Understand the asset you are financing
Collect the make, model, serial number, age, usage and maintenance history. Ask whether repairs, parts or modifications are needed before the equipment can perform the intended work.
A provider may consider the asset’s age at the end of the agreement as well as at purchase. Its valuation and acceptable term may differ from your expectations.
Private sales need careful preparation
Confirm the seller’s identity and the asset’s ownership position. Existing finance or another security interest may need to be dealt with before settlement. Ask your finance provider what checks and evidence are required.
Do not assume an auction or private-sale payment deadline will align with finance processing. Understand deposits and sale conditions before making a commitment.
Budget for the condition you are buying
- Inspection and repair costs
- Transport and commissioning
- Insurance and ongoing maintenance
- Parts availability and specialist service access
- A contingency if the equipment is unavailable
What to prepare
- Seller and asset identification
- Inspection and service information
- Sale terms and payment deadline
- Any known existing finance or encumbrance
Common questions
Is there a universal age limit?
No. Age, asset type, condition and the proposed term are assessed differently by providers.
Can finance be approved after an auction purchase?
It may be possible, but relying on it creates risk. Confirm the finance conditions and payment timetable before bidding.
General information only. Product terms and availability vary. Check the actual proposal and obtain advice appropriate to your circumstances.