Equipment finance isn't a lottery. Lenders follow a clear assessment process, and small steps taken before you apply can make a significant difference — not just to whether you're approved, but to the rate and terms you receive. Here are 7 practical things you can do right now.
1. Check Your Credit File Before You Apply
You're entitled to a free copy of your credit report from agencies including Equifax, Illion and Experian. Check it before applying. Look for any errors, old defaults that should have been removed, or listings you weren't aware of. Knowing what's on your file means you can address issues in advance and explain them if needed — rather than being surprised at the assessment stage.
2. Clean Up Outstanding Defaults if Possible
If you have paid defaults, make sure they're marked as paid on your credit file. An unpaid default is treated much more seriously than a paid one, even if the amounts are similar. Where possible, resolve outstanding defaults before applying — or at minimum, have a clear explanation ready.
3. Make Sure Your Bank Statements Look Strong
For low doc applications, your bank statements do most of the talking. Lenders look for consistent deposits, manageable outgoings and evidence that your business is actively trading. In the 3–6 months before applying, avoid overdrafts, bounced payments and large unexplained withdrawals. Regular, consistent cash inflows tell the strongest story.
4. Know the Asset You're Buying
Lenders assess the asset as well as the borrower. Have the make, model, year, condition and price of the asset ready before you apply. For used equipment, a dealer invoice or private sale contract is helpful. Knowing the truck or machine's market value reassures lenders about the quality of their security.
5. Have a Deposit Ready if You Can
A deposit isn't always required — but having one ready significantly widens your options, particularly if your ABN is under 2 years old or your credit file has some marks. Even 10% changes the risk profile of an application and can unlock lenders and rates that aren't otherwise available.
6. Don't Make Multiple Applications at Once
Every time you apply for finance and a lender runs a credit check, it leaves an enquiry on your credit file. Multiple enquiries in a short period can look like you're in financial difficulty — even if you're just shopping around. Using a broker avoids this problem: we assess your profile and place one well-targeted application with the right lender, rather than blasting your file with enquiries.
7. Apply Through a Broker, Not a Bank
A broker who knows the lender panel matches your application to the lender most likely to approve it on the best terms. This improves your approval chances, protects your credit file and typically results in a better rate than going direct to one lender. Overdrive Funding compares 80+ lenders for every application — and our service is completely free.
Apply or get pre-approved today. Our team provides same-day feedback on most applications.