Used equipment
Used machine paper checklist
The papers firms often ask for on older, auction, and private sale machines.
Quick takeaways
Used machine paper checklist
- Get photos, hours, and the plate number first.
- Check the title and liens.
- Get a payoff letter if the seller still owes money.
Why papers matter more on used machines
On a used machine, the machine itself is the collateral. Collateral means property the lender can take back if payments stop. So the lender wants to know what it is. What shape it is in. Who really owns it.
About the machine
- Clear photos of each side and the hour meter.
- A photo of the plate that shows the machine number. Or VIN on trucks.
- Service records or a check report.
- Bill of sale or dealer invoice.
About who owns it
- Title for trucks and trailers that have one.
- A UCC lien search on the seller. That is a public record check for lender claims.
- A payoff letter if the seller still owes on it.
- The consignment deal, if the dealer sells it for someone else.
Private sale and auction
A private sale means one shop or person sells direct to another, with no dealer. Auctions move fast. Both need extra proof of who owns it. Some firms will not fund them at all.
Good to know
Not each firm funds each age. Not each firm funds each hour range. Not each firm funds each seller type. A complete file just gives the deal its best chance.