Apply for low doc equipment finance through Savvy if you need funding and your latest financials are still on their way.
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Equipment finance is a vital component for many companies. Without a facility to fund expensive machinery, vehicles, tools, and plant, commerce would grind to a halt. Low doc equipment finance is designed for those times when your business needs to expand or when you have to upgrade the tools of your trade, but your accountant has yet to complete your latest financials.
Sometimes, the best way to find the ideal finance solution is to let a broker approach the right lenders for you. Savvy works with a diverse lender panel to offer a range of low doc options for companies. That’s why so many business customers come to Savvy when they want to unlock specialist low doc finance options – our commercial finance brokers canvas a broad spectrum of lenders, so we can help you maximise your potential and make the most of opportunities.
Low doc equipment finance is a commercial lending option that gets used by sole traders and small, medium, and larger companies in many sectors. Low doc loans are not ‘no doc’ options; they’re more like alternative documentation loans. Often, businesses turn to low doc lending solutions when an opportunity arises to grow, but there are many times when a company might need low doc finance – replacing worn out machines or purchasing new vehicles, for instance. In every business circumstance, speed can be an important factor in gaining new business, pouncing on a market gap, or continuing to operate efficiently. Low doc finance gets accessed regularly by business owners in a broad range of sectors:
Some lenders will require you have a deposit. Other low doc loan providers may even waive that requirement if you have equity in a property, because that represents less risk. No deposit low doc equipment loans are available, but the interest rate will reflect that lack of collateral.
With any form of business finance, it’s crucial to weigh up every aspect of repayment and tax implications , and choose terms that suit your trading goals. Savvy partners with low doc equipment finance providers that primarily operate via the chattel mortgage lending framework. We do that because being short on documentation shouldn’t mean unfair terms, and the chattel mortgage model offers many benefits in terms of tax savings and cash flow:
You can purchase any business equipment such as commercial coffee machines, computers, or manufacturing equipment, vehicles like trucks or cars, or farm machinery via a low doc equipment loan. They can be new or second-hand assets with most lenders, they will also accept private sellers or dealers.
That depends on which lender you choose, as all have their own requirements. Some lenders will let you apply with just ID and an application form, but it’s essential to understand all lending gets charged for based on risk – so the more information you can supply in lieu of financials, the better.
Some equipment finance lenders will ask to see more alternative documentation than others, but a general rule of thumb is the more you supply, the cheaper your finance will be. It’s a big plus if you can come up with anything on the following list:
Your first step to securing a successful low doc equipment finance application should be to talk with a Savvy consultant. We can quickly ascertain your situation and requirements and narrow down your search to finance providers who fit that bill.
Again, lenders differ, but there’s generally a low doc option for all circumstances. While one provider might insist your ABN has been active for two years, others may accept a few months if you were working in the same industry prior to starting your business. Some lenders specify GST registration, while some don’t. The key to success is narrowing down your lender choice, and that’s where a broker like Savvy can help you qualify for a low doc equipment loan faster. We can also assist if you have bad credit.
Access to funding when you need to grab an opportunity for business expansion or replace or upgrade outdated equipment or vehicles . Responsible lenders that base decisions on the financial strength and health of your enterprise, even when your latest tax return or other financials aren’t yet available.
It’s important to have access to finance when your business is growing. If things have taken off in the current financial year and last year’s financials don’t reflect that, low doc lenders base decisions on your interim accounts.
Savvy works with a wide selection of low doc business finance lenders, so no matter how short you are on documentation, we’ll try and find a solution.
Low doc chattel mortgage finance provides tax and GST benefits and can help you maintain cash flow until your investment begins to pay off.
Lenders generally charge slightly higher interest rates with a low doc equipment loan.
A low doc business financier may ask for a substantial deposit before approving your loan application.
Some low doc loan providers will insist you have equity in residential or commercial property, others won’t. Either way, it’s worth noting property is a risk indicator for such lenders, and they won’t use your property as security.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
