Key takeaways
- Rate: 7.69% vs the bank's 7.89%.
- Speed: Approved and settled in 24 hours vs about a week.
- Why we won: The bank wanted two years of profit and loss statements for a $75K tractor. Our lender didn't.
- Bottom line: The rate gap was small. The real win was speed, simplicity and picking the right lender.
How we beat a big 4 bank on a tractor loan
A 20-year-old soil clearing and pest control business turning over $1.8 million a year with a clean credit profile should be the easiest finance approval anyone writes. The customer found a 2023 Deutz Fahr AgroFarm 115G tractor and loader combo through a private sale, needed finance sorted quickly, and had an existing offer from one of the big four banks on the table. Before committing, they asked EasyAsset to see if there was a better deal.
The bank offered 7.89% over five years with monthly repayments. On paper, a reasonable deal. But they also wanted two full years of profit and loss statements for a $75,949 chattel mortgage on a late-model tractor bought through a private sale. That's where things came unstuck - not on rate, but on friction.
The two offers side by side
| Factor | Big four bank | EasyAsset (brokered) |
|---|---|---|
| Interest rate | 7.89% | 7.69% |
| Documentation | 2 years profit and loss statements | Standard application |
| Approval | ~1 week | 24 hours |
| Settlement | After assessment | 24 hours |
Same loan, same term, same repayments. The difference came down to rate, speed and how much the customer had to hand over before getting an answer.
Why the bank lost this deal
The rate was fine. The process wasn't.
Asking for two years of profit and loss statements on a sub-$80,000 secured asset from an existing customer is a lot of paperwork for a straightforward deal. Our lender looked at the business and the asset, and that was enough.
Then there was timing. Private sales don't wait - the customer needed an answer within 24 hours. The bank's process meant about a week before approval, and in a private sale, that's often the difference between getting the asset and missing out.
How EasyAsset got a better result
We didn't need to shop this around to five different lenders. We went to one - the right one - because we already knew which lender handles private sale equipment well for businesses like this. No rate loading on private sales, 24-hour turnaround, and a simple application process.
Approved and settled inside 24 hours, at a rate 20 basis points below the bank. The customer didn't have to chase anyone or worry about losing the tractor to another buyer.
The honest numbers
The monthly saving was about $10 and the total interest saved over five years was around $600. That's modest on its own. But the customer also avoided a week of delays, skipped unnecessary paperwork, and locked in the tractor before someone else could.
In the customer's own words: "Ayman was sensational. He helped in all ways and got the job done with ease."
What this means if you're buying equipment
The advertised rate isn't always what you'll get. Private sales and used gear often come with hidden rate increases. Comparing across lenders shows you what a deal actually costs.
Speed protects the deal. In a private sale, a week's delay can mean losing the asset. Getting finance sorted quickly keeps the purchase on track.
Sort your finance before you commit. Knowing what you can spend, what the repayments look like, and how quickly you can settle puts you in a much stronger position. Get pre-approved and you can move fast when the right deal comes up.
Deal summary
| Detail | Value |
|---|---|
| Asset | 2023 Deutz Fahr AgroFarm 115G tractor & loader combo |
| Loan amount | $75,949 |
| Loan type | Chattel mortgage |
| Rate secured | 7.69% (vs bank's 7.89%) |
| Term | 5 years, monthly repayments |
| Approval to settlement | 24 hours |
Get your equipment finance sorted before you buy
Whether you've got an offer on the table or you're just starting to look, a quick chat with our team can show you what rate you'd actually get and how fast you could be approved.
- See your real rate - what 50+ lenders will actually offer, not an advertised number.
- Get pre-approved - know what you can spend before you commit.
? Get a free equipment finance quote from EasyAsset
