Finance question
What happens if I can't pay my equipment finance?
Talk to your lender or broker early, before a payment is missed if you can. Most problems can be restructured or refinanced when they are raised early. Lenders would rather keep a paying customer than repossess an asset, but if arrears are ignored the loan can escalate toward default and recovery. Early contact is what keeps your options open.
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The short answer
Early contact keeps your options open
Cashflow gets tight in most businesses at some point. What matters is timing. A lender you call before a payment is missed has far more room to help than one chasing an arrears file. Raising it early is not a sign of weakness, it is what experienced operators do to protect the asset and their credit file.
There are usually more options than people expect. A payment holiday, a restructured term to lower repayments, or a refinance across the panel of 40+ lenders can all ease the pressure. Because the finance is secured against the asset, keeping the asset working and the deal performing is generally in everyone's interest.
Ignoring it is the one path that removes choices. Missed payments can lead to default notices, extra costs and, eventually, recovery of the asset that secures the loan. None of that is instant, and there are steps along the way, but each one narrows what can be done. The earlier you act, the more of those steps you keep on your side.
What you can do
Options when a payment looks tight.
Call early
Raise it before a payment is missed, while options are widest.
Restructure the term
A longer term or payment pause can lower the monthly cost.
Refinance the deal
Moving to another of 40+ lenders may ease the repayment.
Protect your file
Acting early helps keep defaults off your credit record.
Why early beats waiting
Lenders prefer performing loans
Keeping a paying customer usually beats repossessing an asset.
More levers early
Payment holidays and restructures are easier before arrears build.
A broker can step in
We can talk to the lender or find a refinance across the panel.
A real example
A landscaper sees a slow quarter coming and calls before missing a payment. The broker arranges a short payment pause and a slightly longer term, lowering the monthly cost until work picks up. The asset stays working and the credit file stays clean. Illustrative only.
Common questions
Frequently asked questions
Should I wait until I actually miss a payment?
No. Contact the lender or your broker before a payment is missed if you can. Options are widest before arrears build up.
Can my repayments be lowered?
Often, yes. A restructured term or a short payment pause can reduce the monthly cost. A refinance across the panel is another route.
Will the lender take the equipment straight away?
No. The asset is security, but recovery is a last step after notices and time. Acting early usually keeps it from getting there.
Can a broker help if I am already behind?
Yes. We can talk to the lender on your behalf or look at refinancing the deal, though the sooner you raise it the more we can do.