Going direct to a bank gives you one lender's machinery finance rate, while a broker compares dozens at once and matches you to whoever prices your deal most keenly, which often beats a single bank quote. A bank can only offer its own pricing; a broker sees the wider market. At Overdrive, our broker Simon Kendrick compares 80+ banks and non-bank lenders on one application, so you find out whether your bank is genuinely competitive or simply the first option you looked at.
What a bank can and cannot do
When you apply directly to a bank, you get that bank's rate, criteria and appetite, and nothing more. If your deal fits their preferred profile, the pricing can be genuinely competitive. But you have no visibility of what other lenders would offer the same application, so you cannot tell whether the quote is sharp or simply acceptable. A bank also has no incentive to tell you a competitor would beat it. That is fine when their offer happens to be the best, but you are effectively negotiating blind, relying on one lender's view of your business rather than the market's.
What a broker adds
A broker works the other way around. Instead of one lender, you access a panel spanning banks and non-bank lenders, and the broker matches your profile to the ones most likely to price it keenly. Because different lenders favour different industries, asset types and credit profiles, the spread of quotes on a single deal can be wide. A broker knows which lenders lean into your situation and which will load the rate, so you skip the ones likely to disappoint. The result is comparison without you having to fill in a dozen forms or dent your credit file with multiple direct applications.
How the rates actually compare
The honest position is that a bank sometimes offers the best rate and sometimes does not. Rates start from around 7.20% p.a. for strong, asset-backed deals; lower-doc, older or cheaper assets and weaker credit are priced higher, and these figures are indicative and subject to lender assessment. The value of a broker is not a promise to always undercut your bank, but the certainty that comes from seeing many offers side by side. If your bank is the sharpest, you will know, and if a non-bank beats it, you capture that saving instead of never learning it existed.
Speed, structure and paperwork
Beyond rate, a broker helps with structure and process. Terms typically run 1-7 years, and balloon or residual options can be tailored to your cash flow across lenders rather than accepting one bank's template. A broker also packages your application so it is presented well, which can improve both pricing and approval odds. You provide your details once, and the broker handles the legwork with multiple lenders. That saves you time and spares your credit file from multiple direct enquiries. For eligible applicants, same-day pre-approval and settlement within 24-48 hours may be available, subject to lender criteria and the documentation supplied.
The choice between bank and broker is really a choice between one quote and many. If you value knowing you have the sharpest available deal rather than the first one you found, comparison wins. Let Simon run your machinery finance across 80+ banks and non-bank lenders on a single application and show you exactly where your bank sits. Reach out for a free, no-obligation quote and decide with the full market in view.
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