Weakness's;

- No Financials available

- PAID Default more than $46,000 paid out 1 month prior to applying for this loan

Strength's;

- Property Backing

- 25 Years Industry Experience

- Good Explanation about defaults

- Larger equipment will enable client to earn more income and take on more jobs.

Funding Solution;

- 100% Funded (No Deposit)

- Rent to Own

- 5 Year Term with No Balloon Payment

- Low Doc. We used 3 months bank statements as proof of income.

The Non-bank funders that we use, consider the Strength's and Weakness's of each deal and if the clients plans make sense overall , they will approve the deal.

Engaging The Finance Group Parramatta as your preferred Plant and Equipment Finance Broker, we will present your situation and clearly explain any mitigating circumstances to justify negative aspects about your financial situation and emphasize the positive points about your situation and how you plan to ensure you new business or business growth will be a success.

We have over 20 Lenders on our lending Panel and many of the non-bank lender's give people a second chance.

Detailed Background on the deal;

Client has been operating an Excavator & Bobcat service to his local community for over 25 years, However he needed a bigger Excavator to take on the larger jobs, which he was missing out on to the competition. 

What was holding him back from getting a bigger 8-tonne excavator was poor credit - the client had an $11,000 Council default, and a $34,000 Credit card default. Making things even more difficult was he only had $6900 in Savings in his bank account - meaning many lenders who might ask for a 20% or even 10% Deposit was not suitable for him as he needed to keep his savings for working capital and other potential emergencies.

Furthermore, the Excavator which was most suitable for him was already over 7 years old - making it unacceptable security to some lenders due to age. This is despite the client being a home-buyer with around $500k equity in his property, over 25 years industry experience, and having some regular customers who were prepared to give him more work if he got a bigger excavator. 

Victor at The Finance Group was able to gain an $82,000 Approval from a Lender who was happy to provide 100% finance, they understood his personal situation that contributed to the defaults, and was happy to accept work letters from his major client,. Our funder was also prepared to approve as a Low Doc option. As a result, instead of letting the big jobs go to a competitor, our client can now complete those bigger jobs, including old-house knockdowns, and earn more income to expand his business in the future.

No matter if you have a good or bad history, we are here to provide assistance as your reliable Equipment Finance Broker, please call one of our Team on 1800885626 or 180088LOAN 7 Days per week and we will aim to take your call 24 hours per day. Australia wide.

Alternatively, you can complete the form below and tell us a bit about your goals and requirements.