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how long does it take to get commercial finance

If you’re in the market for a piece of equipment for your business, some software, or even a secondhand vehicle, you might be wondering how long it will take for you to get commercial finance organised.

Timeframes for commercial finance approvals

The timeframe it takes to get commercial finance can vary, depending on the individual business situation, what we’re trying to finance, and the commercial lenders we are dealing with.  Most approvals are completed within 24-48 hours.

For purchases exceeding $150,000 finance, approval times can sometimes take a few more days. 

At Alegra Financial Solutions, we always ask upfront what our client’s expectations are around timeframes, as this will dictate how we process the finance, and the types of lenders that we approach.


Get commercial finance quicker

Once you’ve made the decision to purchase something for your business that needs finance, you generally don’t want to have to wait a long time to get it.

If time is a critical factor in your need for commercial finance, there are a number of things that can help to speed up the process.

To help us process your commercial loan as quickly as possible, we recommend having as many of the following items as you can ready to go:

  • Basic business information like your trading name and ABN/ACN
  • Business entity structure
  • Personal identification documents like your driver’s license or passport
  • Estimates of your monthly/annual turnover
  • Information about the asset you’re seeking to purchase (i.e. is it income producing, what is it being used for)

If you don’t have all of these items, or you’re not sure how to find them, don’t let that stop you.  We have over 48 different lenders at our disposal, with some requiring more information than others.  We can work with what you have to find a suitable lender.


Try to start early

Of course the best way to get your commercial finance approved quicker is to start the process as early as possible.  We recommend engaging with a commercial finance broker very early on so that we can consult with you on the best direction to take, and ensure that we find the financial solution that aligns with your business growth goals.

We also recommend that you speak with your accountant nice and early too so that we can make sure the purchase is structured correctly for your situation.


Ready for commercial finance

If you’re looking for a reliable business finance broker who will work to your timeframes and ensure you get the best service possible, please get in touch with us.

We have assisted over 1,000 business owners around Australia finance cars, equipment, trucks, cashflow and more to grow their businesses each and every day.

You can call us on (08) 7084 1278, or fill in our contact form for a call back:  Contact Us.