Westpac is our top choice among asset finance lenders for brokers writing business car and equipment loans. Its goods loan, finance lease and hire purchase options cover different ownership needs. Equipment finance accreditation has no minimum broker volume requirement, which helps mortgage brokers adding this work.
Non-bank lenders add useful options for low doc applications and specialised equipment. The asset’s resale market and the client’s trading history decide which lender fits an individual application.
Top Asset Finance Lenders for Brokers
1. Westpac
Westpac ranks first for its choice of facilities and a separate equipment finance accreditation process. Its broker channel covers cars, commercial vehicles and equipment, including agricultural machinery. A goods loan suits a client who wants ownership, while lease and hire purchase structures provide other ways to finance the purchase.
DriveXpress has different limits for existing and new customers. The equipment finance policy sets borrower eligibility and distinguishes each transaction from total exposure. A higher overall lending limit does not mean one vehicle can use the entire amount.
Apply through your aggregator, which signs and lodges the accreditation application. Successful applicants receive an accreditation code and DriveOnline access. Westpac’s accreditation requirements impose no broker volume minimum, although regular engagement maintains product knowledge. For a used asset, its remaining useful life must support the proposed term and balloon.
2. Metro Finance
Metro Finance ranks second for brokers who want a non-bank lender across business vehicles and equipment. Its commercial finance agreements and finance leases cover different ownership preferences. Its asset range extends from passenger vehicles to agricultural machinery and medical equipment.
Metro’s low doc car loan has published loan amounts of $10,000 to $500,000 and terms of two to five years. Its eligibility list includes access to six to 12 months of business bank statements. Low doc therefore still involves evidence of the business’s trading.
Accreditation starts through an aggregator or Metro’s accreditation team. The business vehicle product permits fully amortising loans or balloons. New and used vehicles are eligible, with the vehicle assessment affecting the final structure. Metro suits a broker handling both straightforward business cars and a wider equipment workload.
3. Angle Finance
Angle Finance ranks third for brokers handling commercial vehicles and yellow goods. Its secured asset lending suits equipment purchases where the business wants ownership. Angle’s chattel mortgage structure is also described by its banking partner, IMB Bank.
Angle’s Angle lending criteria separates motor vehicles from other primary assets. Its low doc limits and end-of-term age rules appear in the comparison below. That distinction helps when an older machine fits the equipment policy but a business car exceeds its vehicle limit.
Request accreditation through your aggregator. Angle reviews asset finance experience and provides an accreditation training module for applicants with under 12 months’ experience. This route suits a mortgage broker developing equipment lending knowledge, with training before independent submissions. Larger or younger-business applications can require bank statements or financials.
4. flexicommercial
flexicommercial ranks fourth as a specialist equipment option. Its asset categories include agricultural machinery, construction equipment, medical equipment and technology. Passenger cars and SUVs fall outside its lending appetite, so it complements a business car lender.
Its credit matrix separates primary, secondary and tertiary equipment. Primary assets can reach 20 years at the end of the term, with trailers up to 30 years. Secondary assets have a seven-year end-of-term limit. The classification can therefore change the available term even when two assets have the same purchase price.
The lender works through accredited brokers and has a become-a-broker enquiry route. Its how applications work confirms that applications go through brokers. Use the equipment’s classification to select the proposed facility before quoting a repayment. A finance lease, rental and ownership loan have different end-of-term obligations, so the contract must match the client’s intended use.
Equipment Finance Lenders by Asset Type
Match equipment finance lenders to the machine’s useful life and resale market before choosing the repayment term. A truck with an established second-hand market presents a different security risk from software or specialised laboratory equipment.
| Asset | Lenders to consider | What changes the structure |
|---|---|---|
| Construction plant and yellow goods | Westpac, Metro, Angle and flexicommercial | Make, operating hours, condition and resale value affect term and balloon appetite |
| Medical and dental equipment | Metro and flexicommercial | Specialisation and replacement cycles affect residual value |
| Technology and software | flexicommercial | Its matrix caps IT exposure at $50,000 before full documentation is required |
| Agricultural machinery | Westpac, Metro and flexicommercial | Seasonal receipts and equipment condition affect affordability and repayment structure |
Low doc farm equipment loans still require the farm business to meet the lender’s business-history and security criteria. A tractor purchase does not make a new farming enterprise eligible for an established-business pathway. Metro’s agricultural equipment finance covers tractors and harvesting machinery.
An end-of-term age limit applies after the proposed loan has run its course. Illustratively, a 16-year-old machine reaches 21 years after a five-year loan. It exceeds a 20-year limit despite being under that limit at purchase.
A balloon reduces regular principal repayments but leaves a debt at the end. Set it against a realistic resale value and the client’s exit plan. Rapidly ageing technology gives less support for a large balloon than durable equipment with an active used market. Facility differences belong in the asset finance guide.
