Finance question
Can I get asset finance with a default on my file?
Frequently yes. A default narrows the list of lenders but rarely closes the door, because the asset secures the loan. The job is to match your default, its size, age and reason, to a lender that accepts it, rather than send it to one that will decline.
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The short answer
A default narrows the lenders, not the door
A bank runs one credit policy, so a default on your file is usually a quick no. A broker works across 40+ lenders, each with a different appetite for credit history. Some price for defaults, some ignore paid ones, some want the story. Matching your file to the right one is what gets the deal approved.
The asset does the heavy lifting. Because the equipment secures the loan, the lender's risk sits in the machine, not only in your score. That is why paid defaults, telco or utility marks, and even older business defaults can often be worked around when the deal is secured by a real asset.
Detail changes the outcome. A small paid default from two years ago reads very differently to a large unpaid one from last month. So does the reason behind it. We package what caused the default and what has changed since, so the application is judged on where you are now.
Do you qualify?
What keeps a defaulted file fundable.
A specific asset
A vehicle, truck or machine to secure the finance.
An active ABN
Sole traders and companies both qualify.
An explainable default
Paid, older or one-off defaults place more easily.
A deposit can help
Not always required, but it widens your options.
Why a default is not the end of the road
Lenders differ
What one lender declines, another prices for. A broker knows which is which.
The asset secures it
Security in the equipment offsets what a default does to your score.
Context matters
Size, age, reason and whether it is paid all shift the answer.
A real example
An electrician has a paid $3,000 default from a supplier dispute last year and needs a $40,000 ute. The bank declines on the file. Placed with a lender that reads paid defaults in context and secured on the ute, it was approved with a modest deposit. Illustrative only.
Common questions
Frequently asked questions
Will a default automatically stop my application?
No. Many lenders consider defaults, especially paid and explained ones, when the loan is secured by the asset.
Does it matter if the default is paid or unpaid?
Yes. A paid default reads better and places with more lenders, but unpaid defaults can still work on the right deal.
Does a deposit help if I have a default?
It can. A deposit lowers the lender's risk and widens which lenders will approve you.
Will applying hurt my credit further?
An enquiry leaves a footprint, so we place it once with the lender most likely to say yes, rather than shopping it around.