The Rapid Finance team believes in second chances, which is why we design loan solutions for just about every unique circumstance. No matter what your credit history or current financial situation looks like, we’ll work hard to try to help you secure the equipment loan you need. We offer:
A bad credit equipment loan is a finance product designed for people who struggle to secure finance. Reasons for this might include a poor credit history, short-term self-employment, or a low credit score.
A bad credit loan might be the best option for you if any of the following applies to your financial situation:
Ready to take your business to the next level, but worried you don’t have the finance for equipment? The Rapid Finance experts may be able to help. For 19 years, we’ve been helping people with poor credit histories secure loans to invest in their business operations – no matter how out of reach they thought that dream was it is generally possible.
We’re here for you, no matter what barriers to loans apply to your situation, we will attempt to assist. These might include:
Apply now to secure conditional approval today.
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Please note: This is an estimate provided for illustrative purposes only, and is based on the accuracy of information provided. It does not constitute a quote. Additional fees and charges may apply dependent on your individual circumstances. Fees such as early repayment costs and establishment fees are not accounted for in the examples of weekly repayments. Interest rates may be subject to change throughout the term of the loan.
Learn your chances of loan success with a free Rapid Finance credit check. It’s fast and easy, and it won’t affect your credit rating. Request your score today – it only takes a few minutes!
The irony of a credit score is that, often, people don’t know what theirs is like until they need to rely on it. So, how do you know if you have bad credit? And what does it mean for your loan application?
Read moreTurned down due to your credit history? Here's what you can do next to secure finance.
Read moreTo begin your application for a bad credit equipment loan, simply provide us with some personal details. We want to know about you, your business, your current financial position, and what your ultimate equipment goal is. Supplying this information is easy and takes just minutes. Simply contact the team on 1300 467 274, email us at rapid@gorapid.com.au or complete a Free Finance Assessment via the form on this page. Our experts are on hand to answer any queries.
Once you’ve completed your application online or over the phone, a Rapid Finance expert will contact you directly. They will assess your situation, explore all avenues, and find the equipment loan that best aligns with your unique goals and circumstances.
As a team of finance specialists, Rapid Finance has access to a vast range of Equipment loans, so we tailor solutions to your unique situation – even if that situation includes ‘bad credit history’. This catchall term can cover anything from a missed utility bill long ago to a previous bankruptcy.
Many of our clients think that, because traditional lenders have declined them, an equipment loan is beyond reach. We find that most of the time this is not the case at all. The client just needs a more nuanced approach from the right company, which is where Rapid Finance comes in.
Poor credit history covers a range of circumstances. A client may have overlooked a bill, or have experienced bankruptcy in the past, to name a couple. We know life gets in the way, whether it’s a clerical miscommunication or a marriage breakdown that has thrown a spanner in the works for your credit situation. Comprehensive credit reporting has advanced over the past few years, with banks reporting 24 months of payment history on any credit facility you have back to credit reporting agencies. Whatever the reason for poor credit history, it can make it hard to secure finance.
Most people are aware if they have bad credit history, but if you’re unsure, contact the Australian Credit Reporting Agencies for a copy of your credit history. There are 3 Credit Reporting Agencies in Australia:
Equifax
Illion
Experian
Of these, Equifax is the most prominent; however, Illion has grown in recent years. Prospective lenders are likely to check at least one, if not all three of these agencies, depending on which agency they subscribe to. As someone looking for a loan, it’s very tricky to find out which agency your prospective lender works with.
Avoid the hassle and let the Rapid Finance team handle these questions for you. You can also learn more about bad credit loans here.
Generally, No – Centrelink Income cannot be used as to support a loan from an affordability aspect. Equipment Loans are generally for commercial or business use. The business, including sole traders, will need to demonstrate they are the appropriate income to afford the loan without government benefits.
Yes. It’s possible to secure an equipment loan without a deposit – even if you have a bad credit history. It comes down to your application and overall profile; however, if you have a really bad credit history, a deposit will strengthen your application to prospective lenders. There may also be other options available to you, depending on your situation.
If you’re after a bad credit equipment loan without a deposit, you may need to provide documentation as proof that you will be able to meet repayments. A Rapid Finance expert can review your situation to explore all avenues and negotiate a bad credit equipment loan on your behalf. Talk to the Rapid Finance specialists for more information.
Yes, they are available in some cases. We have helped many clients secure same-day equipment loans – even when they had bad credit. We understand that clients sometimes need a quick turnaround to take advantage of a special deal or limited time offer. The most time-consuming part of the whole application process tends to be when clients gather the appropriate documents for our review. Once those documents are provided, we can progress the application with speed!
While we offer a speedy service, the advantage of Rapid Finance is that we work hard to get the very best outcomes for our clients – so you know you’re not being ripped off and are getting a fair deal that works for you. We take pride in achieving best-possible rates with the lowest-possible fees within the parameters of your overall profile. We compare a vast range of finance products on the market to find you the best fit and put it all together swiftly for the fastest-possible approval.
There’s no one-size-fits-all insurance rate on bad credit equipment loans. The interest rate available to you is dependent on an array of factors such as your:
Generally speaking, bad credit loans have interest rates of more than 10% P.A; however, rates are based on overall risk to the lender and are negotiated on a case-by-case basis.
Interest on most commercial loans is pre-determined – This means the interest is pre-calculated in advance for the term of the loan – This also means that if extra payments are made on the loan, it will not generally reduce the overall interest cost, over the term of the loan – It’s very important to understand what you are signing before signing any commercial loan agreements.
In some cases, if you do pay the loan out early, the lender may offer you an interest rebate, depending on that lenders policy and depending on how far into the term of the loan you are. In most cases, that is indeterminable when the loan contract starts.
We can assist with more information on commercial equipment loans, so please ask one of our friendly team.
Yes, used equipment loans are available. You could secure a bad credit equipment loan for used equipment. The details of this loan will vary in line with your unique profile. It’s usually quite straightforward for equipment 12 years old or less. However, older and more niche equipment can be a bit trickier. The Rapid Finance team is up for any challenge, and we’re happy to assist you through this process.
At Rapid Finance, the biggest mistake we see is when clients apply for the same loan with multiple lenders in a short timeframe.
Doing so tells lenders that the person seeking finance is desperate and uninformed, which makes you an unattractive candidate for a loan. It also has a negative effect on credit score, which can earn you an instant decline.
So, give us a call first, and let our team explore the options out there for you – without jeopardising your standing in lenders’ eyes! With 19 years’ experience, we’re well versed in how to protect our customers.
It’s generally impossible to secure a bad credit equipment loan without a credit check. Most credit providers will want to know about your past and will want to assess your circumstances to reduce their risk of you not making the repayments on the loan. Due diligence necessitates reviews of all financial information, including credit history.
However, even if you have poor credit history, it might be possible to secure finance. A credit check helps us get a sense of the whole picture, strengthen your application, and find you the best-possible outcome. For instance, a previous loan paid on time makes you a more attractive loan candidate to lenders – even if you have defaults!