BUSINESS LENDING HUB

Can I Finance a Reversible Plate Compactor in Australia?

Is a Reversible Plate Compactor Financeable?

Yes – reversible plate compactors are absolutely eligible for commercial equipment finance in Australia. These are considered essential compaction tools for many trades in the civil, construction, landscaping, and roadworks sectors.

Whether you're buying a new or used machine, through a dealer or private seller, most lenders recognise reversible plate compactors as a fundable asset under construction and earthmoving equipment.

Typical Price Range for Reversible Plate Compactors

Costs vary depending on brand, plate size, and motor type:

  • Small diesel models (3–5kN): $6,000 – $8,000

  • Mid-sized units (6–8kN): $9,000 – $14,000

  • High-performance diesel units (9–12kN): $15,000 – $22,000+

Because they’re sub-$75,000 assets, these machines can often be financed through low doc loans with minimal paperwork.

Who Typically Finances These Machines?

  • Asphalt contractors

  • Road repair crews

  • Concreters

  • General builders

  • Commercial landscapers

If you need to compact soil, base layers or hot mix on-site and want the flexibility of reverse operation, this is the go-to piece of gear — and very financeable.

Do I Need Full Financials?

Not necessarily. If your ABN has been active for at least 12 months, you may qualify for low doc finance for amounts under $150,000.

Many tradies can secure approval using:

  • An active ABN

  • Some recent bank statements or BAS

  • A quote or invoice for the machine

If you're borrowing under $50,000, there are even options with no GST registration required.

Can I Buy From a Private Seller?

Yes. Just ensure:

  • The machine is in reasonable condition

  • You get the serial number

  • The seller provides an invoice or proof of ownership

Some lenders may require photos or an inspection depending on the age or condition of the compactor.

Want to Check Your Eligibility?

It only takes 20 seconds to see if you're likely to qualify.

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DISCLAIMER

The information provided on this website is general in nature only and has been prepared without considering your financial needs, circumstances and objectives and should NOT be construed as financial, taxation or legal advice. For more information, get in touch with our experienced partner brokers today.

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All Your Questions Answered

What is a car loan and how does it work?

A car loan is a finance product where a lender provides funds for you to purchase a vehicle, which you repay over time with interest.

What’s the difference between secured and unsecured car loans?

Secured loans use the car as collateral, often leading to lower interest rates. Unsecured loans don’t, but usually have higher rates.

What loan terms are available for car finance?

Most car loans offer terms from 3 to 7 years. Find out what term suits you best.

How is interest calculated on a car loan?

Interest is based on the loan amount, term, and rate. Fixed-rate loans have predictable repayments, while variable rates can change.

Can I get a car loan for a private sale?

Yes, many lenders accept private sellers. You’ll need to provide extra documents.

Do government employees get lower interest rates on car loans?

Yes — many lenders offer better rates due to your stable income. Explore finance options for government employees.

Can I apply for a car loan while on probation?

Yes. Many workers are approved during probation.

What credit score do I need as a government employee?

A score of 650+ is ideal, but lower scores may still be considered.

Are corporate professionals eligible for low-rate finance?

Yes, especially if you're full-time with strong income.

Can I get car finance with a novated lease?

Yes, many government departments support novated leasing.

Can I get a car loan with no credit history?

Yes, it's still possible to get a car loan with no credit history.

What if I’ve been declined elsewhere?

A broker can help restructure your application for better results.

How do I check my credit score?

Use Equifax, Experian, or Illion for a free check.

Can I get finance if I have a current personal loan?

Yes, if your income supports both loans. A broker will assess your capacity.

What documents do I need to apply?

Typically: ID, payslips, and bank statements.

Can casual workers get car loans?

Yes, if you’ve worked consistently for 6+ months.

Can I apply if I’m self-employed with an ABN?

Yes. Consider a low-doc loan.

Can Centrelink be used as income?

Yes, when paired with PAYG income.

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Most lenders prefer $30,000+ annually, but this varies.

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Yes, especially if it’s government-backed.

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Yes, most lenders allow used cars under 10 years old.

Can I get a loan for an SUV or family car?

Absolutely

Can I finance a caravan or motorbike?

Yes

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Yes. You may even qualify for green car loan discounts.

Can I use my car for both work and personal use?

Yes you can.

What is a balloon payment?

It’s a lump sum due at the end of the loan term.

Can I make extra repayments?

Yes, many lenders allow this without penalty.

Can I pay off the loan early?

Yes — ask if there’s an early payout fee.

Is there a deposit required?

Not always.

What loan terms are available?

1 to 7 years is standard.

How long does approval take?

24–48 hours in most cases

Can I apply online?

Yes — most lenders and brokers accept online applications.

Is a broker better than going direct?

Often, yes. They can compare lenders for you.

Can I get pre-approved?

Yes — and it gives you better negotiating power at the dealership.

What happens after I apply?

Your documents are reviewed, and if approved, the lender issues funds to the seller.

Can I get a loan with a visa?

Yes, in some cases. see finance for visa holders here.

Do I need a driver’s licence to apply?

Yes, but learners may qualify with a co-applicant.

Can I apply with someone else?

Yes, joint applications are allowed.

Can I refinance my current car loan?

Yes — it can lower your repayments or get you a better rate.

Can I trade in my old car as a deposit?

Yes, many lenders accept trade-ins toward the deposit.

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Yes — see nurse-specific finance tips.

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Yes. Read how to get approved.

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Yes, in some cases. Your job security is a major advantage.

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Yes — consistency in income matters more than job location.

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Yes, especially if you’re returning to work. Here’s how.

Can I use car finance to buy interstate?

Yes — just make sure the seller provides all required documents.

Can I finance a car from an auction?

Yes, but only through select lenders. Ask your broker first.

Will applying hurt my credit score?

Only if you apply to multiple lenders directly. Brokers help protect your score.

Can I get a car loan if I’ve been bankrupt before?

Yes — see bad credit car loan options.

What if I want to upgrade my car before the loan ends?

You can sell the car, pay off the loan early, or refinance.