EQUIPMENT FINANCE

As we know that in the construction industry and transport industry people acquire trading licenses to operate veichels, trucks  and yellow goods then start independent business or work for companies who may have ongoing construction jobs all the time. Borrowers have appetite to own the asset ASAP paying of early if the interest rate was high. New equipments and trucks are financed by major banks will vary interest rate from 7% - 10% where there is a list of lenders who will consider minor paid defaults also will consider law doc and no doc equipment and truck loans. Macquiry bank, Essanda (part of ANZ bank), Liberty, Leasewise are combination of private and major lenders who will have wide range of offer with the equipment age range up to 10 year or 7 years at the end on lease term. You may refinance your existing loans to cope with regular expenses. For low and no doc loans property ownership is preferred might request deposit otherwise up to 30%. In a low doc situation lender may look at your trading account statement to confirm the monthly disposable income. 

Product & Rate	Typical Terms	Documents
From 10% PA Clean credit Small loan with accountant letter	2 years ABN and property ownership. $1,000-$50,000 new or used equipment or even existing equipment. Any equipment for business use private or dealer purchase subject to valuation.	Loan >$25k financial required Accountant letter to confirm serviceability.
From 10% PA Minor paid default No financial	2 years ABN and property ownership ( min $100k equity) 30% deposit for no property ownership. 9 years maximum equipment age at the end of loan term. Maximum $70K loan. Refinance min 18 month old loan or paid in past 6 month.	6 month home loan statements. 6 month trading and 3 months personal account statement.
19% PA Default consider Low doc	2 years ABN and property ownership Any age equipment subject to valuation. Existing equipment considered.	4 month trading account 1 month personal account 6 month home loan
From 19% PA Default consider Full Doc	2 years ABN, property ownership not mandatory. Any age equipment subject to valuation. Existing equipment considered.	2 years full financial