Get started ↗A fast, no-financials approval might get this machine moving. Before you use it, ask what it does to your options for the next machine, contract or fleet program.
Talk through the next purchaseThose headlines speak to a real pressure: you need equipment and you want to keep working. But they say very little about where the debt should sit, what the repayments will do to your business or whether that lender is the one you will need later.
There is a time for a quick, low-doc transaction. Making it the starting point for every purchase can use up some of your easiest options before you have tested what the business can support through a properly prepared credit submission.
The first piece might fit. The real question is whether it leaves room for the pieces coming next.
Every approval adds a repayment and occupies capacity with a lender. Where you place today’s excavator can affect your room for the truck you need next month, the bank facility behind a new contract or a fleet replacement next year.
We look across existing debt, lender exposure and the likely pipeline before deciding where a transaction belongs.
This is the decision that rarely fits into an ad headline.
That does not mean another approval is impossible. It means the earlier decisions now form part of the assessment.
There is still a place for low-doc. We want to choose when to use it.
Rate matters. So do the limit, the security a lender wants, the approval conditions and the room left for the next purchase. If rate is the only number on the table, you do not know what you are giving up.
Monthly repayment on a $500,000 amount financed over five years:
| Interest rate | 7.0% | 7.5% | 8.0% | 8.5% |
|---|---|---|---|---|
| Per month | $9,901 | $10,019 | $10,138 | $10,258 |
Illustration only: fixed annual rate, equal monthly principal and interest repayments, fully repaid over 60 months, with no balloon, deposit or fees. Rounded to the nearest dollar. Actual finance structures and repayments vary.
About $118 a month separates 7.0% and 7.5% in this example. Over five years that still adds up, so price deserves attention. It should be weighed against what each approval allows the business to do.
Imagine a lower-priced offer with a $2 million ceiling, and another lender prepared to consider a $5 million fleet facility at a slightly higher rate. Those figures are hypothetical. The question is whether the larger facility is affordable and worth its total cost and security requirements for the work your business expects to win.
That is where James and Dan work as your outsourced finance procurement team: laying options beside one another, explaining the conditions and working with your banker and accountant before you commit to the next piece of debt.
Already have a great banker? Good. Introduce us. We can work together, look beyond one lender’s policy and help you compare the cost of the debt with the opportunities it may unlock.
When, how and why we use low doc.
A low doc approval can be a useful tool. It should not be the automatic answer to every equipment purchase. Our usual starting point is to review the financials and test what appropriate banks and other lenders could support through a properly prepared application. That can leave simpler approval options available for the times they earn their place.
An asset is available now and needs to be working quickly. If a full financial assessment cannot meet the timing, we may make a pragmatic choice to use an eligible low doc facility. We still check the repayments, the asset and what that choice leaves available for later.
The business has real work for another asset, but the latest financial statements may not yet reflect that growth. After assessing what financial-statement-based lending can support, we can consider low doc for a further purchase where the work, cash flow and total debt commitments make sense. It is not a way to ignore affordability.
A fleet may have major machines financed through its bank while also buying light vehicles, generators or workshop equipment. An appropriate low doc lender can sometimes carry those smaller purchases and keep the larger facilities available for core fleet needs.
Low doc still has lender criteria and documentation requirements. Speed, rates, fees, security and limits vary by lender and transaction. Some low doc and full financial products may price similarly; we compare the actual terms rather than assume either path is cheaper. The aim is to place each asset deliberately and keep useful options open.
“Low doc up to $1 million.” “Decision in 24 hours.” A rate that looks hard to beat. Those offers may suit some transactions. The headline does not tell you whether your business qualifies, what security is required, who will handle a complex application or how much borrowing room will remain afterwards.
If your business fits a lender’s straightforward low doc criteria, an approval can be relatively simple to arrange. A properly prepared full financial application asks more of the broker: read the accounts, understand the existing debt, explain the business and negotiate the questions a credit team raises.
James and Dan spent years in credit roles before becoming brokers. We can give you a considered view of how a lender is likely to assess your business and whether a bank facility or a full financial application is worth pursuing. If it is, we’ll do the work with you and your accountant. If low doc genuinely fits the timing and the wider plan, we’ll explain why.
We submit under MFG’s own lender accreditations. Your enquiry is not sold to another broker, and we do not rely on another brokerage to lodge your application. You can ask who sees your information, who makes the submission and what each lender’s actual rate, fees, security and limit will be. We will give you a straight answer about the options we can pursue, without treating an ad headline as an approval.
It is one of the first things we ask. Sometimes the machine is available today and needs to be on a job tomorrow. A fast lender may be the right move.
When there is time, we can get into the numbers with you and your accountant, prepare a bank-quality request and see what appropriate lenders will support. That work can protect more than the price of this one asset. It can protect the options the business will need as it grows.
Read the MFG approach →
James Allan and Daniel Salajan spent years assessing businesses and negotiating with lenders before working directly with their own clients. You deal with them, not a sales team working through the next enquiry.
Bring us the machine you want to buy. We will also ask about the fleet you have, the lenders already involved, your financial position and where the business is going next.
Get to know James and Dan →
Six new Kobelcos, planned against the payouts and trade positions of an ageing fleet.
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Equipment and banking capacity developed alongside a mining services business over years.
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A concrete division funded across appropriate lenders as part of a wider fleet relationship.
See the story →No. It can be useful when timing, available financial information or the nature of a transaction makes it the right fit. The point is to use it by choice, with an understanding of what it leaves available afterwards.
Financials can support a fuller discussion with banks and other lenders about capacity, structure and the wider business. If the numbers support an appropriate facility, it can be worth doing that work before relying on simpler approval paths.
Good. Introduce us. We can work alongside your banker and place equipment where it makes sense, while protecting the banking relationship for the requirements it is best placed to support.
James and Dan will talk through the equipment, existing debt and timing with you. If the numbers support a stronger path, we will help prepare it. If speed matters, we will tell you that too.
One machine or a whole fleet, tell us what you’re considering. James and Dan will look at the purchase in the context of the business around it.
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