The seller, the machine and the timing all affect what settlement takes.
The machine needs a clear description
A used excavator or truck may be exactly right for the job. Before committing, the lender still needs to understand the make, model, age, hours, condition and proposed purchase price. The documentation can be different from a purchase through an established dealer.
Ownership and any finance or security already attached to the asset also need attention. A seller may have a payout to arrange before clear title can pass. It is much easier to resolve that ahead of delivery day.
Allow time for checks and documents
The business may need a valuation or inspection, the seller may need to supply identification and banking details, and the agreement needs to match the actual transaction. We discuss those requirements early rather than promising a settlement date before the information is available.
Specialist machinery and imported equipment can add further steps. That is a reason to start sooner, not a reason to assume the purchase cannot be financed.
Before paying a deposit
Send us the asset details, seller information and proposed terms. We can outline the likely financing path and what still needs checking. Keep any purchase commitment subject to the protections appropriate to your transaction and seek your own legal advice where needed.
Every business, asset and lender is different. Talk through your circumstances with your advisers before making a finance decision.
