Hey folks, wondering how lenders actually decide on applications for upgrading commercial tools and machinery? My workshop's been running on some pretty old gear for years now, and last month one of the main machines finally gave up during a big job – total headache scrambling to finish on time. I'm thinking about financing some better stuff to keep things smooth, but I'm not sure what they really focus on, like credit stuff, how long you've been in business, or details on the equipment itself. Anyone gone through this lately and got tips on what makes approval easier?
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Picked up a bit from my own go-around a couple years back when I needed new kit for the shop. Turns out they mostly check your business track record, cash flow to make sure you can handle repayments, and often your credit history – though if you've been trading steady for a while or own property, some spots skip digging too deep into full financials. The equipment matters too, like if it's new or used and how it'll help your operations. I ended up chatting with a broker who shopped around lenders for options like chattel mortgages or leasing that fit better. Check out this page on https://beaujohnsonfinance.com.au/equipment/ – it breaks down ways to fund machinery upgrades without tying up all your cash, and approvals can move pretty quick with the right info upfront. Worked out decent for me in the end, kept things rolling without a huge hit.