3 Advantages Of Low-doc Equipment Finance
Low-doc and no-doc equipment loans offer a fast, streamlined alternative to traditional financing methods which can be great for businesses. If your business fits the eligibility criteria, you could potentially secure a loan for as much as $500,000 without the need to put together extensive financial records or tax returns.
There’s a common misconception that low-doc loans attract higher interest rates, however, in reality, rates can be competitive and only marginally higher for used equipment or private sales. There are a broad range of lenders that offer low-doc equipment finance, including the major banks all the way down to smaller, private lenders.
Broadening purchase opportunities
A key advantage is that these loans are not restricted to purchases from licensed dealerships. Many lenders are willing to finance purchases from private sellers, broadening your options.
Streamlined application process
For many low-doc products, applications can be conducted over the phone and approvals can be granted quickly after receiving basic information.
The best person to talk to about low-doc equipment finance will be your finance broker, who can help assess your businesses situation and compare your options.