Quick Answer
Selfco and Metro Asset Finance are prominent non-bank lenders in Australia, specialising in equipment and vehicle finance solutions for businesses. They typically offer chattel mortgages, commercial hire purchase, and finance leases for a broad range of assets. Indicative rates often range from 8-14%+ p.a. in 2026 (indicative only), depending on borrower profile, asset, and loan structure. Loan amounts typically range from $10,000-$1,000,000+ over 1-7 year terms. Most lenders require a valid ABN, trading history (often 6-12+ months), and recent financials. Comparison platforms like Loan Phone provide efficient assessment, with settlements possible within 2-5 business days for straightforward applications (subject to lender and circumstances).
| Business/Borrower Profile | Indicative Rate Range (p.a.) | Typical Term | Common Use/Equipment Financed |
|---|---|---|---|
| Established (2+ years, strong financials) | 8-11% | 3-5 years | Heavy machinery, prime movers, medical equipment |
| Standard (1-2 years trading) | 10-13% | 1-5 years | Commercial vehicles, yellow goods, manufacturing equipment |
| Developing/Specialist (less than 1 year, complex) | 12-16%+ | 1-3 years | Niche assets, start-up equipment, specific industry tools |
Rates are indicative examples only, reflecting typical offerings from specialist non-bank lenders like Selfco and Metro Asset Finance in 2026. Actual rates depend on individual circumstances, lender assessment, asset type, and current market conditions. They are not published publicly and require individual quoting.
đź“„ Navigation Guide
- → Introduction: Navigating Specialist Asset Finance
- → Understanding Selfco Asset Finance
- → Understanding Metro Asset Finance
- → Comparing Selfco and Metro
- → Specialist Non-Bank Lenders in Australia
- → The Loan Phone Advantage
- → Example: Financing a Commercial Vehicle
- → Frequently Asked Questions
- → Get Specialist Asset Finance
By the Loan Phone team · Reviewed by Anthony Moncada, M.App.Fin, Cert IV Finance & Mortgage Broking, Director
1. Introduction: Navigating Specialist Asset Finance
For Australian businesses looking to acquire essential equipment, vehicles, or machinery, financing options extend far beyond the traditional major banks. While institutions like CBA, NAB, Westpac, and ANZ offer robust asset finance solutions, specialist non-bank lenders often play a critical role, particularly for businesses with unique needs, specific asset types, or those seeking more flexible lending criteria. Among these specialist providers, Selfco and Metro Asset Finance stand out as significant players, each with distinct strengths and a focus on supporting diverse business sectors.
Understanding what these non-bank lenders offer, how they compare to each other, and where they fit into the broader Australian lending landscape is crucial for business owners making informed financing decisions. This guide reviews Selfco and Metro Asset Finance, exploring their offerings, typical borrower profiles, and how comparison platforms like Loan Phone can help you navigate these options to secure the most suitable finance for your business.
2. Understanding Selfco Asset Finance
2.1. Who is Selfco Asset Finance?
Selfco Asset Finance is a well-established non-bank lender in Australia, with a history spanning over 30 years. They have built a reputation for providing tailored equipment and vehicle finance solutions across a wide range of industries. Unlike major banks, Selfco’s core focus is solely on asset finance, allowing them to develop deep expertise and a potentially more agile approach to lending.
2.2. Selfco's Key Offerings and Focus
Selfco offers a comprehensive suite of asset finance products, primarily including:
- Chattel Mortgages: A popular choice for businesses that want immediate ownership of an asset and the ability to claim the full GST input tax credit upfront (subject to ATO guidelines). Learn more about the Chattel Mortgage Guide in Australia.
- Commercial Hire Purchase (CHP): An agreement where the lender purchases the asset, and the business hires it with an option to purchase at the end of the term.
- Finance Leases: The lender retains ownership, and the business pays regular lease rentals with an option to purchase, renew the lease, or return the asset at the end of the term.
Selfco typically finances a broad spectrum of equipment, from commercial vehicles (trucks, vans, trailers) and earthmoving machinery (excavators, loaders) to manufacturing equipment, agricultural machinery, and even niche assets. Their approach often caters to both new and used equipment, provided it meets their valuation and condition criteria.
2.3. Who Selfco Typically Supports
Selfco generally targets small to medium-sized enterprises (SMEs) across various sectors, including:
- Transport & Logistics: For trucks, trailers, and delivery vehicles.
- Construction: For excavators, loaders, and other heavy machinery.
- Manufacturing: For production lines, CNC machines, and other industrial equipment.
- Agriculture: For tractors, harvesters, and farming implements.
They are known for considering a wider range of borrower profiles compared to some traditional banks, potentially offering solutions to newer businesses, those with specific industry challenges, or where the asset itself holds strong value.
3. Understanding Metro Asset Finance
3.1. Who is Metro Asset Finance?
Metro Asset Finance is another significant non-bank lender in the Australian market, specialising in providing flexible finance solutions for businesses seeking to acquire new or used equipment and vehicles. They position themselves as a fast and efficient alternative to traditional bank lending, with a focus on quick turnarounds and customer service.
