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  • What are my choices of small commercial lenders?
  • How much are the commercial loan repayments and finance structures available to me?
  • What are the fees and charges?
  • Which type of commercial loan is best for my needs?

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FAQs
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Yes. Most banks, non-bank lenders and brokers offer a service to apply for finance over the phone. The initial details required will be taken over the phone and the lender will advise the next steps required in the process. Documents, identification and verifications to support the application will also need to be submitted. In most instances, these documents may be submitted via email. The specific steps for applying for finance may vary depending on individual lender procedures.

Not necessarily. A loan calculator is a generic device which does not have the capacity to evaluate the creditworthiness of the user. The interest rate offered can vary from the rate that a user inputs into the calculator. A calculator result is designed to be used as a rough guide for planning purposes. A quote may involve an assessment of the individual application and lender approval regarding the amount requested and other details. The interest rate offered will be based on the lender assessment of the application.

Enterprises applying for finance need to provide identification and ABN as a minimum. Lenders will also request a range of documentation relating to the financial position and trading history of the enterprise. These documents may include BAS returns, tax returns, annual accounts, asset and liability statements and similar. The lender will advise what specific documents are required. Where a business does not have all the documentation, they may seek Low Docs or No Docs options.

Yes. The minimum requirement for applying for commercial loans is to hold a current ABN and produce identification. Additional documentation around the financial position of the enterprise is required to complete the standard application form. If the business is in the starting-up stages and does not have all or any of that documentation, they may consider Low Docs options. Lenders may also consider the personal financial position of the owner when approving finance for a new venture.

It is helpful to know which specific finance product is required when requesting a quote but it is not completely essential. There are a different products available and the interest rates for each are different so the quotes will be different for different products. In regard to asset acquisitions, a business may discuss with their accountant which product is best suited to their venture. Quotes may be sourced for a number of products for comparison purposes.

No. In requesting a quote, a loan applicant is not obligated to accept the quote, to proceed through further stages of approval or accept any offer from that lender. Acceptance of any offer made by a lender requires signing a finance contract.

The amount of time to receive a quote for finance will depend on the lender. Some lenders and brokers may offer a service to provide finance quotes on the same day or within 24 hours. Others may take longer. The amount of time taken may depend on the complexity of the loan and individual aspects of the application. Applicants may assist in expediting the process by having quick access to the relevant details and documents required by the lender.

Yes. A motor vehicle finance quote may be requested based on an estimate of the loan amount. The lender will also need to know whether the quote is for a new or used car. The interest rates for new and used vehicles can vary. Rates quoted by lenders, unless otherwise specified, are for new goods. A general indication of the type of vehicle – make, model, body type, may assist the lender in the quoting process. Finance sought and approved prior to purchase is referred to as pre-approved finance.

Quotes may vary due to a number of reasons. The interest rates offered by different banks and lenders vary. Lenders set their interest rates based on their own guidelines. The quotes received may be based on different interest rates. Lenders also have their own guidelines as to what loan conditions – term, amount, balloon, etc, that they will approve. These elements can impact the repayments and hence the quote. The creditworthiness of the applicant as assessed by individual lenders may vary and result in varying quotes.

The interest rate is derived from an assessment of the application by individual lenders. The creditworthiness is a major consideration. A review of the credit report of the business and in some cases of individual enterprise owners and directors is undertaken by the lender. The outcome impacts the interest rate offered. Aspects of the goods being acquired – new or used and others, can also impact the rate. Aspects of the loan requested – term, amount and balloon, can also have an impact on the rate. As a guide, applicants may use interest rates displayed by lenders as the best rate offered.

Most lenders will not request a separate fee for requesting a quote for commercial finance. Fees and charges do apply to finance and these should be included in the quote. Fees and charges applied by lenders will vary.

Yes. Quotes can be requested for all finance products and all categories of loans offered by a lender. These may include motor vehicle finance, equipment and truck loans, overdrafts, secured and unsecured loans, insurance premium funding, debtor invoice funding and refinancing. The complexity of the finance requested may impact the time required for the lender to prepare a quote.

Quotes are valid for a set time period after which they expire if not activated and utilised. There may be variations in the specific timeframe based on individual lender guidelines. Quotes are prepared based on the interest rates relevant at the time of the quote request. Interest rates can change and as such the quote may change. If a quote expires prior to being accepted and used, it would require requoting. The requote may be the same or different from the original quote.

Where a quote is requested based on an estimated loan amount and the amount is different when the vehicle purchase is finalised, the quote or offer would be adjusted accordingly. If when the quote is adjusted and an offer made, the borrower may choose to accept or reject the offer. If the loan amount is greater than originally requested, it could be expected that the repayments would be greater.