How to Finance a Skid Steer

Key highlights

• Versatile, in-demand machines are generally quick to finance
• Buckets, augers, brooms and grapples often bundle into one loan
• Lower price points suit shorter terms and simple low-doc approvals
• No-deposit finance is common for established trade businesses buying skid steers

A simple structure for a versatile machine

Skid steers sit at a friendlier price point than large plant, so finance is usually clean. A chattel mortgage lets you own the machine outright while claiming available GST and depreciation, with your accountant confirming your position. Terms commonly run one to five years, and because these machines cost less, many operators skip a balloon and simply clear the loan over the term. Strong, asset-backed applications are priced from around 6.55% p.a., while older machines, private sales or lower-doc deals sit higher and remain subject to lender assessment. Matching the term to how long you expect to keep the machine keeps the facility efficient and the total interest sensible.

Why attachments matter here

A skid steer is only as useful as its attachments, and the good news is most can be financed alongside the machine. Four-in-one buckets, augers, trenchers, brooms, grapples, mulchers and pallet forks can typically go on the same facility when bought together, giving you a work-ready package on one repayment. This is worth planning up front, because adding attachments later can mean a top-up or a separate small loan. List every attachment you expect to need when you request a quote so the amount and structure are right from the start.

What lenders assess

Lenders look at the machine's age, hours, make and condition, plus whether it is a dealer or private sale, since these drive resale value and security. On your side they consider time in business, GST registration, existing commitments and credit history. Many established trade businesses qualify for low-doc, no-deposit finance on skid steers because the amounts are modest and the machines sell readily. Newer businesses or those buying privately may need a deposit or a little more documentation, all subject to lender criteria and the specific machine. A tidy machine with a clear service history and a realistic price presents well and helps the assessment move quickly.

Moving from quote to machine

Pre-approval sets a clear budget and lets you buy with confidence from a dealer, auction or private seller. Have your ABN and GST details, licence and a sense of the machine and price ready, plus bank statements for larger amounts. Given the lower values, indicative options and same-day pre-approval are often achievable for eligible applicants, with settlement following quickly once the invoice is in. Knowing the model and any attachments up front keeps the process tidy and fast. Because these machines are in strong demand, a straightforward purchase can move from quote to settlement in very little time. Listing your attachments up front keeps the amount and structure right from the start.

If you are ready to move, Overdrive can compare offers from more than 80 lenders on a single application and match the structure to your work and cash flow. Send through the machine details and a little about your business, and Simon Kendrick will come back with indicative options and next steps. Same-day pre-approval and quick settlement may be available for eligible applicants.