Finance question
Can I get finance if my bank already declined me?
Often yes. A bank no is not the end of the road, because your bank runs one credit policy while a broker runs across 40+ lenders with different appetites. What one declines, another may approve, subject to lender assessment.
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The short answer
One lender said no, not the market
When your bank declines you, it feels final, but it is really just one lender applying one set of rules. Banks run a single credit policy, so a deal that falls outside their box is a fast no, even when the deal itself is sound. That decline tells you about the bank's appetite, not about whether the finance can be done at all.
A broker works the other side of that. Across our panel of 40+ lenders, each has its own view on credit history, time in business, income type and asset. The one that suits your situation is often not the one that declined you. Placing the deal with the right lender is what turns a bank no into an approval.
The asset helps carry it. Because equipment finance is secured by the vehicle or machine, the lender's risk sits in the asset, which widens who will consider you compared with unsecured bank lending. We look at why the bank said no, address it, and submit to the lender most likely to say yes.
Do you qualify?
What still makes a deal fundable after a bank no.
A specific asset
A vehicle or machine to secure the finance.
An active ABN
Sole traders, trusts and companies all qualify.
A reason for the no
Knowing why the bank declined helps us place it right.
A deposit can help
Not always required, but it can widen your options.
Why a bank decline is not the market's answer
One policy vs many
A bank runs one rulebook. A broker runs 40+ different ones.
The asset secures it
Security in the equipment widens who will consider you.
The right placement
The lender that suits you is often not the one that declined.
A real example
A builder is declined by his bank because his business is under two years old. The deal is sound and secured on a $50,000 truck. Placed with a lender comfortable with newer businesses, it is approved on low-doc. Same borrower, different lender, different answer. Illustrative only.
Common questions
Frequently asked questions
Why would another lender approve what my bank declined?
Because each lender runs its own policy. A profile outside one bank's box can sit comfortably inside another lender's appetite.
Does it help to know why the bank said no?
Yes. Understanding the reason lets us address it and place the deal with a lender that assesses it differently.
Will more applications hurt my credit?
Each enquiry leaves a footprint, so we place the deal once, with the lender most likely to approve, rather than shopping it around.
Does the asset make a difference?
Yes. Because the equipment secures the loan, more lenders will consider the deal than with unsecured bank lending.