How to Refinance Equipment Loans with Low Doc Finance

🚜 Introduction

Refinancing your equipment loans with low doc finance can provide much-needed relief for your business. Whether you’re looking to lower your repayments, adjust the loan term, or access better interest rates, refinancing can help you optimise your cash flow and free up capital for growth.

In this article, we explain how to refinance your existing equipment loans using low doc finance, what you need to apply, and tips for a successful refinancing process.

💡 Why Refinance Equipment Loans with Low Doc Finance?

  • ✅ Reduce monthly repayments by extending the loan term
  • ✅ Access better interest rates and terms based on improved business finances
  • ✅ Free up cash flow for other business needs
  • ✅ Refinance multiple loans into a single, more manageable repayment

👉 For more information on refinancing, visit: Equipment Finance Australia.

⚙️ When to Consider Refinancing Equipment Loans

  1. High Interest Rates
    If your current loan has high interest rates, refinancing can help lower them and reduce your total repayment amount over time.
  2. Improved Cash Flow
    When your business experiences improved cash flow, refinancing may allow you to take advantage of lower rates or better terms.
  3. Shortened Loan Terms
    If you’ve experienced business growth, refinancing to a shorter loan term can save you money on interest in the long run.
  4. Consolidating Multiple Loans
    If you have multiple equipment loans, refinancing can consolidate them into one loan, making it easier to manage repayments.

📋 What You Need to Refinance with Low Doc Finance

  • Active ABN (usually 6–12 months)
  • Business bank statements (typically 3–6 months)
  • BAS or accountant’s letter (optional but helps)
  • Details of existing loans (balances, repayment terms, etc.)
  • Supplier quote or invoice (if refinancing for new equipment)

💬 How to Improve Your Chances of Refinancing Approval

  • Maintain Strong Cash Flow
    Lenders want to see stable cash flow, so ensure your bank statements reflect consistent business income.
  • Provide Clean Documentation
    Ensure your business bank statements, BAS, and other documents are up-to-date and clearly show your business’s financial position.
  • Offer a Deposit
    Offering a deposit, especially if refinancing older equipment, can help reduce the lender’s risk and improve your approval chances.
  • Work with a Broker
    A broker can help you identify the best lenders for your refinancing needs and negotiate the best terms for your situation.

💥 Benefits of Refinancing Equipment Loans

  • Lower interest rates and repayments
  • Ability to upgrade or add new equipment
  • Simplify multiple loans into a single payment
  • Improve cash flow by extending loan terms

🚀 Final Thoughts

Refinancing your equipment loans with low doc finance offers a flexible and straightforward way to improve your business’s financial situation. With the right preparation, a solid business profile, and expert advice, refinancing can provide the breathing room your business needs to continue growing.

 

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.

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.