The asset
What it is, new or used, its age, serial number or VIN, and what it is worth.
Equipment checklist
Equipment Finance Checklist: Everything You Need to Get Approved
A practical checklist to work through before you finance a truck, machine, oven or forklift, so approval and settlement move quickly.
Before you buy
Why use a checklist for equipment finance?
Equipment finance is one of the most straightforward forms of business lending, because the asset itself secures the loan. Yet deals still stall for avoidable reasons: a quote without a serial number, a private seller who still owes money on the machine, or a buyer who has not decided whether they want to own the gear or lease it.
When the paperwork is right, things move quickly. Approval and settlement can be fast when the tax invoice or quote, ID and bank statements are ready, and next-business-day settlement is possible for straightforward applications. Most of the delays we see come down to one missing detail that could have been sorted in five minutes.
Work through the checklist below before you apply. It covers the asset, the supplier, your own documents and the structure decisions that are best made before you sign anything. Whether you are buying a forklift, a prime mover or a combi oven, the same principles apply. Tick each item off as you go.
To get equipment finance approved fast, have a tax invoice or formal quote showing the supplier, asset description, serial or VIN and price including GST, plus photo ID, your ABN and recent business bank statements. Decide on a structure such as chattel mortgage or lease, and confirm any used asset is free of existing finance.
Four parts
What does the checklist cover?
Every fast equipment deal comes down to getting these four things right.
The supplier
Dealer or private seller, their ABN and GST status, and a proper tax invoice or quote.
You and the structure
Your ID, ABN and bank statements, plus the finance type, term and any balloon that suits you.
What details about the equipment does a lender need?
Lenders want to know exactly what they are financing. A vague description such as "excavator" will come back with questions. A clear one, with make, model, year, hours and serial number, can be assessed straight away.
Different assets are assessed in different ways. Trucks, machinery, forklifts and commercial kitchen gear generally hold value well and are familiar to lenders. Specialised or very old equipment may need more explanation. Our machinery finance and truck finance pages go into the detail.
- Make, model and year of manufacture
- Serial number, VIN or chassis number
- Hours or kilometres for used equipment
- New or used, and condition
- Purchase price including GST
What should be on the supplier's tax invoice or quote?
The invoice is the backbone of the deal. It should show the supplier's business name and ABN, a full description of the asset, the price with GST shown separately, any trade-in and any deposit paid. If it is a quote rather than a final invoice, make sure it is on letterhead and dated.
Ask the supplier to address it to your business name exactly as it appears on your ABN. A mismatch between the invoice and the applicant is a small thing that can hold up settlement.
- Supplier's name, ABN and contact details
- Your business name exactly as registered
- Full asset description including serial or VIN
- Price, GST, deposit and any trade-in
- Date and invoice or quote number
Can you finance used equipment from a private seller?
Yes, private sales can be financed, but they need a little more care. The lender needs proof that the seller owns the asset and that there is no money still owing on it. Ask the seller for their purchase documents or registration papers, and get a written private sale invoice with both parties' details.
Allow a bit more time for checks, and inspect the equipment yourself or with a mechanic. Used equipment finance explains the extra steps involved.
Apply today… cashed up tomorrow!
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Start the 60-second enquiry now. When your documents are ready and the deal is straightforward, being cashed up as soon as tomorrow is possible for eligible applicants.
Which finance structure should you choose?
Decide this before you apply, because it affects the documents and the tax treatment. A chattel mortgage means you own the equipment from the start while the lender holds security over it. A finance lease or rental means the financier owns the asset and you pay to use it, often with an option to upgrade. Hire purchase is broadly where you pay off the asset in instalments and ownership passes to you at the end.
A balloon or residual lowers regular repayments, with a larger amount due at the end of the term. Each option has different GST and tax outcomes, so talk to your accountant about which suits your business. Our guide to equipment lease vs loan compares them side by side.
What documents do you need about your business?
The business side is usually simple. Photo ID for each owner or director, your ABN and ACN where relevant, and recent business bank statements cover most straightforward deals. Larger or more complex purchases may also need financial statements or tax returns.
If your books are not up to date, low doc equipment finance may be an option. Bad credit is considered case by case too, since the equipment provides security.
- Driver licence or passport for each owner or director
- ABN, and ACN for a company
- Recent business bank statements
- Details of any existing equipment finance
- Accountant's contact details for larger deals
What questions should you ask before you sign?
Before committing, check the total cost over the full term, not just the repayment. Ask whether there are fees for early payout, what happens at the end of a lease, and whether a balloon will need refinancing. Confirm insurance requirements and who arranges cover.
Rates depend on the asset, term, security, risk and lender, so a clear picture of your business helps you get a sharper offer.
Ticked every box? Send your enquiry
With the invoice, your ID and bank statements in hand, you are ready. The enquiry takes about 60 seconds, there is no credit check when you first enquire, and your details are not sprayed across a pile of lenders. A real person looks at your situation, so please fill the form in accurately so we can match you first time.
Start the 60-second enquiry today. Subject to lender approval, next-business-day settlement is possible for straightforward applications. Need it urgently? See fast equipment finance.
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Australian business context
Enquiries can include ABN, BAS, ATO, bank statement and asset details where relevant.
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Common questions
Equipment Finance Checklist: Everything You Need to Get Approved FAQs
What documents do I need for equipment finance?
A tax invoice or quote, photo ID for each owner or director, your ABN and recent business bank statements cover most straightforward applications.
How fast can equipment finance be approved?
When the invoice, ID and statements are ready, approval and settlement can move quickly. Next-business-day settlement is possible for straightforward applications.
Can I finance equipment bought privately?
Yes. Lenders will need proof of ownership from the seller and confirmation there is no finance owing on the asset.
What is the difference between a chattel mortgage and a lease?
With a chattel mortgage you own the equipment from day one. With a lease, the financier owns it and you pay to use it.
Do I need a deposit for equipment finance?
Not always. Requirements depend on the asset, your business and the lender, and a trade-in can sometimes act as a deposit.
Can I claim GST on financed equipment?
It depends on the finance structure and your GST registration. Your accountant can advise on the right treatment for your business.
Related finance options
Explore connected Loanster pages
Equipment Finance for Australian Businesses
Finance eligible equipment for your business while preserving cash flow for wages, suppliers and day-to-day operations.
Chattel Mortgage for Australian Businesses
Buy the vehicle or machine in your business name, take it home straight away and pay it off over a term that suits your cash flow.
Equipment Lease vs Loan: Which Suits Your Business?
Own it, lease it or rent it? The answer shapes your cash flow, your balance sheet and what happens when the gear gets old.
Equipment Broke Down? What to Do in the Next 24 Hours
A calm, step-by-step plan for when a key machine dies mid-job, from triage to fast replacement finance.
All tips options
See every guide and checklist on Loanster in one place.
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Last reviewed: 24 October 2026
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