Why applying with Rapid Finance will not affect your credit rating?

Rapid Finance on 13 April 2022

One of the most important things to consider when applying for finance is whether your application will have a negative impact on your credit rating now and in the future. At Rapid Finance, we’ve been helping people secure all kinds of finance for almost two decades; from cars to holidays - and even home purchases and refinancing, so we pretty much know just what it takes to help you find the perfect loan without affecting your credit score in a negative way.

Most people are aware that applying to multiple lenders for finance at once can harm your credit score, but few people realise the benefits of applying for finance through a broker. Whether you’re hoping to buy a new caravan, car, motorbike, boat or get a loan for a honeymoon - investigating your finance options in advance can save you time, money and potential stress and too many hits on your credit file.

The benefits of using a finance broker

Although your first instinct might be to talk to your bank when you need a loan, a finance broker like Rapid Finance will do all of the legwork for you. We also have access to a huge range of finance products, meaning we can offer some of the very best deals available to you and your situation. Besides, you may apply to your bank and for some little silly reason you do not meet their lending guidelines and that is another hit on your credit file.

Because we’re a broker, not a lender, when you apply for a loan  via Rapid Finance’s services, our inquiry  won’t negatively affect your credit rating. But how? Well, every time you enquire about a loan with a different lender (such as a bank), the inquiry/application is lodged against your credit report. Making multiple separate enquiries means your credit score could go down and your chances of getting a loan approved are potentially lowered.

The benefit of using a broker like Rapid Finance is that we act on your behalf. Therefore, when we access your credit file, It’s exactly the same as you requesting a copy of your credit from the credit reporting body (that does not put a hit on your credit file either). We then assess your circumstances, your overall profile and your affordability. With our experience, we then match you up with the lender that will most likely approve your loan, with a great overall deal. We then lodge your application to that lender, generally putting only one credit hit on your credit file.  Our expert team is also highly experienced - so we can assess which lenders are more likely to give you approval, before making an inquiry, which will hit your credit file.

Has your bank already refused your loan application?

If you’ve already applied for a loan with your bank and they have refused your application, Rapid Finance  should be able to help you apply and get a loan. We work for you, to find one of the best loan solutions for your unique situation. That means we look at your strengths and not just your weaknesses. We find a lot of customers assume they can not get a loan because they have been declined by their bank or by a lender. This is generally not the case! Every lender has different qualifying criteria. We can not tell you how many times over the last two decades, customers have been surprised we got them approved, when they assumed it was not possible. Just have a look at some of our Google reviews - they tell all!  Whether you have a stable job, residential stability or something else, we know that everyone’s situation is different and everyone deserves a chance to gain if they can.

How Rapid Finance can help you apply and secure a loan

In the same way different insurers prefer different demography (like age or gender), we link the right customer to the right lender to help the lender to say yes, where we can. Customers usually think if one lender says no, everyone will say no, but when you choose Rapid Finance that isn’t generally the case.

We help lenders say yes to your loan application by matching you with the right lender for your specific situation, where we can. There are certain products and services on the market that are tailored to particular purchases and financial profiles. With a broker like Rapid Finance acting as the ‘middleman’, you can get on with your day and your week knowing that we’re doing all the complicated work for you.

We make it quick and easy

If you’ve got bad credit or have recently been refused finance by a bank, Rapid Finance could help you improve your financial profile to increase your chances of getting a yes - generally in as quick as 3 months. We provide recommendations on what you need to do in order to secure a loan and can even delve into your credit history to spot and resolve mistakes or errors that could be holding you back. 

Rapid Finance has been helping customers secure credit for over 20 years so know exactly how to help you - in just about whatever your situation is.

On a side note, don’t forget about our wholesale cars - We offer the one stop shop where we can help you source a vehicle through our extensive wholesale network - Through our network, we will do some extra checks on your behalf as well as inspecting the vehicle to ensure its a great vehicle - We will also check :

  • There is no money owing on the vehicle

  • The vehicle has not been a repairable write off

  • There vehicle has not in any serious accidents 

  • We will check everything works on the vehicle 

  • We will get the roadworthy for the vehicle

  • We will do a detailed inspection on the vehicle

To find out more info about our wholesale Network vehicle, click here

If you need help securing a loan, get in touch with Rapid Finance today.

 

Give us a call on 1300 467 274 or apply online today.