equipment finance will almost always result in a fee, however, so repayment flexibility won’t be as great a priority for this finance type.
How much you can borrow
Of course, you should ensure your chosen lender offers the loan amount you’re looking for and is willing to lend it to you. Borrowing ranges differ between lenders, with some offering higher maximums and others lower minimums. If you’re looking to borrow at the higher or lower end of the scale, it’s particularly relevant for you to consider this, as it’s more likely to affect you.
Don’t settle for more or less than you need: choose a lender who meets your requirements.
Available terms
Additionally, always look for lenders who offer the term you need to repay your loan. It’s crucial you’re consistently comfortable when repaying your tradie loan, as you shouldn’t ever run the risk of not being able to support it. If your unsecured business lender’s maximum available loan term is one year, but you’d prefer to pay your loan back in instalments over two years, you should keep looking until you find a suitable lender who offers the term you need.