3.2. Metro's Key Offerings and Focus
Metro Asset Finance also provides standard asset finance products, including:
- Chattel Mortgages: Enabling businesses to own the asset from day one, with security held by Metro.
- Commercial Hire Purchase: A structured rental agreement with an option to purchase.
- Finance Leases: Offering flexibility for businesses that prefer to lease rather than own outright.
Their financing scope is broad, covering similar asset categories to Selfco, such as commercial transport, construction equipment, manufacturing machinery, and agricultural assets. Metro often highlights its streamlined application process and ability to provide competitive solutions for a diverse client base.
3.3. Who Metro Typically Supports
Metro Asset Finance also services the Australian SME market, with a strong presence in:
- Trades & Services: For vans, Utes, and specialist trade equipment.
- Transport: Financing trucks, trailers, and other commercial vehicles.
- Construction: Heavy machinery and earthmoving equipment.
- Retail & Hospitality: Equipment for fit-outs, commercial kitchens, and point-of-sale systems.
They are often sought after by businesses looking for efficient processing and potentially more lenient eligibility requirements than those of major banks, particularly for used equipment or specific business scenarios.
4. Comparing Selfco and Metro: Key Differences
While both Selfco and Metro Asset Finance operate in the non-bank specialist lending space, offering similar product types, there can be subtle differences in their approach, target markets, and typical offerings.
4.1. Asset Focus and Flexibility
- Selfco: Often perceived as having a slightly broader and deeper expertise in heavy machinery and complex industrial equipment, reflecting their longer history in the market. They may have a greater appetite for very high-value or specialised assets.
- Metro: Frequently highlighted for its efficiency in financing commercial vehicles and general business equipment. They may offer slightly faster turnarounds for straightforward applications involving common asset types.
Both are highly flexible compared to banks, but their internal risk appetites for specific asset classes might vary.
4.2. Indicative Rates and Terms
Neither Selfco nor Metro Asset Finance publicly publish their indicative interest rates, as actual rates are highly dependent on individual applicant profiles, the specific asset, loan term, and current market conditions in 2026. However, based on typical market offerings from specialist non-bank lenders:
- Rates: Indicative rates for both Selfco and Metro typically range from 8% to 14%+ p.a. for established businesses, with rates potentially higher for newer businesses, those with less robust financials, or for specific higher-risk assets. These rates are generally higher than prime rates offered by major banks (which might range from 6.5-9% p.a. for strong clients) but reflect their broader risk appetite and specialised service.
- Terms: Both generally offer loan terms from 1 to 7 years, with 3-5 years being most common. The term often depends on the effective economic life of the asset being financed.
- Balloon Payments/Residuals: Both lenders commonly offer balloon payments or residual values at the end of the loan term, which can reduce monthly repayments and improve cash flow. This is a standard feature of chattel mortgages and commercial hire purchase.
4.3. Eligibility Considerations
While specific criteria are proprietary to each lender, specialist non-bank lenders like Selfco and Metro typically look for:
- Trading History: Often a minimum of 6-12 months, though some may consider newer businesses with strong business plans or significant prior industry experience.
- Credit History: While a perfect credit history is preferred, they may be more flexible than major banks for minor credit blemishes, focusing more on current business strength and asset value.
- Financials: Generally require recent bank statements, BAS statements, and potentially profit and loss statements. Low-doc options may be available for stronger applicants.
- ABN Registration: A valid ABN and GST registration are standard requirements for business finance.
5. How Specialist Non-Bank Lenders Fit in the Australian Landscape
Specialist non-bank lenders like Selfco and Metro Asset Finance fill a crucial gap in the Australian business financing ecosystem. They provide:
- Flexibility: Often more adaptable to unique business structures, fluctuating cash flows, or assets that traditional banks deem “non-standard.”
- Speed: Their streamlined processes can often lead to faster approval and settlement times compared to the more bureaucratic processes of major banks.
- Broader Risk Appetite: They are often willing to consider businesses with shorter trading histories, specific industry challenges, or those that don’t fit the rigid credit scoring models of larger institutions. This is especially true for “left-of-centre” solutions.
- Specialised Expertise: Their sole focus on asset finance means they often have a deeper understanding of equipment values, industry-specific risks, and depreciation schedules.
For businesses seeking finance for commercial vehicles, heavy equipment, or other business assets, these lenders provide viable alternatives, particularly when traditional bank options are limited or less suitable.
6. The Loan Phone Advantage: Comparing Selfco, Metro, and 100+ Lenders
Navigating the landscape of specialist non-bank lenders like Selfco and Metro Asset Finance, alongside major banks and other providers, can be complex and time-consuming. This is where a comparison platform like Loan Phone offers significant value.
Loan Phone combines a streamlined online comparison tool with the expertise of specialist brokers, providing businesses with:
- Access to Choice: We connect you with options from over 100 lenders, including Selfco, Metro Asset Finance, Pepper, Liberty, Prospa, and major banks like NAB and Commonwealth Bank, ensuring you see a comprehensive range of solutions.
