If you're self-employed, have an ABN, or work in the gig economy, getting approved for traditional car finance can be challenging. Rent-to-own may offer an alternative pathway.

Challenges for ABN Holders

Traditional lenders often require:

- 2+ years of tax returns - Consistent income history - Strong credit scores - Regular employment

For gig workers and new businesses, meeting these requirements can be difficult.

How Rent-to-Own Can Help

**Different Approval Criteria**: Rent-to-own providers may assess applications differently, potentially considering:

- ABN registration - Bank statements showing regular income - Business activity - Ability to make weekly payments

**Flexible Income Assessment**: Some providers may accept various forms of income verification beyond traditional payslips.

What You'll Need

When applying as an ABN holder, you may need:

- Valid ABN - Bank statements (typically 3-6 months) - Tax returns (if available) - Business activity statements (BAS) - Proof of regular income

Important Considerations

**Income Stability**: You'll need to demonstrate regular, verifiable income.

**Business Use**: Check if the agreement allows business use of the vehicle.

**Tax Implications**: Consult with an accountant about potential tax deductions for business use.

**Total Cost**: Understand the full cost over the term and ensure it fits your business budget.

Making It Work

- Keep detailed records of income - Maintain separate business accounts - Build a payment buffer - Understand all terms before signing

*This information is general only and does not take your personal circumstances into account. Consider seeking independent financial and tax advice.*