Equipment Finance FAQs
What is the difference between Credit One and my bank?
On many occasions Credit One can get lower rates than if you dealt directly with your bank. This is because we have built solid relationships with the banks and financiers to offer us lower rates. One of the great benefits of using Credit One is once you use our services we have everything on record making future transactions simple.
What is the process?
We take your application over the phone, email you our privacy act consent and accountants' authorisation to you to sign. Once all information is received we endeavor to have an approval within 24 to 48 hours. Turnaround time is subject to the size and complexity of each case.
How long will this process take?
Once we have everything from you, we receive a response from the financiers with 24 to 36 hours. Once approved and the invoice for the goods is obtained, we send documents to you on the same day.
Do you need my financials?
Financials may not be necessary and will depend on the age of the goods, time you have been in business and your credit history. We have access to a broad panel of lenders allowing us to find solutions for most clients, no matter their circumstances.
How are you paid?
Banks and finance companies will pay us based on several factors including the amount of support we provide. There is no expense or charges for you.
Can I make repayments weekly, fortnightly or monthly?
Most commercial loans are structured with monthly or seasonal repayments. Weekly or fortnightly repayment cycles are rare.
Can I make additional payments?
Yes you can, although in most cases this will only place your repayments in advance and not reduce the interest, which is the case with most consumer financiers.
Do I have to pay the fees upfront or can I finance them?
This depends on the financier – normally they are collected by direct debit at the time of settlement or drawdown of the loan.
Do I have to buy from a dealer?
No. You can purchase from a private vendor and we will undertake necessary steps to ensure the goods and vendor are satisfactory to the lender.
Can you organise insurance for me?
Yes, in many cases we can. If not, we have business partners who can assist.
How old can the goods be?
As we have a wide range of lenders we can get goods of any age approved - even 1978 model tractors!
Is there a fee if I decide not to go ahead?
No, we don’t charge any fee for our services. If in the very rare circumstance we do, we will send you a letter of mandate for your acceptance prior to commencing any work.
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