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We offer several pathways depending on your business’s situation. For many vehicle and equipment loans, we use “Low Doc” (Low Documentation) options, which require:
For larger or “Full Doc” loans, or where you want to secure the absolute lowest market rates, you will typically need to provide recent BAS, business bank statements, and your most recent financial accounts.
If you are a new start-up and don’t own property, you are certainly not excluded from finance. While a lender may require a deposit to reduce their risk, they are often more interested in the viability of your business.
Lenders in the Australian market look favourably on:
Yes, you can. While buying from a licensed dealer is the most straightforward process, we can arrange finance for private sales. This usually requires a Pre-Purchase Inspection and a PPSR (Personal Property Securities Register) check to ensure the asset is “clear title” (not stolen or already under finance) before the funds are released to the seller.
Yes, most lenders have guidelines regarding the age of the asset both at the start of the loan and at the end of the term.
Lenders view the asset as “security.” If a borrower defaults, the lender needs to be able to sell the asset to recover their funds. As an asset gets older, its value becomes more volatile and the cost of maintenance increases, which is why older assets often require:
Generally, yes. Newer assets typically attract lower interest rates because they are seen as lower risk and have a higher resale value if the lender needs to repossess them. Older assets may carry a slightly higher rate or require a larger deposit to offset the lender’s risk.
The short answer is no, you do not need to own property to secure asset finance in Australia.
This is a common misconception, often because traditional banks can be quite conservative. However, in asset finance, the asset itself (the car, truck, or machine) usually serves as the primary security for the loan.
No. Unlike a traditional “unsecured” business loan or a large commercial mortgage, asset finance is secured by the equipment you are purchasing.
If you are buying a truck, the lender takes a “chattel mortgage” over that truck. This means they have a legal interest in the vehicle until the loan is paid off, but it doesn’t require you to put your family home or any other real estate on the line.
If you are a renter or don’t currently have equity in a property, you can still access competitive finance. In the Australian market:
While it’s tempting to head straight to the bank you’ve been with for years, it can often be the most restrictive path for your business. Here is why Australian business owners prefer using a broker:
Actually, it can often be cheaper. Because we move a high volume of loans, we often have access to “wholesale” rates that aren’t available to the general public. Furthermore, we can compare the total cost of the loan (including hidden fees and balloon payments) across dozens of lenders to ensure you are getting the best overall value, not just a low headline rate.
Don’t be discouraged. Banks have very rigid “tick-box” criteria. We specialise in finding “alternative” solutions for businesses that don’t fit the bank’s mould—whether that’s due to a lack of property ownership, being a new start-up, or having a complex business structure.
Most lenders will have a set up fee and some have a monthly fee. This is all discussed with you as we work through solutions for you on which lender is right for you so there are never any hidden surprises when it comes to the documentation stage. These fees are usually financed on top of the loan amount or paid as a once off at the start of the loan to avoid paying interest on the fees unnecessarily but this is always discussed to make sure it fits with your cash flow and repayments options.
Yes, we have a select panel of lenders who do look at imported vehicles or equipment.
Yes and No. It really depends on what product and what lender you set your loan up with. All lenders will have different exit structures so it is best to discuss this with your broker once they have presented you with some options that suit your circumstances.
Generally no. It may help on trickier applications to add a level of comfort to the lender that the client is contributing towards the asset as it means the loan amount will be lower than the asset price which may help them approve it and get your vehicle or equipment working for you faster.
