If you’ve been wondering if no financials – low document equipment loans are right for your business or what you need to qualify for one, then this information is for you.
These equipment loans, like so many areas of our life, are evolving rapidly to make the process easier, quicker and more convenient.
Just think back to how Uber Eats changed the game when it came to takeaway. Or how on- line shopping can be brought to your door in 24 hours.
Equipment finance today offers plenty of low-doc and no- doc options that will fast track the process.
What is a no financials – low document equipment loan?
A low-doc loan requires little to no documentation for equipment finance purchases if you meet a certain criteria. It can be a swift and seamless option, settling in a matter of days without needing to provide stacks of financial information.
What’s the criteria for a no financials – low document equipment loan?
Up to $150,000 for vehicles:
– New and used (<10YO deal- er/private sales)
– 1 year in business + clear credit history
– Property owner or renter
Up to $250,000 for equipment:
– New and used (<10YO deal- er/private sales)
– Private sales up to $150,000 (<7YO)
– 2 years in business, clear credit history & property owner (or 20 per cent de- posit)
Up to $500,000 for replacement and upgrades:
– New and used (<7YO dealer/private sales)
– Satisfactory credit references – Clear credit history +Equipment lines of credit from $500,000 – $5,000,000
FAQs
Here’s a list of frequently asked questions we are often asked at Finlease when it comes to no financials – low document equipment loans:
- Do I need to provide my financials to apply for equipment finance?
No. We deal with numerous lenders who offer low doc or no financials products up to $250,000 and in some cases $500,000. This means you can get a loan without supplying financials or tax returns. - Do low doc or no financials loans attract a higher interest rate?
In most cases, no. Generally, the lenders will charge a slightly higher rate for used equipment and private sales though. - Do big four banks play in this low doc space?
Certainly. The big four have been the main drivers of these products over the years. - Are the big four always the cheapest option?
Not always. We have numerous lenders that we deal with that are as competitive if not cheaper than the majors. - Am I limited to only a handful of lenders playing in this low doc space?
Not at all. We have access to over 30 different lenders offering these low doc products – all with slight variations to equipment appetite, financed amount and client risk and our job is to find you the best solution. - With these low doc products, I’ve heard I can only purchase from a Licensed Dealership, is that true?
This is not the case. We have multiple lenders who are more than happy to finance from private sellers. In actual fact, as a result of the recent supply issues for new gear we have seen a significant upswing on private sales. - Do I need to have equipment finance history in order to qualify for these loans?
No. The banks understand this could be your first loan and we have plenty of finance providers willing to partner with establishing businesses. - Is the loan application pro- cess extensive and time consuming?
Not at all. In almost every instance our brokers can take the application over the phone. - I’ve heard getting approval from the bank can be a long drawn-out process, how long will it take?
Typically, the finance is approved within 24 hours of receiving the basic information. - Do I need to sign paperwork at your office?
Not at all. At Finlease we encourage our team to travel out in person to sign the paperwork with you. Any time of the day or night, we work with you and your business’ needs.
We do our best to take the confusion and stress out of equipment finance for a hassle-free, clear, and seamless experience. If you feel your current finance provider is still in the dark ages, has you constantly providing financials and information updates as well as taking an age to get back to you, give us a call. You may be very pleasantly surprised at how easy finance can be in this ever-evolving market.
Have all the information you need to get started or still have more questions for us? Reach out to a Finlease broker today on 1800 358 658 or visit finlease.com.au.