Low Doc Equipment Finance
Low Doc equipment finance can be particularly useful for smaller businesses, residential construction and trade businesses looking to purchase equipment or vehicles without going through a full financial documentation process.
It may be suitable for businesses looking to finance assets such as:
Excavators
Mini excavators
Skid steers and loaders
Bobcats
Utes and 4WDs
Trucks and commercial vehicles
Trailers
Trade equipment
Construction machinery
Other smaller business assets
For businesses that have a solid trading history but don't want to provide extensive financial documentation, a Low Doc option may provide a simpler way to structure equipment finance, subject to lender requirements.
Full Doc Equipment Finance
Full Doc finance may be more appropriate for larger businesses, established agricultural and farming operations, Large mining, civil construction and higher-value equipment purchases where a more detailed assessment is required.
This can include larger assets such as:
Combine harvesters
Tractors
Large agricultural machinery
Heavy earthmoving equipment
Large construction machinery
Trucks and transport equipment
High-value specialised equipment
Other major business assets
A Full Doc application generally involves providing more detailed financial information, allowing the lender to assess the overall financial position of the business and the proposed purchase.
Which Option Is Right for Your Business?
There isn't just one finance structure that works for every business.
A smaller residential construction company purchasing a mini excavator or skid steer may have different requirements to an established farming business purchasing a $500,000 combine harvester.
At Keep It Simple Financial, we can help you understand the finance options available and determine which approach may be more suitable for your business, your financial position and the asset you're looking to purchase.
Looking to finance your next piece of equipment? Get in touch with Keep It Simple Financial today.
