Equipment Loan Process

We have a very simple process for obtaining an equipment loan at Best Loans.

1) ENQUIRY
Initially, you fill out the online enquiry form or ring us on 1300-002-190. If you have not found suitable equipment to purchase yet, we can help you find one. We can provide a free pre-approval that allows you to know exactly how much you can borrow and what your repayments will be. This allows you to buy within your budget.

2) APPLICATION
One of our brokers will be in touch with you to take a more in-depth application. They may ask you questions about your employment, address, income and the intended purchase. Your personal broker may also require supporting documentation such as payslips or tax returns.

3) SUBMISSION
Your personal broker will then submit your application to one or more lenders that are suited to your application. The end decision on which financier you proceed with is up to you but we can provide you with the most suitable options to choose from. If there is a lender you would prefer to deal with or would prefer not to deal with, let us know!

4) APPROVAL
We aim to achieve an approval on your application within 24-48 hours. (This time frame may be dependent on receiving the relevant supporting documentation.) We will keep you informed at every stage of the process and may contact you for additional information as required by the lenders.

5) FIND YOUR PURCHASE
If you haven’t already found your equipment, once we have advised you of your approval, you are then free to search for it.

6) SETTLEMENT AND DELIVERY
Once you find it, notify your personal broker and they will arrange the rest from there. There are documents and information required from the vendor such as ID and registration. Once all the documentation is in place the funds are direct deposited into the vendor’s bank account and a confirmation of settlement is sent to our office. Once the settlement confirmation is received, it means you now own the item.

So, the next step is to ring us on 1300-002-190 and speak to our equipment loan specialist or enquire online now.