Finance question
Do I need a broker for equipment finance, or go direct?
You do not need a broker, but a broker shops 40+ lenders while going direct shops one. That choice usually means better placement and no upfront fee to you, since the broker is paid by the lender on settlement, subject to lender assessment.
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The short answer
One door, or the whole market
Going direct to a bank means you get that bank's rules, that bank's rates and that bank's answer. If your deal fits neatly, it can work fine. If it does not, you are back to square one, because a single lender only has one appetite. You are shopping one door and hoping it opens.
A broker runs the other way. Across a panel of 40+ lenders, the job is to read your situation, structure the deal and take it to the lenders most likely to approve it on the best terms. That matters most when your profile is not vanilla, a newer business, a credit mark, a loss year or unusual income, where placement is everything.
The cost question surprises people. A broker is paid by the lender on settlement, so there is no upfront fee to you for the service. You get access to the wider market and someone advocating for your deal, without paying for the privilege out of pocket, which is why going direct is rarely the cheaper option it looks like.
When a broker earns its keep
Where going direct tends to fall short.
A tricky profile
New business, credit marks or unusual income need the right lender.
Best terms
Comparing 40+ lenders beats accepting one bank's rate.
Speed
Knowing who says yes saves the round of declines.
No upfront fee
The lender pays the broker on settlement, not you.
Why a broker usually beats going direct
Choice
40+ lenders means options a single bank cannot offer.
Placement
A deal sent to the right lender is judged on its merits.
No cost to you
Paid by the lender on settlement, so the service is free to you.
A real example
An owner needs a $65,000 truck and goes to his bank first. Declined for time in business. The same deal, placed by a broker with a lender that funds newer businesses, is approved on low-doc at a competitive rate. One door closed, the market opened. Illustrative only.
Common questions
Frequently asked questions
Does using a broker cost me more?
No. The broker is paid by the lender on settlement, so there is no upfront fee to you for the service.
Can I not just go to my own bank?
You can, but you get one lender's rules and rate. A broker compares 40+ lenders to find better placement and terms.
When does a broker help most?
When your profile is not straightforward, a newer business, a credit mark, a loss year or unusual income, where the right lender is everything.
Does a broker just find the cheapest rate?
Not only. A broker structures the deal and advocates to the lender most likely to approve it on strong terms, which is more than a rate alone.