Finance Process
Yes, you can often get pre-approval for a certain amount, which helps set your budget and negotiating power when you are ready to purchase the asset.
Interest rates are influenced by the age and condition of the asset, your credit score, the length of time you’ve been in business, and your overall financial situation.
You will typically need identification, details of the asset you are purchasing, and financial information, such as employment history, salary confirmation, ABN details, or business financials (depending on the loan type).
Yes, a broker can provide an estimate or quote based on general information, though the final interest rate and terms are subject to a full application and lender assessment.
The approval process can vary, but for straightforward applications, pre-approval can often be quick (sometimes instant or within 24-48 hours), with full settlement taking a few business days, depending on the documentation and the vendor’s processing speed.
Others
Brokers in Australia are generally required to be licensed and members of professional associations, such as the Mortgage & Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA), which hold them to professional standards and require ongoing education.
A broker firm is an intermediary that works with a panel of lenders to find you financing solutions.
An asset finance broker is a professional who helps individuals and businesses navigate the lending market to secure financing for physical assets like vehicles, machinery, and equipment. They assess your needs, handle the paperwork, and manage the process from application to settlement.
A broker can compare options from a wide panel of different lenders (banks, non-banks, etc.) to find a solution best suited to your specific circumstances, potentially saving you time and money, whereas a bank only offers its own products.
In most cases, a broker is paid a commission by the lender upon the loan’s settlement, so there is no direct upfront cost to the client.
We sure do! We have a range of unsecured and secured loans, meaning we have various options to suit your business needs.
In short, it’s determined based on your cash flow – much like a home loan. Your borrowing capacity will be calculated based on income vs expenditures.
A pre-approval isn’t necessary, but it’s certainly advised. It’ll provide guidance in terms of your potential borrowing capacity, which is a factor in terms of how much you can afford to spend.
Get started on your finance journey today.
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