Equipment Finance

No. We are a completely free service for you to use and we have access to every bank across Australia.

We can finance any equipment that suits the needs of your business. Unsure if your business equipment can be financed? Find out in five minutes by calling 1300 842 911 we should be able to give you an answer on the spot.

We pride ourselves on making equipment finance hassle free with as minimal paperwork as possible and doing all the hard work for you. Every finance application is unique to us and that’s starts with getting to know you and your business.

Simply give our specialists a call on 1300 842 911 and they will have a five-minute phone call to run you through the strategy for your equipment finance approval and the key items we will need. The best part is due to our experience will be able to give you a good estimate of what kinds of rates and repayments will be over the phone in our introductory call.

Please don’t feel that you will need to give us a mountain of information. We strategically know exactly how to secure your equipment finance approval with only the key important items required. You will be pleasantly surprised at how little information we can sometimes require and still have you approved with a major bank for your equipment loan.

Absolutely not! Yakka Finance has access to a wide variety of low documentation finance offers that the major banks and other financiers offer us to secure your approval.

Please don’t feel like you must provide us with a lot of information to secure your equipment finance approval. When we speak to you over the phone, we will know exactly what key items to obtain from you to secure your finance approval. It might surprise you on how little information we need.

Other key items we can utilise include a good finance reference on one of your other loans, recent BAS Statements or Bank Statements just to name a few examples instead of having to provide your financials.

Yes, we do! Low Doc Equipment Finance means we only need a very small amount of documentation to secure your equipment finance approval. We have Low Doc Equipment Finance options up to $500k!

Our specialists can run you through how easy it is to secure a Low Doc Equipment Finance approval over the phone in 5 minutes. Feel free to call us on 1300 842 911 to find out how little documentation we need for your equipment loan approval.

You can borrow as much as you need for the full purchase of the equipment of your choice. For Equipment purchases this is normally from $10,000 up to $2,000,000 depending on your equipment specifications and how many units you are purchasing.

Some banks and lenders will require deposits whilst others won’t. We will find out exactly what you’re purchasing and walk you through the strategy of what is required on your equipment finance approval depending on your total loan amount and current business situation and goals.

This is a very common question that is always essential to ask. We love this question as we have managed to secure market leading interest rates that start from 2.69% for brand new equipment purchases.

The key thing here is that every customer is different, and all are in a different stage of their business journey. Our biggest goal at Yakka Finance is we want to look after you and your business for the lifetime that you are trading. That means we want to finance every single piece of equipment your business ever purchases.

The only way we have so many loyal customers is our service is great and we can secure market leading interest rates. If our interest rates were high, we would never ever have the amount of loyal business owners that use our services every single day.

The big advantage for you and your business is because of the volumes of equipment and other machinery we finance and the quality of our application submissions we are offered preferential interest rates from the banks that not all finance brokerages are able to secure. This is a big advantage to our business to keep our customers happy but also a huge advantage to your business.

Always good to keep in mind the more niche the equipment is, the higher the banks deem it as a “risky” asset so they will build in additional risk to the rate. On the other hand, other banks are quite happy to finance niche equipment. It makes your life a lot easier when you have an experienced team on your side to approach the right banks.

There are many factors that can influence the interest rate on the equipment you have decided to purchase.

• Here are some key considerations that can influence the interest rate:
• How long you have been in business for? (E.g. Brand New Business or an established business trading for over 2 years)
• If you are purchasing your Equipment from a Licensed dealership or from a Private Seller
• What the specific year build the equipment is. For example, a brand-new generator would secure a much lower interest rate compared to a generator that is much older such as a 1971 year build generator
• If you or your spouse is a Property Owner or if you are currently renting
• Your total equipment loan amount. The higher the equipment loan amount the lower the interest rate can be on some occasions.
• If you have had equipment finance before and if your repayment history has been good or bad
• If you have a clean credit file or a credit file with a low score

Yes, we can finance any aged equipment no matter how old the year build is.

