Pre-Approved Equipment Finance made easy

Pre-Approved Equipment Finance made easy

Did you know you may already be eligible for an Equipment Finance facility before you even apply? Many lenders have a simplified and streamlined application process for those applicants meeting certain criteria. 

Am I or is my business eligible?*

The pre-approval process for s streamlined application varies from lender to lender though there are some general conditions that most lenders are seeking. Below are some of the requirements lenders are seeking.

  • ABN registered for 12 months although 24 months is preferred
  • GST registered for at least 12 months.
  • Own real property – even if there is a mortgage against the property. Not all lenders require real property ownership
  • Asset age – most lenders will prefer a brand new or newer asset depending on the type of asset
  • Clear History – All lenders will require a clear CRAA for the business, directors, trustees and guarantors
  • PAYG Individuals may also be eligible if they are acquiring an asset predominately (over 50%) for business use in their paid position.

*For more information about qualification of pre-approved finance please contact us.

How much can my business borrow?

The limit you are able to obtain will vary from lender to lender and will largely be determined by the asset you are acquiring. More expensive assets such as tractors and earthmoving equipment will have a greater pre-approved limit than say a standard motor vehicle. Another factor that will effect a pre-approved limit is the relationship to a lender. Once an Equipment Finance facility is established many lenders will automatically increase the overall limit after 12 months of good history. However, not all lenders offer this service so please contact us for more information.

 

Which lenders

SBL has accreditation with leading funders. After speaking with SB Lending we will determine the most appropriate lender based on your business, the type of asset you’re acquiring and the individual needs that you have. There is no ‘one size fits all’ and we understand that tailoring your finances plays a critical role in the success of your business.

How to apply?

Application is simple. SB Lending will walk you through this process which usually takes 30 minutes to 1 hour. We also recommend we speak with your current accountant to make sure the structure and terms are set so your business maximises benefits for tax and strategic management. You can contact us directly or we can come to your home or office.

 

For more information about Equipment Finance contact SB Lending at enquiries@sblending.com.auor by calling (07) 3810 8355.