Low Doc Car Loans for Business Use
Low doc car loans in Australia finance business vehicles using an alternative evidence pathway to full financial statements. A current Australian Business Number (ABN) alone does not establish eligibility. Lenders also assess trading history, credit conduct and the vehicle’s business use.
| Lender | Business-history and evidence pathway | Published amount or exposure | Vehicle structure and age assessment |
|---|---|---|---|
| Westpac | DriveXpress requires two years in the same business with an ABN, GST registration and at least $75,000 annual income | Existing customers over 12 months: $500,000 per transaction and $750,000 total exposure. New customers: $150,000 per transaction and $250,000 total exposure, with residential property ownership required | Asset and customer category set eligibility. The proposed term and balloon affect the quote |
| Metro | ABN holder or company director, clean credit history and access to six to 12 months of bank statements | Low doc car product lists $10,000 to $500,000, subject to eligibility | Two to five years. Business vehicle loans permit balloons and eligible new or used vehicles |
| Angle | Two-year ABN. Above $100,000 exposure requires at least one year of GST registration and property backing | Motor vehicles up to $100,000 in the lower exposure band or $150,000 in the higher band. Primary equipment can reach $250,000 | Primary assets up to 20 years at term end. Secondary assets up to 10 years |
| flexicommercial | More than two years of ABN and GST registration in its equipment matrix | Asset category and existing exposure determine the equipment pathway | Passenger cars and SUVs are excluded |
These limits describe different assessment pathways. Metro’s published product range is not an unconditional amount available without any income evidence. Westpac’s larger SIMPLE+ pathway also has its own documentation requirements.
A business-use declaration records the actual purpose of the borrowing. Explain how the vehicle supports the applicant’s trade and retain supporting information. For a car used mainly personally, the consumer-credit pathway applies when the National Credit Code’s other conditions are met. An ABN does not turn private motoring into commercial lending.
A client who needs working capital alongside the vehicle has a separate borrowing need. Compare low doc business loans for that purpose without assuming the car lender will finance unrelated expenses.
Low Doc Truck Loans and Heavy Vehicles
Low doc truck loans depend on the operator’s trading record and the truck’s ability to support the proposed work. Collect transport experience and existing repayment history alongside the purchase invoice. For an owner-driver, freight contracts and the cost of fuel and maintenance help explain repayment capacity.
Angle’s younger-business assessment requires more than three months in business, two years’ industry experience and a 20% deposit for primary assets. It uses bank statements, so this is a different pathway from its standard low doc assessment. Its sheet also requires a 20% deposit from non-property owners.
For prime movers and trailers, assess the combination’s price and each asset’s age. flexicommercial requires asset backing with sufficient equity for transport operators and subcontractors. A deposit alone does not replace that requirement. Distinguish a trailer’s age allowance from the truck’s allowance before proposing one term for both.
A private lender for truck and heavy vehicle finance can fit an unusual asset or business profile that falls outside mainstream policy. Treat a higher-cost quote as a separate commercial decision. Compare interest plus establishment, brokerage, valuation and exit costs over the intended holding period. A shorter term can raise repayments even when the advertised rate looks acceptable.
A private sale is a different issue from a private lender. A mainstream lender can fund an eligible privately sold truck, subject to ownership, valuation and security checks.
Accreditation and Licensing for Asset Finance
Brokers access asset finance through their own accreditation, an aggregator panel or a referral arrangement with a specialist broker. The route changes who submits the application and who handles the client.
- Obtain lender accreditation when you intend to write the loans yourself. Experience and training requirements depend on the lender. Westpac has no minimum volume requirement.
- Use an asset finance aggregator for panel access and submission support. Membership does not automatically grant every lender’s accreditation.
- Refer the client to an accredited asset finance broker when the transaction exceeds your experience or panel access. Agree the referral share and responsibility for client contact before handover.
Business-purpose asset finance generally sits outside the National Credit Code. The Australian Securities and Investments Commission (ASIC) explains the covered purposes in RG 203: Do I need a credit licence?. For consumer car lending, credit assistance generally requires an Australian credit licence or appropriate authorisation from a licensee.
Classify the actual borrowing purpose before selecting the product. A signed business declaration cannot safely replace enquiries where the facts point to mainly personal use. Business lending also retains protections against misleading conduct and unfair contract terms, as ASIC’s commercial lending guidance explains.
Industry membership is separate from lender accreditation and licence authorisation. The Commercial and Asset Finance Brokers Association provides an industry pathway for brokers specialising in this work.
Brokerage and Commission on Asset Finance
Asset finance commonly pays brokerage at settlement, calculated on the amount financed, with an origination fee where the agreement permits it. Standard arrangements usually have no ongoing trail. Model the income as an upfront payment unless the particular agreement includes recurring payments.
Angle’s published sheet permits brokerage up to 8%, including GST, and an origination fee up to $1,400, including GST. The lender sets maximums for its stated arrangement. The actual charge depends on the agreed brokerage and fee.
An early payout can affect both the client’s payout figure and the broker’s commission. The client contract sets early termination costs. The lender or aggregator agreement sets any brokerage clawback. Record those separately before recommending a refinance, because a client payout fee and a broker clawback are different liabilities.
ASIC’s ban on flex commissions in car finance prevents consumer car-loan pricing that rewards intermediaries for setting a higher rate. The lender determines the rate, with limited discounting permitted for the consumer’s benefit.
Commercial asset finance has different remuneration arrangements because genuinely business-purpose lending generally falls outside that consumer-credit regime. It still requires accurate explanations of costs and compliance with the agreement. Before submitting the chosen lender, record the facility, total borrower cost and brokerage so the client understands the proposed transaction.