We can usually obtain an Equipment finance approval within 24 – 48 hours of receiving all your details. Let us know your timeframe and we will work with you to get the equipment approved and settled with the most appropriate lender due to the time you are needing your new equipment by.

The bigger the equipment loan amount (for instance above $500,000) can sometimes slow the application process down by a day or two as more documentation needs to be assessed and put together with the bank for your approval. We will clearly communicate to you about that process.

The average equipment loan term is between 3-7 years (36 to 84 months). The choice of loan term is ultimately your choice. The shorter the term would result in a higher monthly repayment as you are paying the loan off on a shorter loan period. If you every want to play around with what Loan Term works for you on your equipment.
Have a play with our easy-to-use Equipment Finance Calculator – https://yakkafinance.com.au/finance-calculator/

A balloon payment is a lump sum which is owed to the lender at the very end of your equipment loan term, after all your regular monthly repayments have been made. It allows you to repay only part of the principal amount of your equipment loan over the term you request. The reason for having a Balloon Payment is that it allows you to lower your monthly repayments for cashflow purposes.

When it comes to end of your loan contract, and you will still have your Balloon Payment to deal with. It is a very straightforward process to refinance your balloon payment at the end of your loan. Alternatively, you can trade the equipment in for a new one or sell your equipment to another party which if structured correctly should be more than the balloon payment you owe.

It is completely your choice whether you want a balloon payment in your loan structure to reduce your monthly repayments or not. We can workshop this with you to make sure the repayments suit you and your business.

At Yakka Finance we look after a wide variety of Equipment Suppliers in Australia as their key finance partner. The reason why Equipment Suppliers use Yakka Finance is that we have become experts in equipment finance in the finance industry. This allows their customers to have a really good experience as they purchase their equipment.

We are also very skilled at getting their customers equipment finance approved in a streamlined and stress freeway. If your finance quote ever seems expensive from an equipment supplier, please let us know as often we will beat it.

Yes, financing any equipment from a Private Seller is very common and we do these types of transactions all the time. Business owners love finding a great deal on their equipment privately. We will handle the whole entire sale process with the private seller for you and arrange for them to get paid by the bank or financier correctly.

This process is very streamlined for us, and we only require the agreed price you have negotiated with the private seller on your equipment. We will then handle the whole entire process from there.

It’s generally recommended to make sure you are happy with the equipment’s condition before buying. Especially if you are purchasing through a private seller. When it comes to Private Sales, most finance companies will require a third-party finance inspection on the equipment to make sure the equipment’s asset identifiers (Serial Number & Engine Number) matches the Tax Invoice before the bank will settle on it.

We simply will book a Finance Inspection for you (or inspect the equipment ourselves) to take photos of the Front, Back, Sides, Engine Hours and Compliance Plate of the equipment to make sure it all matches your loan documents, registration papers and Tax Invoice so we can move through to settlement with no hassles.

We also complete a PPSR search on the equipment to make sure the equipment is not a write off or has been stolen. You are welcome to also do a mechanical inspection on the equipment (at additional costs to you) to make sure the equipment is mechanically sound just to make sure you are completely comfortable on moving ahead with the equipment purchase. We can also book in a equipment mechanical inspection for you if you don’t know who to contact.

Yes! Whether it is a new or used equipment we offer a tailored finance solutions for all equipment new or used. We have a wide variety of banks and lenders that will comfortably finance used equipment for you and your business. You tell us what equipment you would like to purchase. We will then match that equipment with the most appropriate bank or lender for you that has an appetite to approve older equipment.

This is one of our favourite things to do. Yakka Finance has access to the most cost-effective interest rates in the market. So given the opportunity to beat your current rate is something we take a lot of pride in doing for new customers.

If we can’t beat your interest rate that means you are getting a fantastic rate for your equipment purchase. We will give you true and honest feedback once we have a look at what equipment you are purchasing, your current repayment structure and what stage your business is currently in to ensure it’s with the right bank. Given the opportunity we won’t let you down on securing a low interest rate approval for you. That’s our job after all.

