How it Works

How it Works FAQs

• Can you help people with bad credit?

  Yes, we could. Rapid Finance has over 20 years experience, working with people with bad credit loans.

  As well as offering a Free Credit Check, we offer a number of loan products, suitable for people with bad credit, across Australia.

  • Bad credit car loans
  • Car loans on Centrelink
  • Bad credit bike loans
  • Bad credit caravan loans
  • bad credit home loans

   

• Are you a lender or a broker?

  GoRapid, also known as Rapid Finance, is a broker. We specialise in assisting people who may have difficulty obtaining finance or a loan, often due to their credit history or irregular employment or income.

  Rapid Finance has been providing assistance and expertise in this area, for over 20 years, and have built up a wide range of skills and knowledge to assist people, often with bad credit obtain finance.

  We can often improve the chances of our customers obtaining credit, with our panel of specialist lenders. Preparing and presenting their application for the best chance of approval.

  See our About Us page for more details on Rapid Finance.

• Should I check my credit score before I apply?

  It is always a good idea to know your credit score and to monitor it from time to time.

  We offer a free credit check for our customers, without a hard check, so viewing your credit report, will not negatively impact your credit score.

• Should I improve my credit before applying with you?

  Not necessarily. We can assess your situation and finances and present a number of options available to you, also including improving your credit, in some cases.

  If you wish to improve your credit, you can get started by requesting your free credit report from us, which can help you get started. You can then see where the issues are in your credit file, fix any errors up and start improving your credit

• Should I find my new car before I apply with you?

  No, there is no need to find the car you wish to purchase, before applying with us, although, if you have already found the vehicle you wish to buy, please let us know, and we can fast track your application with us.

  It is often a good idea to get a car loan pre-approval first, as it has many advantages:

  • Know Your Budget: Pre-approval gives you a clear idea of how much you can afford, so you can focus on the best vehicles within your budget.
  • Negotiating Power: Knowing exactly how much you can spend strengthens your position when negotiating the price of the vehicle.
  • Secured Interest Rates: Often, a pre-approved loan comes with a guaranteed interest rate for a certain period, providing stability and ensuring you know what your future payments will be like.
  • Faster Purchase: With financing already in place, the buying process is simpler and faster because you can skip the financing conversation at the dealership, which can sometimes be lengthy, costly and complex.
  • Less Impact on Credit Score: When you apply for pre-approval, a 'soft inquiry' is usually made on your credit report, which doesn't affect your credit score as much as a hard inquiry. A single pre-approval can be used to shop around at different dealerships, rather than having multiple hard inquiries on your report - which will negatively impact your credit score.
  • Confidence: Walking into a dealership with pre-approved financing gives you confidence because you are effectively a "cash buyer," which can make the whole buying experience more relaxed.

  Learn more about our car loans or bad credit car loans here.

• How long does the application take?

  This will depend on how you choose to get started with us:

  • Call Us - on 1300 467 274 during office hours, and we can get started straight away
  • Apply Online - the application should only take about 5 or 6 minutes to complete. We will review your details and get back to you, in around 24 hours, and sometimes sooner.
  • Complete our Free Finance Assessment - This should only take 1 or 2 minutes to complete and is enough to get your application started, for us to get back to you.
  • Contact Us - when you complete our contact form, we'll get back to you as soon as we can.
  • Get your Free Credit Report - it's a great way to get started, so you are aware of what lenders see, when they access your credit report. It allows you to fix up any errors and start improving on your rating, for better loan options. You can get your free credit report as part of our service.

• Will my credit be affected by applying?

  No, your credit score will not be affected, when you apply with Rapid Finance. Unlike banks and other lenders, who do a 'hard' credit check; We can view your credit report, in the same way as you would, which is often called a 'soft' credit check.

  We can help minimise the number of hard credit checks that are run on your report. Only when we have reviewed your credit report, situation and needs and found a suitable lender and loan product; a hard credit check may be run be the lender, prior to your loan approval.

  While we cannot guarantee that no credit check is run, we can generally minimise the number of checks, improving your chances of a successful application.

• Do I need to build up a deposit before applying for a home loan with you?

  Having a good deposit has a number of advantages, when applying for a home loan, and especially for a home loan with bad credit.

  However, that is not necessary, and we can work with you, getting your whole application in better shape and guiding you along the way, especially if you are looking as a first home buyer.

  Some advantages of a good deposit, include:

  • Reduced LVR: A higher deposit means you borrow less relative to the property value, resulting in a lower Loan-to-Value Ratio (LVR). This is often seen as less risky by lenders.
  • Better Interest Rates: Lenders may offer you more competitive interest rates if you have good deposit, as it reduces their risk.
  • No Need for LMI: In Australia, if you have less than a 20% deposit, you usually have to pay Lenders Mortgage Insurance (LMI), which can be costly. A larger deposit helps you avoid this extra cost.
  • Wider Choice of Lenders: A higher deposit may make you eligible for loans from a wider array of lenders, including those that offer premium loan features or more flexible terms.
  • Negotiating Power: A good deposit can make you a more attractive buyer to sellers, giving you an edge in negotiations, especially in a competitive market.
  • Reduced Monthly Payments: The more you pay upfront, the less you have to borrow. This means lower monthly mortgage payments, making the loan more manageable.
  • Higher Chance of Approval: Lenders are generally more willing to approve loans for borrowers with a good deposit, as it demonstrates financial discipline and lowers their risk.
  • Reduced Total Cost: Paying a larger deposit usually means you’ll pay less interest over the life of the loan, ultimately reducing the total cost of your home.

• Can you help finance vehicles other than cars?

  Yes, we can. We can help provide finance options for a wide range of vehicles besides cars, from caravans, motorbikes, boats to vehicles for business uses.

• How much will your service cost me?

  There is no fee to get started with Rapid Finance, up until a quote is provided.

  Some services do incur costs, such as where valuation of a property is required, it may incur a fee, which is passed on to you, as the customer

  For more details on costs and charges, please see our Credit Guide.