About Finance

GraysOnline is pleased to now offer our customers Finance. We have engaged the services of Magnolia Lane Financial Services to assist our customers in obtaining quick and competitive finance solutions, on both a consumer and commercial basis.

Magnolia Lane Financial Services is an independent equipment and vehicle finance broking firm with access to a wide range of lending partners, providing tailored finance specific to your needs.

To find out more about how Magnolia Lane can assist you please click here.

We sell more than 120,000 items every month to both consumers and businesses. If you're looking for quality brands or commercial equipment, direct from some of the world's leading brand companies, you'll find our online auctions and Buy Now sales are a convenient way to get a great deal.

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FAQ's

Is there any cost associated in applying for finance?

No. Applying for finance is free of charge and a great way to ensure that you can bid with confidence.

Can I organise pre-approval before auction?

We offer the ability to finance a wide range of assets, however they have to be identifiable and within an acceptable age. The asset(s) must have either a serial, VIN or engine number along with a year model. The lot will automatically state if the asset is financeable. For more information, contact Magnolia Lane Financial Services.

Is there a minimum amount financed?

Yes. We are unable to process finance under AUD$10,000 however, this can include GST and buyer's premium. There is no maximum amount.

How do I apply for finance?

Applying for finance is quick and easy.

1. Click on the "finance" tab on the home page and you will be directed to the finance portal where you will complete a quick 5 minute application.

2. Depending on the information submitted you will be either pre-approved automatically or will receive an email outlining the next steps. (It is often the case that additional information is required so don't worry if you aren't pre-approved immediately.)

What information do I need to apply?

The application process is simple. You will need the following:

1. Your current Australian Driver's Licence

2. Your ABN — if you are borrowing the name in a business entity

3. Details of the asset you are purchasing
Important: Don't forget to check that the amount includes GST and the buyer's premium.
For example if you are seeking $100K, does this include GST (10%) and buyer's premium (amount varies — check the specific asset you are seeking for exact amount)

4. Financials, tax returns, payslips — in some instances proof of income to show the loan can be repaid.

How long does it take?

If you have all the required information to include at the time you are applying, the finance application can take as little as a few minutes.

Once the information is received, a conditional approval can in some instances be obtained on the spot for streamlined applications. A full application can take a little longer (say somewhere between 4 hours and 2 days). It is always a great idea to obtain a pre-approval in advance so you can confidently bid at auction knowing your funds are ready to go when you start bidding.

When can I pick up my asset?

Your asset can be collected once payment has been made to GraysOnline. Magnolia Lane will contact you to let you know when this has occurred. Payment to GraysOnline will only be made by the lender once all finance documents have been signed correctly and approval conditions have been adhered to and signed off by the lender.

What if I have an impaired credit history?

Sourcing finance approval is still possible despite impaired credit. Each situation is assessed individually and your Magnolia Lane finance specialist will position your application to the most suitable lender relevant to your particular situation.

What is the security on the loan?

In almost every situation the only security taken on these asset finance loans will be the asset you are financing. In the case that a company is the borrower, the personal guarantee of the director/s is required.

In rare circumstances, additional collateral security such as another piece of plant or motor vehicle is sought to strengthen the application but this is only done after discussion with your Magnolia Lane representative and with your full consent.

What is the difference between consumer and commercial finance?

Commercial asset finance is categorised as being asset finance for predominantly business use where the borrower holds an Australian Business Number (ABN).

Consumer asset finance is finance where the purpose is of a private or domestic nature.

In the case where a motor vehicle is being purchased this can be done as Commercial Finance if the borrower can prove business use by way of a car allowance or a letter from an Accountant. A business purpose declaration will be signed with the documents.

How do I apply for insurance?

There is box that you can tick if you are interested in speaking with someone in regards to insurance. Magnolia Lane works closely with an insurance specialist firm Gow-Gates Insurance Brokers — if you have checked the insurance box, a representative from their firm will contact you directly and work closely with you to find a tailored insurance solution that works for you.

Can I pay my loan out early?

All equipment finance will be arranged with a fixed interest rate and a fixed term. The finance can be paid out early. Early termination fees may apply. Each financier has slightly different terms and payout clauses associated with early termination of loan contracts, which a Magnolia Lane finance specialist can provide detailed information on.

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