Asset Finance Refinance Documents Checklist (2026): The “Payout Figure Pack” Lenders Want
Asset refinance documents checklist for business owners | Switchboard Finance
🔁 refi / restructure · checklist ·
Business Owners Finance Hub · 2026
Refinancing an equipment or vehicle loan is usually fast — until the lender can’t verify your Payout Figure. This is the “payout pack” checklist we use to keep a refinance clean and avoid nasty surprises.
If you’re unsure whether refinancing is even the right move, read: Refinance vs Restructure vs Top-Up and 7 Refinance Traps. If you’re rebuilding your asset strategy from scratch, start with: 11 Signs Your Business Is Ready for Asset Finance and Top 5 Mistakes Business Owners Make When Applying for Equipment Finance.
- If the payout can’t be confirmed, the refinance stalls.
- If fees aren’t disclosed, the new lender treats it as higher risk or prices it worse.
- If the asset has an encumbrance issue, the deal can stop mid-stream.
1) The “Payout Figure Pack” (the non-negotiables)
A clean refinance starts with a complete Asset Refinance pack: payout + account details + any fees that change the final number.
If you skip this, the consequence is simple: you waste weeks on a quote that can’t settle because the lender can’t reconcile the final payout to the cent.
| Item | Why the lender needs it | What happens if it’s missing | Where it usually comes from |
|---|---|---|---|
| Current payout letter | Confirms the exact close-out number + validity period | Stalled approval or re-quote | Current lender (request via customer service) |
| Account/contract reference | Matches payout to the correct facility | Settlement errors / wrong contract payoff | Current lender statement / portal |
| Fee disclosure | Explains why payout differs from “balance” | Shortfall at settlement | Current lender schedule + payout letter |
| Asset details (VIN/serial) | Confirms what’s being refinanced | Extra conditions or decline | Original contract / invoice / registration |
| Insurance certificate | Protects the secured asset | No settlement until provided | Your broker/insurer |
2) Fees that change the number (don’t get blindsided)
Most refinance blow-ups happen because the borrower compares the old repayment to the new repayment, but ignores the fees that shift the payout and the net benefit.
If you don’t confirm fees upfront, the consequence is you may “win” a cheaper rate but lose on the total cost once the payout is finalised.
- Any Exit Fees (and whether they’re waived).
- Settlement timing windows (some lenders re-issue payouts if you miss the date).
- Any arrears or overdue items that must be cleared before settlement.
3) Encumbrance checks (avoid “surprise declines”)
When a new lender refinances, they want certainty that the asset can be released cleanly once the old loan is paid out. That’s why encumbrance checks matter.
If you skip this step, the consequence is a late-stage stop: the lender flags an issue and won’t proceed until it’s resolved.
- Run a PPSR Check (especially for used assets).
- If you’re buying used privately, read: PPSR Checks for Asset & Vehicle Finance.
- Use the official PPSR search here: ppsr.gov.au.
4) The “lender-ready” refinance bundle (what to send your broker)
Once the payout pack is clean, the rest is about making the story easy to approve — one clear set of documents, one clean timeline.
If you send partial screenshots and mixed files, the consequence is more back-and-forth, more conditions, and slower approval.
- A signed Loan Agreement (once issued) plus any requested IDs/authorities.
- Asset details + invoice/rego where relevant.
- Proof of business trading and basic performance context (keep it simple and consistent).
Business owners: refinance approvals are won or lost on the “payout pack”. Get the payout letter, confirm fees early, and clear encumbrance issues before you request documents.
If you’re refinancing to reduce weekly pressure, also consider whether you actually need restructure support (not just a new rate): Low Doc Asset Finance, Business Line of Credit, and the cashflow lens: Low Doc Cashflow Path.
FAQ
Often, yes — a refinance application can involve a lender check that records a Hard Enquiry. To minimise damage, apply once with the right pack instead of “shopping” multiple lenders.
Sometimes, but most lenders still want the payout to confirm the final structure. The cleanest path is: get a preliminary green-light, then provide the payout pack to satisfy Approval Criteria.
Often, yes — especially if the lender is sizing the new repayment to your trading performance. They use statements to complete a Cash Flow Assessment and confirm the refinance is actually sustainable.
Because the refinance structure may keep or change your end-of-term exposure. If a quote includes a Balloon Payment, your weekly can look cheaper — but your end position changes.
Yes. Frequent changes can trigger extra costs and administration. Match the refinance to a sensible Term Length so you’re not constantly resetting your deal and paying for it.
Disclaimer: This content is general information only and isn’t financial, legal, or tax advice.