- Personalised Comparisons: Our platform helps you compare indicative rates, terms, and eligibility criteria across multiple lenders on an apples-for-apples basis, tailored to your specific business profile and asset needs.
- Expert Guidance: Our team of specialist brokers understands the nuances of non-bank lending. If your scenario is complex or “left-of-centre,” they can provide human expertise to structure a deal and negotiate on your behalf, often securing finance that might otherwise be difficult to obtain.
- Efficiency: Our technology-driven process streamlines documentation and communication, potentially accelerating your application from initial comparison to settlement.
Instead of approaching Selfco or Metro Asset Finance directly, which only gives you one option, using Loan Phone allows you to see how their offerings stack up against the broader market without impacting your credit score. This ensures you make a decision based on the most comprehensive information available.
7. Example: Financing a Commercial Vehicle with a Non-Bank Lender
Commercial Vehicle Finance Example
| Purchase Price (incl. GST) | $120,000 |
| Deposit | $0 |
| Amount Financed | $120,000 |
| Indicative Interest Rate | 10.5% p.a. |
| Term | 4 years (48 months) |
| Balloon Payment | $30,000 (25%) |
| Indicative Monthly Repayment | ~$2,450 |
| Total Cost Over 4 Years (excl. balloon) | ~$117,600 |
| Total Cost Over 4 Years (incl. balloon) | ~$147,600 |
This example is for illustrative purposes only. Actual rates, terms, repayments, and balloon payments depend on lender assessment, your individual circumstances, the specific prime mover, and current market conditions. Consult your accountant regarding tax implications, including GST credits and depreciation.
8. Frequently Asked Questions
What types of assets do Selfco and Metro Asset Finance typically finance? +
Both Selfco and Metro Asset Finance specialise in financing a wide array of business assets, including commercial vehicles (trucks, vans, trailers), earthmoving and construction equipment, manufacturing machinery, agricultural equipment, and other general business assets. They often consider both new and used equipment, with eligibility depending on the asset's age and condition.
Are Selfco and Metro Asset Finance suitable for new businesses? +
While major banks typically prefer businesses with 2+ years of trading history, specialist non-bank lenders like Selfco and Metro Asset Finance can often be more flexible. They may consider newer businesses (e.g., 6-12 months trading) if they demonstrate strong revenue, a clear business plan, or significant prior industry experience. Eligibility criteria may vary significantly depending on the lender and your specific circumstances.
How do their interest rates compare to major banks? +
Indicative interest rates from Selfco and Metro Asset Finance typically range from 8% to 14%+ p.a. in 2026. These rates are generally higher than the prime rates offered by major banks (e.g., 6.5-9% p.a.) for their strongest clients, reflecting the broader risk appetite and specialised services provided by non-bank lenders. Actual rates are not publicly published and require individual quoting based on your unique profile. See Indicative Rates and Terms for more details.
What is the typical approval timeframe for asset finance with these lenders? +
Specialist non-bank lenders like Selfco and Metro Asset Finance are known for their efficiency. Initial credit decisions for straightforward applications may be provided within 24-48 hours. However, the complete settlement timeframe can vary based on the speed of documentation execution, asset valuation requirements, and vendor coordination. See The Loan Phone Advantage for details on how comparison platforms can streamline this process.
Can I get a low-doc loan through Selfco or Metro Asset Finance? +
Yes, both Selfco and Metro Asset Finance may offer low-doc asset finance options for eligible businesses. Low-doc solutions typically require less extensive financial documentation than traditional applications, often relying on recent bank statements and a strong credit history. Eligibility for low-doc options usually depends on the loan amount, asset type, and the overall financial strength of your business.
Do I need a deposit for asset finance with Selfco or Metro? +
While a deposit can strengthen your application and potentially secure a lower interest rate, many businesses can obtain 100% finance for equipment through lenders like Selfco and Metro Asset Finance. The requirement for a deposit often depends on the asset type, the loan amount, your business's financial profile, and the specific lender's policy.
What types of finance products do they offer? +
Selfco and Metro Asset Finance primarily offer chattel mortgages, commercial hire purchase (CHP), and finance leases. These structures provide various benefits, including different approaches to GST, depreciation, and asset ownership, allowing businesses to choose the option that best suits their financial and tax objectives. For a deeper dive, see How Does Equipment Finance Work, or their specific offerings under Understanding Selfco Asset Finance and Understanding Metro Asset Finance.
9. Get Specialist Asset Finance for Your Business
Ready to explore Selfco, Metro, and other specialist asset finance options?
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Related Resources
Explore these related guides for business owners and ABN holders:
Disclaimer: This article provides general information only and should not be relied upon as financial or tax advice. Rates, terms, and eligibility vary by lender and individual circumstances. Tax benefits are subject to your specific business structure and circumstances. Always seek independent professional advice from a qualified accountant and financial adviser before making financing decisions.
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Last updated: 2026-08-01