There are various equipment finance products aimed at commercial customers that require minimal financial supporting information to obtain approval. These products are referrred to as ‘low doc’ and can really come in handy and assist your business by giving you access to funding quickly for purchases that you haven’t been fully prepared for.
There are a range of low doc products on the market today, including:
Professional low doc product – primarily aimed at self employed professionals in the medical or legal profession, where you can typically access funding up to $150,000 to purchase certain assets (usually new or used assets no older than 4 years old).
Replacement low doc product – allows you to update or upgrade a tired piece of business equipment. Typically you can access up to $150,000 with minimal financial information. If you have an older piece of business equipment that is starting to cost you money to maintain then now might be a great time to replace it.
Business overdraft – in addition to equipment funding low doc facilities, there is also an unsecured line of credit facility. This facility allows you to have cash available that you can utilize at any time for any business purpose.
For each of these products there are certain lending criteria and guides for accessibility. If you have a business that needs funding quickly in order to buy a new asset, please speak to our Asset Finance Specialist Angus Askew today on 0437 615 712 so that he can find the right product to suit your needs.
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