How to speed up equipment finance

Equipment finance has a reputation for being straightforward, and usually it is. But one wrong detail on an invoice or one unanswered question about a private seller can push settlement back by days. Here is how to make it fast.

Get the invoice right

The supplier’s tax invoice is the centre of every equipment deal. Check it carefully before you send it:

Item	What to check
Buyer name	Exactly matches the borrowing entity
ABN	Correct for the buyer and the supplier
Description	Make, model, year, serial number or VIN
Price and GST	Clearly shown
Deposit or trade-in	Shown if applicable

An invoice made out to the director personally when the company is borrowing, or missing a serial number, will need reissuing.

Dealer versus private sale

Dealer sales are usually fastest: standard invoices, clear ownership and no existing finance to clear. Private sales take longer because the lender must confirm the seller owns the item and that no one else has a registered interest. Ask a private seller for proof of ownership and, if they have finance, a payout letter from their lender.

When the clock matters more than the reading, send your enquiry first. It takes about 60 seconds.

Your first 24 hours, mapped out

When	What happens	Your job
Minute 0	You send the 60-second enquiry	Answer accurately
Within minutes	A real person calls in business hours	Keep your phone close
Within the hour	Approval is common once statements or property details are in	Share them straight away
Same day	Documents arrive for electronic signing	Make sure every signatory is ready
Within 24 hours	Funds can land in your account	Confirm payment details early

Insurance

Lenders usually require the equipment to be insured from the moment it is released. Arrange cover in advance so the insurance certificate is ready when asked for.

Delivery and installation

Some equipment is paid for before delivery; some on delivery. Some needs installation before it can be used. Agree the timing with the supplier and lender so payment, delivery and installation line up, especially near 30 June when tax timing may matter.

When another lane is faster

If the item is inexpensive or the paperwork is complicated, unsecured funding may be faster, because there is no asset to check. For several items from different sellers, property-secured funding can bundle everything into one approval.

A worked example (illustrative)

An earthmoving contractor finds a used excavator from a private seller. He asks the seller for proof of ownership and a payout letter from the seller’s financier, gets an invoice in his company’s name with the serial number, and arranges insurance. With everything ready, approval comes within the hour and settlement the next day, with the seller’s finance paid out directly.

Trade-ins and deposits

If you are trading in old equipment or paying a deposit, make sure both appear clearly on the supplier’s invoice. A trade-in with its own finance still owing needs a payout figure from that lender, which is easy to arrange if you ask early and slow if discovered at settlement.

Get these ready first

Have these within reach and you remove the usual causes of delay:

• Supplier tax invoice in the correct business name
• Make, model, year and serial number or VIN
• Insurance certificate
• Private seller’s proof of ownership and payout letter

Common delays and how to avoid them

These are the things that most often turn a same-day answer into a three-day one:

• Invoices in the wrong name
• Missing serial numbers
• Private sellers with undisclosed finance
• Insurance arranged after settlement is due

Read next

• Fast equipment finance: Fast equipment finance for machinery, tools and vehicles. What lenders need, how quickly approval can come and how to stop paperwork holding up the purchase.
• The PPSR explained for business borrowers: What the Personal Property Securities Register is, why lenders register interests over equipment and vehicles, and how PPSR searches protect buyers.
• Need to fix or replace broken equipment?: When a key machine, vehicle or oven breaks down, every day costs money. How to fund the repair or replacement fast and choose between loan types.
• EOFY speed guide: getting funded fast around 30 June: How to get business funding fast around the end of financial year: equipment purchases, tax planning, busy accountants and the June rush, with a checklist.
• Fast business loans for builders and construction: Fast business loans for builders: fund materials, subcontractors and wages between progress claims, carry retention money and take on bigger jobs.

Terms used in this guide

• Payout figure: the exact amount needed to repay a loan in full on a given day, including interest and fees.
• PPSR: the Personal Property Securities Register, where security interests over equipment, vehicles and other personal property are recorded.
• Settlement: the moment a loan is funded and any security registered, or a property changes hands.
• Unsecured loan: a loan without property security, sized mainly on turnover and bank statements.
• ABN: Australian Business Number, checked against the Australian Business Register.

Five questions to ask any fast lender

• Exactly what do you need from me to release funds today?
• Who needs to sign, and how will documents arrive?
• What is the total cost over the full term?
• Can the payment go directly to the creditor I need to pay?
• What happens if my repayment source arrives late?

A note on the enquiry form

The enquiry form asks for the amount, purpose, time trading, monthly revenue, credit history, state and whether you own property. Each answer points your enquiry towards the right lane. When the answers are accurate, the first call can go straight to approval. When they are rounded up, guessed or left vague, the assessor has to unpick them, and that is where hours turn into days. If you are unsure of a figure, give your best honest estimate and say so.

Before you go

• The supplier tax invoice is the key document
• Make, model and serial number or VIN must be clear
• Private sales take longer than dealer sales
• Insurance needs to be arranged before release

Inside a fast approval

There is nothing magic about fast funding. It is mostly about removing waiting time. We ask for the right evidence at the start instead of drip-feeding requests, we do not need a valuation on property-secured loans, and documents are signed online rather than posted. That is why a decision within the hour is common and why money can be in your account within 24 hours. The part we cannot control is how quickly signatures and documents come back, so having them ready makes the biggest difference.

What to do next

Nobody can promise approval, but we can promise a fast, honest look. There is no credit check when you enquire, we do not farm your details out, and a person rather than a bot reads what you send. Answer the questions accurately and you give yourself the best shot at a quick yes. Start here.