New vs Used Skid Steer & Attachments Finance

Key highlights

• New machines attract sharper rates and longer terms at higher cost
• Used skid steers cut the outlay while remaining fully fundable
• Attachments can be bundled with either a new or used machine
• Warranty and resale value differ markedly between new and used
• One application compares both paths across 80+ lenders

What is the core trade-off?

The choice comes down to cost against certainty. A new skid steer costs more and means a larger loan, but you get full warranty, the latest hydraulics and comfort, no wear history and predictable early-year maintenance. A used machine cuts the purchase price, so the loan and repayments are smaller, but you inherit some wear and limited or no warranty. From a finance angle, new machines usually attract the sharpest rates and longest terms because they hold value and carry low risk, while used units are fully fundable but assessed more closely on age and hours. Attachments can be bundled with either. Neither option is universally right; the best fit depends on your cash flow, your work pipeline and how many years you plan to run the machine and its tools.

How do rates compare on new versus used?

Lenders price risk, and a new skid steer is generally lower risk than an older one, so new machines tend to attract the most competitive rates. For eligible applicants, indicative rates start from around 6.55% p.a. on strong applications, always subject to assessment and lender criteria. Used machines can still be financed at attractive rates, especially late-model, low-hour units, but older or heavily worked skid steers may sit higher to reflect their shorter remaining life. The gap is often modest, and a used machine's lower price frequently means less interest paid overall even at a slightly higher rate. Including attachments rarely changes the rate materially. The only reliable comparison is to price both scenarios across multiple lenders, since used-plant pricing varies more between funders than new.

How do loan terms differ?

Term length ties to the machine's expected working life. A new skid steer can usually be financed over a longer term because it has many productive years ahead and holds value, while a used machine typically carries a shorter maximum term so the loan clears before the unit reaches the end of its economic life. That means used-machine repayments, though based on a smaller loan, can be packed into fewer years. A balloon or residual payment can lower monthly instalments on either, though it is more commonly offered on newer plant. When attachments are included, the term is generally matched to the machine. Choosing a term that reflects how long you will realistically keep and use the setup matters more than simply reaching for the longest term on offer.

How are attachments handled in each case?

Attachments can be bundled into finance whether you buy the skid steer new or used, and whether the tools themselves are new or secondhand. With a new machine, dealers often package attachments as part of the sale, making them easy to include. With a used machine, you may be assembling a mix of existing and additional tools, and lenders will consider each attachment's value in the overall package. Either way, funding the machine and attachments together keeps your setup under one agreement with a single repayment. The combined value feeds the loan-to-value assessment. Because attachments add earning capacity, lenders generally view a well-chosen package positively. Whether new or used, the key is presenting clear values for each tool, and a broker can identify which lenders bundle most readily for your chosen path.

How do warranty and resale compare?

Warranty and resale are where new and used diverge most. A new skid steer comes with full manufacturer warranty and the peace of mind of no wear history, and mainstream brands hold strong resale demand despite early depreciation. A used machine has already absorbed much of that early depreciation, so it can hold its remaining value more steadily, but warranty is limited or absent and you carry more maintenance risk. From the lender's view, a machine with strong resale demand is better security, which flows into your rate and the amount advanced, and skid steers generally enjoy a healthy secondhand market either way. Weighing the reassurance of warranty against the capital saved on a used machine is a personal call based on your appetite for risk and your maintenance capacity.

Which option suits your business?

New tends to suit operators with steady, long-term work who value warranty, reliability and the lowest rate, and who will keep the machine long enough to justify the higher outlay. Used often suits contractors preserving capital, tackling a defined project, or growing a business who prefer a smaller commitment and can manage some maintenance risk. Your credit profile, deposit capacity and how hard you will work the machine all feed in. There is no wrong answer, only the option that fits your numbers and plans. Running both scenarios side by side — comparing real repayments, terms and total cost of a new setup against a used one, attachments included — is the clearest way to decide, and it is exactly the comparison a broker can put in front of you.

Why compare both through a broker?

Whichever way you lean, the lender offering the best deal differs, and comparing only your own bank rarely surfaces the sharpest option. Some funders specialise in new plant with keen rates and long terms, while others are more comfortable with used and private-sale machines and flexible on attachments. A broker across 80+ banks and non-bank lenders can price both paths at once, so you decide on real numbers rather than assumptions. Simon Kendrick matches your profile and chosen setup to the funders most likely to approve and price well, then negotiates on your behalf through a single application that protects your credit file. That clear new-versus-used comparison lets eligible operators commit to whichever machine and attachment package genuinely serves the business.

Weighing a new or used skid steer and unsure which way the numbers point? Let Simon Kendrick price both across 80+ banks and non-bank lenders, attachments included, so you can decide with real figures rather than guesswork. He will set out the rates, terms, warranty position and total cost of each option side by side, so the choice becomes clear rather than a gut call. An obligation-free quote uses only a soft credit check, so your file stays clean, and for eligible applicants decisions can come through in 24 to 48 hours. Talk to Overdrive Machinery Finance today and fund the setup that fits your business and your cash flow.