Machinery Finance

Machinery finance allows you to purchase a new or used machine without paying the full purchase price upfront. A lender funds the purchase, and you repay the amount over an agreed term through regular repayments. The process generally starts by looking at the machine you want to buy, your business profile, credit history and preferred loan structure. We then compare options across 80+ lenders to find a suitable lender, rate and repayment structure for your circumstances. Depending on the lender and your situation, you may be able to choose a loan term, include a balloon or residual payment, and finance the machine with or without a deposit. Once you’re happy with the proposed finance option and give us the go-ahead, we submit the application to the most suitable lender. This is when a formal credit enquiry may be made. If approved, the documents are signed and the lender pays the seller, allowing you to take ownership of the machine and begin making your agreed repayments.

We finance almost every type of new and used machine, including excavators, rigid machines, semi-machines, tippers, dump machines, concrete agitators and concrete pump machines, refrigerated machines, pantechs, tautliners, curtain-siders, flatbeds, tray machines, tilt trays, crane machines, tow machines, car carriers, livestock machines, water machines, vacuum machines, garbage and waste machines, hook-lift machines, skip-bin machines, fuel tankers, road tankers, logging machines, service machines, mining machines and other specialised heavy vehicles. We can also arrange finance for trailers and related equipment, including flat-top trailers, drop decks, low loaders, refrigerated trailers, tipper trailers, tanker trailers and livestock trailers.

Not with an ABN alone. If you’re a new business or don’t have full financials, there are lenders that may still consider your application, but they’ll generally want to see a registered business, a confirmed source of work with a reputable company, and usually a deposit. The work doesn’t necessarily need to be under a formal contract, but the lender will typically want to verify the work details verbally. The deposit required will vary depending on your overall credit profile, business experience and the machine you’re purchasing. We can assess your situation and determine which lenders and finance options are available without putting you through unnecessary applications.

Yes. We arrange finance for used and older machines, whether you’re buying from a dealer, private seller or auction. The machine’s age, value and condition can influence which lenders and finance options are available. We can compare options from lenders that finance a wide range of used and older machines to find a suitable deal for your circumstances.

Machinery finance rates typically start from around 6.55% and can range to 15%, depending on your credit profile, business history, financials, machine age, loan amount and preferred loan terms. Eligible applicants financing newer machines may qualify for rates at the lower end of this range. We compare options across 80+ lenders to find competitive rates and repayments suited to your credit profile and preferred terms. Where possible, we’ll also negotiate directly with lenders to secure a better deal. Rates are indicative only and subject to lender criteria, credit assessment, fees, terms and approval.

Machinery finance terms are generally available from 1 to 7 years, depending on the lender, age of the machine and your circumstances. We can structure the term and repayments around your business cash flow and how long you plan to keep the machine.

Depending on your circumstances, low-doc machinery finance may be available up to $500,000, while full-doc finance can extend to $5–10 million+ for larger purchases or fleets. Your borrowing capacity will depend on factors such as your business financials, trading history, the asset being financed and the lender’s criteria.

Not always. Eligible applicants may qualify for up to 100% machinery finance with no deposit. Other applications may require a contribution depending on your credit profile, business history, machine age, purchase price and lender requirements.

Yes. A machine and trailer can be financed separately or, depending on the transaction and lender, financed as part of the same purchase. We can structure the finance around the machines and trailers your business needs.

Yes. We arrange machinery finance for dealer purchases, private sales and auction purchases across Australia. Different lenders have different requirements for private and auction purchases, so matching the transaction with the right lender is important.

Yes, depending on your eligibility. Low doc, lite doc and no financials machinery finance options may be available without providing a complete set of business financial statements. Requirements vary between lenders and may include BAS statements, bank statements or other business information.

Yes. Having bad credit doesn’t necessarily mean you can’t get machinery finance. We work with a range of lenders and can explore options based on your individual circumstances, business history and the machine you’re looking to finance. Every application is different, so approval isn’t guaranteed, but we’ll work to find the most suitable finance option available for your situation.

A balloon is a lump sum left owing at the end of the finance term. Including a balloon can reduce your regular repayments, but it leaves a larger amount to pay or refinance at the end. The right balloon depends on your machine, finance structure and business cash flow.

Depending on the finance structure, business use and your circumstances, you may be eligible to claim GST credits, depreciation and interest expenses. Tax treatment varies, so you should speak with your accountant or tax adviser about your specific circumstances.

Most of the time, we can get same-day approval. Some applications may take 24–48 hours, depending on the asset you’re purchasing, your business background, the complexity of the application, and whether the lender requires any additional information or documentation. We work to match your application with the most suitable lender from the outset, helping keep the approval process as quick and straightforward as possible.

Getting a machinery finance quote with Overdrive has zero impact on your credit score. We don’t require any upfront credit checks to provide you with a quote. A formal credit enquiry is only made once you give us the go-ahead to proceed with your application and we submit it to the most suitable lender.

Machinery finance is available to eligible Australian ABN holders, including sole traders, owner drivers, partnerships, companies and other businesses purchasing machines for business use.

Different banks, dealerships and commercial lenders can offer very different rates for the same machinery finance application. Our job is to compare 80+ lenders to find the lowest rate and repayments available for your credit profile and wanted terms. We also have the ability to negotiate pricing directly with lenders for a better deal. You’re not restricted to one bank or dealership. We find the lender that best fits your application and negotiate for the sharpest rate and terms available for your circumstances.

Yes. Self employed ABN holders, sole traders and business owners can apply for machinery finance. The documents required will depend on your business history, credit profile, loan amount and the lender.

Potentially. Some lenders consider newer ABNs and recently established businesses. Your industry experience, credit profile, deposit, contracts, cash flow and the machine being purchased can all help determine your available options.

Yes, depending on the lender and transaction. Finance may be available for a machine together with an attached body or modifications such as a tipper body, refrigerated body, crane or other equipment required for the machine to operate in your business.

You can still look at replacing a machine that has existing finance. The current loan will generally need to be paid out as part of the transaction. Depending on the machine’s value, payout figure and your circumstances, we can look at how the replacement machinery finance can be structured.

The right machinery finance term depends on your cash flow, machine age and how long you plan to keep the vehicle. A longer term can reduce regular repayments, while a shorter term generally reduces the amount of interest paid over the life of the loan.