What to Do if You’ve Been Declined for Trailer Finance 🧾🛻

If you’ve applied for trailer finance and got that dreaded “declined” message — you’re not alone. It happens more often than you’d think, especially for new ABNs, low-doc applicants, and sole traders.

The good news? A rejection from one lender doesn’t mean you’re out of options. Here’s how to bounce back.

🚩 Why You Might Have Been Declined

The most common reasons trailer finance applications get knocked back:

  • 🧾 Not enough financials (e.g. no tax returns, no bank statements)
  • 📉 Bad or low credit score
  • ⏳ ABN too new (under 6 months)
  • 🛠️ Trying to finance a very old or non-compliant trailer
  • 📋 Wrong lender for your profile (e.g. applying to a bank instead of a commercial lender)
  • ❌ Not clear on business use (lenders don’t finance personal-use trailers)

✅ What to Do Next (Step-by-Step)

  1. Don’t reapply straight away — too many applications in a short time can hurt your credit file
  2. Find out why you were declined — check if it was credit-related, doc-related, or asset-related
  3. Work with a broker — they can assess your situation without triggering a credit check
  4. Fix or reframe your application — e.g. include bank statements, switch to a newer trailer, or offer a small deposit
  5. Apply through the right lender — not all lenders have the same rules

💡 Can You Still Get Approved?

Yes — many people get approved after a decline by:

  • ✔️ Switching to a low-doc or ABN-only lender
  • ✔️ Providing 3–6 months of business bank statements
  • ✔️ Offering a 10–20% deposit
  • ✔️ Choosing a newer or more practical trailer
  • ✔️ Letting a broker package the deal professionally

📉 What If You Have Bad Credit?

You may still be eligible for trailer finance if:

  • You have minor defaults that are paid
  • You’ve had no recent bankruptcies
  • Your trailer is for 100% business use
  • You apply through a broker who deals in credit-impaired lending

🧠 Why Using a Broker Makes All the Difference

Unlike banks or dealer finance departments, brokers can:

  • Access specialist lenders who don’t advertise to the public
  • Present your application in the best light
  • Find alternative finance structures that work around your profile
  • Often get approved with low-doc and new ABNs

🚀 One Decline Isn’t the End — Let’s Try Again

If you've been declined but still need that trailer to grow your business, we’ll connect you with a broker who can review your situation and get you back on track — fast.

👉 Start My Trailer Finance Application

 

DISCLAIMER

The information provided on this website is general in nature only and has been prepared without considering your financial needs, circumstances and objectives and should NOT be construed as financial, taxation or legal advice. For more information, get in touch with our experienced partner brokers today.

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All Your Questions Answered

What is a car loan and how does it work?

A car loan is a finance product where a lender provides funds for you to purchase a vehicle, which you repay over time with interest.

What’s the difference between secured and unsecured car loans?

Secured loans use the car as collateral, often leading to lower interest rates. Unsecured loans don’t, but usually have higher rates.

What loan terms are available for car finance?

Most car loans offer terms from 3 to 7 years. Find out what term suits you best.

How is interest calculated on a car loan?

Interest is based on the loan amount, term, and rate. Fixed-rate loans have predictable repayments, while variable rates can change.

Can I get a car loan for a private sale?

Yes, many lenders accept private sellers. You’ll need to provide extra documents.

Do government employees get lower interest rates on car loans?

Yes — many lenders offer better rates due to your stable income. Explore finance options for government employees.

Can I apply for a car loan while on probation?

Yes. Many workers are approved during probation.

What credit score do I need as a government employee?

A score of 650+ is ideal, but lower scores may still be considered.

Are corporate professionals eligible for low-rate finance?

Yes, especially if you're full-time with strong income.

Can I get car finance with a novated lease?

Yes, many government departments support novated leasing.

Can I get a car loan with no credit history?

Yes, it's still possible to get a car loan with no credit history.

What if I’ve been declined elsewhere?

A broker can help restructure your application for better results.

How do I check my credit score?

Use Equifax, Experian, or Illion for a free check.

Can I get finance if I have a current personal loan?

Yes, if your income supports both loans. A broker will assess your capacity.

What documents do I need to apply?

Typically: ID, payslips, and bank statements.

Can casual workers get car loans?

Yes, if you’ve worked consistently for 6+ months.

Can I apply if I’m self-employed with an ABN?

Yes. Consider a low-doc loan.

Can Centrelink be used as income?

Yes, when paired with PAYG income.

What’s the minimum income to qualify for car finance?

Most lenders prefer $30,000+ annually, but this varies.

Can I apply on a fixed-term contract?

Yes, especially if it’s government-backed.

Can I finance a used car?

Yes, most lenders allow used cars under 10 years old.

Can I get a loan for an SUV or family car?

Absolutely

Can I finance a caravan or motorbike?

Yes

Can I finance an EV or hybrid car?

Yes. You may even qualify for green car loan discounts.

Can I use my car for both work and personal use?

Yes you can.

What is a balloon payment?

It’s a lump sum due at the end of the loan term.

Can I make extra repayments?

Yes, many lenders allow this without penalty.

Can I pay off the loan early?

Yes — ask if there’s an early payout fee.

Is there a deposit required?

Not always.

What loan terms are available?

1 to 7 years is standard.

How long does approval take?

24–48 hours in most cases

Can I apply online?

Yes — most lenders and brokers accept online applications.

Is a broker better than going direct?

Often, yes. They can compare lenders for you.

Can I get pre-approved?

Yes — and it gives you better negotiating power at the dealership.

What happens after I apply?

Your documents are reviewed, and if approved, the lender issues funds to the seller.

Can I get a loan with a visa?

Yes, in some cases. see finance for visa holders here.

Do I need a driver’s licence to apply?

Yes, but learners may qualify with a co-applicant.

Can I apply with someone else?

Yes, joint applications are allowed.

Can I refinance my current car loan?

Yes — it can lower your repayments or get you a better rate.

Can I trade in my old car as a deposit?

Yes, many lenders accept trade-ins toward the deposit.

Can nurses get car finance?

Yes — see nurse-specific finance tips.

Can teachers apply while on contract?

Yes. Read how to get approved.

Do defence personnel get special car loan rates?

Yes, in some cases. Your job security is a major advantage.

Can FIFO government workers apply?

Yes — consistency in income matters more than job location.

Can I apply if I’m on maternity leave?

Yes, especially if you’re returning to work. Here’s how.

Can I use car finance to buy interstate?

Yes — just make sure the seller provides all required documents.

Can I finance a car from an auction?

Yes, but only through select lenders. Ask your broker first.

Will applying hurt my credit score?

Only if you apply to multiple lenders directly. Brokers help protect your score.

Can I get a car loan if I’ve been bankrupt before?

Yes — see bad credit car loan options.

What if I want to upgrade my car before the loan ends?

You can sell the car, pay off the loan early, or refinance.