Every equipment finance application is different. It will all be depending on your business; the equipment you are purchasing & the amount you are looking to borrow. Once we have a five-minute phone call, we will get a good understanding of your current situation, then run you through the strategy and the key items we need to secure your approval.

Please don’t feel you need to give us everything but the kitchen sink like a bank would as this is simply not the case. A short call to 1300 842 911 will give you a good understanding of what will be required. From our experience of so many equipment we have financed we strategically know exactly what key items we need to get from you to secure a very streamlined and hassle-free finance approval.

Yes, we have a large variety of banks that will give you an approval without having to put your own businesses cash reserves into the equipment purchase and it won’t affect your interest rate in most scenarios. Our most common equipment loan is with no deposit required.

Yes, we secure equipment loan approvals for Low Credit Score applicants. We are comfortable on getting your equipment loans approved with a low Credit Score or Credit Defaults. We fully understand that what happens in the past doesn’t dictate necessarily where you are right now. With most of our clients highlighting to us if they do have a Credit Default on their Credit file. There is normally a very good reason behind the credit default and why it’s there.

Some of our customers are just unlucky with missing a payment of one of their Energy Bills when they change their residential address or have had a dispute over a phone bill where they were charged to much by their phone provider. These are all very common and banks have a good understanding of this.

We always get an understanding of why your Credit Score is below the average and then effectively communicate to the appropriate bank as to why it is lower. Please have comfort that we know how to communicate correctly to the right banks or lenders on the story on the Credit Score and/or Credit Default to get your equipment loan approved.

In addition, we have a great external team we utilise to lift the Credit Default off your file and lift your credit score for you.

Yes, buying equipment from a Private Seller is very common and we do it all the time. We will handle the whole entire process with the private seller for you and organise them getting paid by the financier we go through for your equipment loan. Most of all we also give the Private seller comfort that you are a genuine buyer, and they will be getting paid for their equipment, so they don’t sell it to anyone else.

Yes, you are more than welcome to make extra repayments off your equipment loan. It’s a good overall strategy to reduce the amount of interest paid on your equipment. However, with interest rates being quite low and cashflow being king in any business. It can sometimes be best hold on to your working capital and pay off the equipment loan in the last 1-2 years of your loan contract.

Yes, we can arrange Equipment Insurance for you as we have access to experienced equipment insurance providers that will give you the right advice when it comes to the insurance on your equipment.

Although we are happy for you to go to your bank to obtain your Equipment Finance, we know that it almost always doesn’t deliver the same outcome to you or your business. We know our process compared to a banks process is completely different and we pride ourselves on it. Here are some key reasons as to why we are better than a bank for your equipment loan approval:

• You could end up going to the wrong bank who would charge you a higher interest rate and make you jump through a lot more administration hoops just to secure a simple Equipment Finance approval. We know the banking landscape extremely well and once we get an understanding of your business and what equipment you are purchasing; we will then take you to the most appropriate bank to secure your finance approval with ease.
• It’s so important to spread your loans across multiple banks. Why? It means that one bank never owns you or your business and instead we have multiple banks fighting for your business constantly. This keeps competition high and interest rates low for you.
• One bank will have a better interest rate than another bank depending on what equipment you are purchasing at different times of the year. We know exactly which specific banks to go to at certain times of the year on different types of equipment.
• Don’t waste a credit enquiry on your credit file going to the wrong bank. When we submit your equipment loan for an approval, we know it’s going to be approved. This keeps your Credit File Scores strong as every credit enquiry results in a finance approval when dealing with us.
• You will spend a lot more of your own time and efforts putting an application together when dealing with the bank and have no idea if you will get an approval. When we go to a bank, we are already 99% sure they will approve your equipment loan.
• With Yakka you will always have one point of contact for every equipment purchase you make for your business. Bank Managers are always changing roles in the banks. You might have a great relationship with a bank manager for one year and then they move on, and you have to build a completely new relationship with another bank manager that might not understand your transport business. At Yakka Finance we are not going anywhere, we get to know your business and are here to have a strong relationship with you and your business long-term.