Starting your own business in construction, earthmoving, civil, agriculture or manufacturing almost always means buying your first serious piece of machinery — an excavator, skid steer, loader, telehandler or forklift. For a brand-new business, financing that machine can feel like a chicken-and-egg problem: you need the equipment to win work, but lenders usually want trading history you do not have yet. Startup machinery finance is built to solve exactly this.
What Is Startup Machinery Finance?
Startup machinery finance is asset finance designed for new businesses, often with a new ABN and no full financials. Instead of two years of tax returns, lenders look at your industry experience, evidence of upcoming work, and the machine itself, which serves as the security for the loan. Because the equipment is the security, no property or additional collateral is usually required.
Overdrive Funding compares 80+ lenders, including specialist equipment financiers who understand plant and machinery and are willing to back new operators — something a single bank cannot match.
Can You Get Machinery Finance With a New ABN?
Yes. Several lenders on our panel will consider a machinery loan for a business with an ABN as new as one day old. A brand-new ABN may need a small deposit or a slightly higher rate, but if you bring genuine industry experience and evidence of work coming in, that goes a long way. Machinery is asset-backed, which makes lenders more comfortable than they would be with an unsecured loan.
These factors all strengthen a new-business application:
- Hands-on experience operating in the same industry
- Contracts, purchase orders or a letter of intent confirming upcoming work
- A clean personal credit file
- Property ownership (helpful, but not required)
- A deposit or trade-in to lower the amount financed
Low Doc Machinery Finance for New Businesses
If your financials are not ready, low doc machinery finance lets you apply with an ABN declaration and recent bank statements rather than tax returns. Low doc facilities are available up to $500,000 with most lenders on our panel, with no property security required. Asset-backed businesses with at least two years of GST registration can often access zero-deposit options; if your registration is newer, we can usually still arrange approval with a modest deposit.
How Much Can a New Business Borrow?
How much you can borrow depends on your experience, the machine and your projected income, with terms generally running from three to five years and sometimes longer for higher-value plant. A balloon payment can reduce your monthly repayments while your business builds momentum. Newer machines and reputable brands are easiest to finance, but reliable used equipment with good service history is also well supported.
Loan Structures Available
- Chattel mortgage — you own the machine from day one while the lender holds security until it is repaid. Popular for its tax benefits, including asset depreciation.
- Commercial hire purchase — you make repayments and take ownership after the final instalment.
- Finance lease — you lease the machine for a fixed term with an option to buy at the end.
- Rent-to-own — a flexible entry point for newer businesses wanting a lower upfront commitment.
Tips to Get Approved as a Startup
- Register your ABN and GST and open a dedicated business bank account early
- Have any contracts, purchase orders or letters of intent ready to show upcoming work
- Protect your personal credit score and avoid multiple direct applications
- Put together a deposit or trade-in where possible
- Get the supplier quote, your licence and ID organised before you apply
- Speak to a broker before you buy so you know your budget and can move fast when the right machine appears
Common Mistakes to Avoid
- Accepting dealer or auction finance without comparing the wider market
- Applying to several banks directly and racking up hard credit enquiries
- Buying more machine than your early cash flow can comfortably service
- Overlooking running costs such as insurance, transport, maintenance and attachments
How Overdrive Funding Helps New Businesses
We help new operators finance their first machine every week. By comparing 80+ lenders — including specialist plant and equipment financiers who back startups — we match your application to a lender that genuinely wants your deal instead of squeezing it into one bank's criteria. Our service is free, we run only a soft credit check while we quote, and Director Simon Kendrick works with you personally from application through to settlement.
Ready to buy your first machine? Get a free, no-obligation quote today and we will show you exactly what your new business can access.