Our business has been providing Excavator Finance to the Heavy Industry for over 15 years. When assessing an Excavator Finance deal, our Finance Consultants carefully consider areas such as hours of the machine, hourly rate for a particular sized machine, what type of work will it being doing and does a particular make of Excavator hold its value better than others.
By drilling down on these factors, we are able to provide our clients with a finance package tailored directly to their business.
Given the fact that we have a great deal of experience in this area of Equipment Finance, our team can offer the most competitive deals relating to Excavator Finance, compared to any other finance providers. In addition to this, our experience means we achieve a high success rate on Excavator Finance for those who are just starting out in the industry or if a customer had been declined elsewhere.
What are the Types of Excavators we Finance?
- Wheeled Excavators – for machines when on road work is involved
- Tracked Excavators – small to large machines for all applications
- Mine Spec Excavators – super sized machines for use on mine sites
Example Excavator Finance Funding Scenario
- A new client came to our office requesting Excavator Finance to purchase a 2 year old Hitachi Excavator
- This customer had mentioned to one of our Consultants that they could not source finance and had been declined twice due to the fact their Accountant prepared figures did not service the loan
- Purchase Price – $155,000 (gst inc)
- Self-employed – 2 years
- Equity in equipment – no
- Director a home owner – yes
- We took a one page application over the phone
- Even though clients Accountant prepared figures did not service the deal, applicant qualified under our self doc declaration (no financials) policy
- A finance approval was granted two days later for the full $155,000 (gst inc)
- Security was the used Hitachi Excavator
- No deposit required allowing client to borrow 100% of the purchase price and preserve cash flow
- Our approval meant client was able to purchase a newer Hitachi Excavator, which reduced their maintenance costs going forward
As can be seen from this example Excavator Finance funding scenario, we were able to provide client an approval advice even after they had been declined by the bank. This successful outcome was achieved for the client based on the fact we have a diverse range of Equipment Finance products that are specific to Excavator Finance and all related Heavy Equipment.
What are the common difficulties faced when seeking Excavator Finance?
- Client is just starting out in business
- The age of the machine is older than 5 years old at time of purchase
- A customer’s financial statements do not service the loan
- Client has reached their maximum borrowing capacity with their current finance provider
- Slow payment history on an existing loan contract
How do we achieve a higher success rate on Excavator Finance than our competitors?
- Our Finance Consultants have extensive knowledge of this type of equipment
- The product range we have is specific to Excavators and Heavy Equipment
- Many years of experience in assessing deals relating to Excavator Finance
- Structuring applications to mitigate risk, ensuring our Credit Team approval the deals
Below is a list of Excavators that we have financed;
Caterpillar Earthmoving Machinery
Hitachi Earthmoving Machinery
Komatsu Earthmoving Machinery
Kobelco Earthmoving Machinery
Volvo Earthmoving Machinery
If you are in the market to Finance a new or used Excavator, you can input the purchase price into our Loan Calculator to ascertain what the weekly payments would be.
If from there you are looking for immediate finance approval, please input your details into the ONLINE PRE-APPROVAL page of our site, allowing quick and easy settlement of the Excavator you are looking to purchase.