FAQ'S | Commercial Asset Finance Brokers

truck, trailer, business vehicle,
machinery and equipment finance loans.

Frequently Asked Questions

What does Overdrive Funding do?

Overdrive’s business finance specialists work with Australia’s leading truck & trailer financiers.

If you would like to know more on why Overdrive is fast becoming Australia’s best commercial truck, trailer, business vehicle, machinery and equipment finance broker, call us on 1300 883 859 or have a look at what our customers have to say about us.

Is there a service fee?

No, we provide a completely upfront and honest free finance and loan comparison service to people Australia wide.

How do I apply?

To apply for a low rate Overdrive Funding express truck, trailer, business vehicle, machinery or equipment loan is easy! Our expert, business finance specialists are available online or by phone 1300 883 859 seven days a week with an enquiry.

I got a quote elsewhere, can you beat it?

We love doing this. Overdrive Funding has access to the market's lowest interest rates. Therefore, we take delight in offering the chance to beat your current rate and repayments.

After examining the asset you're acquiring, your current repayment structure, and the current stage of your business, we will provide you with truthful and accurate feedback. If given the opportunity, we will secure a low-interest rate loan approval for you.

If we are unable to beat your interest rate, you are receiving an excellent rate on your asset purchase and and we recommend you accept that offer with great pleasure.

What do I need to get finance?

Each application is evaluated on its own, on a case-by-case basis.

Depending on the size of your company and the amount of money you want to borrow, we might be able to set up a low-doc or no doc option for you, or we might require a full application from you.

Do you finance older assets?

At the end of the term, most of the assets we fund are less than 20 years old. This means that if the loan is for 5 years, the asset can't be more than 15 years old when it's bought. At the time of purchase, if the asset is older than 15 years, we can shorten the loan term to make it fit within policy.

If the asset is older than 20 years, we can still evaluate it on a case-by-case basis. Still, we would need information like business account statements or financial statements to prove income.

Do I have to purchase from a dealership?

No, you can also buy from a private vendor or an auction, and we will take the necessary precautions to make sure both the lender and the private vendor are satisfied with the transaction.

Can you organise insurance?

Overdrive works closely with an insurance broker and an insurance company.

Shielded Insurance Brokers are a leading insurance brokers specialising in all types of insurance for businesses.

Suncorp Insurance provides quick and easy insurance quote is quick and easy with Suncorp — it’ll just take a few hassle-free minutes.

If you require asset finance insurance, we will provide you with a free, no-obligation insurance quote.

Can I pay weekly, fortnightly or monthly?

Most commercial loans are structured with monthly repayments or seasonal, weekly or fortnightly repayment cycles are rare.

How long does it take to from inital enquiry through to settlement?

Our commercial asset finance experts here at Overdrive take great pride in the fact that we can provide the quickest service possible while still offering the competitive products that have helped establish Overdrive as a leading brokerage firm.

Pre-approvals up to $500K are instant and it only takes a few seconds.

Unconditional approval occurs 24 to 48 hours after we receive the necessary documents (such as a completed privacy form and, if necessary, proof of income).

If the asset is bought from a licenced dealership, settlement can be made the day after unconditional approval. A private sale, on the other hand, might take a little longer because we need to get more paperwork from the vendor.

Overall, Approvals for our prime business loans at competitive interest rates can frequently be arranged on the same day.

Types of asset finance you do?

There are 3 common types of asset financing available; hire purchase agreements, chattel mortgages and equipment leases. We’ll walk you through your options and advise you on the best type of financing for your situation when you talk to our team.

What will my interest rate be?

Current rates start in the low 7%s but may vary depending on the age of the asset being purchased and the credit score of the applicant.

Our business has been built on repeat customers and customer referrals over the last 30 years – so it is very important that we provide the best possible market rate whenever we issue a finance approval.

Can you tell what my exact rate will be before an unconditional approval?

We can only provide clients with a solid payment structure and interest rate after we receive the information we need for unconditional Approval and the loan is approved.
Factors that may affect the payment structure and interest rate are as follows;
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1. Time client has been in business
2. Asset backing of client
3. Age of asset being purchased
4. Condition of asset (km’s travelled and any major works completed on the truck)
5. The credit score of the customer
6. Dealer sale or private sale (private sales incur 1% rate loading)
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Asset Finance is a bit different to Home Loan Finance, for instance, whereby you can more often than not obtain an interest rate upfront before applying for a home loan.
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No matter what outcome of the above factors, we always attempt to provide the best payment structure for the client to best suit their needs. An important consideration to us is that our customers can afford the payments, and they run a successful business and come back to us for many Asset Loans in the future.

Why use Overdrive Funding for asset finance and not a major bank?

Our turnaround times are typically faster than those of the major financial institutions. There are numerous procedures that must be followed by major banks, which could result in your application passing through too many hands prior to approval or settlement.
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Given that we only offer commercial truck, trailer, business vehicle, machinery and equipment finance, our team has extensive knowledge of equipment Loans and all types of trucks and machinery. This means we get our head around your proposal better than other lenders that might have more expertise in home loans, commercial property loans, personal loans or consumer car loans.

Our clients are provided with a dedicated finance broker whereby you can talk to them straight through to their mobile number and email. Accessing the right person at a larger financial institution can be very difficult. The approval process is more streamlined, and our simplified documentation process makes it easy to get approved in the time you need.
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Our policies surrounding asset finance are more fluid that a major bank. Banks need to meet specific regulations governed by APRA, which means the information they need from clients may result in a declined decision. Non APRA regulation means that we can offer our clients no doc asset finance up to $250K, low doc asset finance up to $500K and full doc finance up to $5M.

Do I need my financials to be completed before applying for asset finance?

Our policy lets us offer a wide range of products to our clients.
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No doc asset finance up to $250K (no bank statements and no financials)

Low doc asset Finance up to $500K (bank statements or BAS statements)

Full doc asset finance up to client’s serviceable borrowing capacity (accountant prepared financials and personal tax returns for the directors)

As a result, we do not require financial statements for loans up to $500K – it is only the bigger transaction that accountant prepared financials are critically required.

Can I apply for asset finance if I'm just starting out?

We most certainly can offer asset finance for new start businesses—no deposit options are available for the purchase price up to $150K depending on your credit profile. A deposit will be required if the purchase is greater than $150K.

Where is Overdrive Funding located?

Although Overdrive Commercial Funding is based in Chatswood, New South Wales, we serve clients across all industries in Australia as a whole because our network of lenders is spread across all 6 states.

Can I make additional repayments to reduce my asset loan?

Yes, you can make extra payments on your asset loan if you want to. Reducing the amount of interest you pay on your asset is a good plan in general. But with interest rates being so low and cash flow being the most important thing in any construction or transportation business. It may be best to keep your working capital and pay off the asset loan in the last one to two years of your loan agreement.

What industries do you help secure finance for?

We specialise in asset finance for transportation and construction companies but we also assist other industries including farming and agriculature, forestry and logging, manufaturing, mining and quarrying, hospitality, medical, engineering, education, professional services and many more as long as you're either a Business Owners, ABN Holder, Sole Trader, Tradie or Self-Employed.