BUSINESS LENDING HUB

Can I Get Finance for a Cold Planer (Asphalt Milling Machine) in Australia?

Can You Finance a Cold Planer in Australia?

Absolutely — cold planers (also known as asphalt milling machines) are classed as high-value construction equipment and are commonly financed for businesses in the civil, roads, and asphalt contracting industries.

Whether you’re replacing a unit or scaling up your road profiling capacity, most commercial lenders will accept cold planers as a financeable asset — provided your business meets basic credit and trading history requirements.

What’s the Price Range for Cold Planers?

Cold planers are some of the more expensive roadwork machines, and pricing typically depends on width, depth, powertrain, and automation tech:

  • Small compact planers (300–500mm width): $80,000 – $150,000

  • Mid-sized milling machines (500–1,000mm): $200,000 – $400,000

  • Full-width highway spec units (1,000–2,200mm): $500,000 – $900,000+

Brands like Wirtgen, Caterpillar, and Roadtec dominate the space, and newer models with GPS/grade control fetch a premium.

Can I Get Low Doc Finance for a Cold Planer?

Because of their high value, most cold planers exceed $250,000 — which means low doc finance generally isn’t available. You’ll likely need to provide:

  • Two years of business financials or tax returns

  • Recent BAS statements

  • Equipment quote or invoice

  • Personal assets & liabilities position (in some cases)

However, if you're purchasing a compact model under $250k, and you've been trading for 12+ months with clean bank statements, some lenders may still consider low doc or alternative doc loans.

Can You Finance Used Cold Planers?

Yes — both new and used milling machines can be financed. Lenders will want to see:

  • Age (generally under 15 years preferred)

  • Condition report or photos

  • Supplier invoice (dealer or private sale)

If you're purchasing used gear via auction or overseas, the finance process can still proceed — but expect some extra paperwork or risk assessment steps.

Loan Structures Available

You’ll have flexibility depending on your cash flow and ownership preference:

  • Chattel Mortgage: Full ownership, tax-deductible interest & depreciation

  • Hire Purchase: Fixed terms with optional balloon

  • Finance Lease: Asset owned by lender, lower upfront commitment

Balloon payments can help reduce monthly repayments — useful for assets with long working lives like these.

Turnaround Time

Expect loan approval in 3–5 business days once all docs are submitted. For pre-approved buyers, approvals can be as quick as 24–48 hours.

Ready to Finance a Cold Planer?

If you’ve found the right milling machine, we can help fast-track your loan process.

👉 Check your eligibility in 20 seconds

Related Internal Links

 

 

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.

Back to blog

Useful Information

1 3

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.

What’s the minimum income to qualify for car finance?

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

Can I apply on a fixed-term contract?

Yes, especially if it’s government-backed.

Can I finance a used car?

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

Can I finance an EV or hybrid car?

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.

Can nurses get car finance?

Yes — see nurse-specific finance tips.

Can teachers apply while on contract?

Yes. Read how to get approved.

Do defence personnel get special car loan rates?

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

Can FIFO government workers apply?

Yes — consistency in income matters more than job location.

Can I apply if I’m on maternity leave?

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.