What you need to apply, and how long it takes
Most businesses expect this to be harder than it is. For a straightforward equipment purchase you generally need an ABN that has been registered for around two years, identification for whoever is signing, and details of what you are buying. Financial statements are usually not required for amounts up to $250,000 ex GST, subject to credit criteria. Where we are given the right information up front, the run from quote to formal approval is typically about 24 hours.
What you actually need
An ABN, typically registered for a minimum of two years.
Identification for whoever is signing. A driver's licence, front and back, and a Medicare card or passport. If the person signing does not hold a licence, other forms of identification can be used instead. Tell us the situation and we will tell you what works.
Details of what you are buying. What the equipment is, what it costs, and who you are buying it from.
Financial statements are usually not required for amounts up to $250,000 ex GST, subject to credit criteria. Above that, more is generally needed, and the amount of it depends on the deal.
How long it takes
Where we are given the right information at the start, the run from quote to formal approval is typically about 24 hours.
The thing that slows an application down is almost never the funder. It is missing information going in, which turns a single overnight decision into several rounds of back and forth.
How to make it fast
Have the identification ready before you start, front and back.
Know what you are buying and from whom, including a price. An approval built on a rough figure has to be redone when the real one arrives.
Mention anything unusual at the beginning rather than the end. A reactivated ABN, a private seller, an older machine, a recent change in the business. None of these are necessarily problems, and all of them are worse discovered halfway through.
What happens after approval
You complete the online application, which takes about ten minutes, and sign the privacy consent, which is sent separately for electronic signature.
Once the finance documents are signed, your supplier is paid.
If you are buying used or buying privately, there is an inspection step as well. See financing used equipment and private sales for how that works.
Which lender do I go to
You do not. Someone from our team looks at your situation, compares lenders and arranges it, so you deal with one contact rather than repeating yourself to several. Figures are ex GST, and nothing is settled until a funder has assessed it.
Common questions
How long has my ABN got to be registered?
Typically a minimum of two years.
What identification do I need?
A driver's licence, front and back, and a Medicare card or passport. If the person signing does not hold a licence, other forms of identification can be used. Tell us the situation and we will tell you what works.
Do I need to provide financial statements?
Usually not for amounts up to $250,000 ex GST, subject to credit criteria. Above that, more is generally needed and it depends on the deal.
How fast is approval?
Where we are given the right information up front, typically about 24 hours from quote to formal approval. That is approval rather than funds, since documents are signed after that and your supplier is paid once they are.
What slows an application down?
Missing information at the start. It turns one overnight decision into several rounds of back and forth.
Ecolease arranges your finance. This quote is indicative, and any offer is subject to credit assessment and the lender's approval.
Start with an indicative figure
A real indicative figure in under two minutes, then a short application. Someone from our team takes it from there.
Get an indicative figure