Key highlights
- Several lenders consider applicants with past defaults
- Size, age and status of a default all matter
- Paying or settling a default helps your application
- Any rate is indicative and subject to assessment
- Obligation-free quote via a soft check only
Defaults happen, and they don't have to keep your business off the road. Several lenders on Overdrive's panel consider applicants with past credit blemishes. Simon Kendrick knows which non-banks look beyond the listing to the circumstances behind it.
Are all defaults treated the same?
Lenders weigh the size, age and status of a default. A small, paid, older listing is viewed very differently to a large, recent, unpaid one. Eligible applicants with resolved defaults often have real options, subject to lender criteria.
How to strengthen the application?
Paying or settling the default, keeping recent repayments clean, and offering a deposit all help. Property ownership and a settled ABN add weight. The van itself acts as security, giving the lender additional comfort on the loan.
What to expect with defaults?
With defaults, the terms offered may differ from a spotless file, and any rate is indicative and subject to assessment. What matters is getting a workable approval. Comparing specialist lenders is where a broker earns their keep.
Got a default and need a work van? Ask Simon for an obligation-free Overdrive quote. It's a soft check that won't affect your credit score, and it finds the lenders open to your situation.
Ready to compare cheap rates?
Free quote in minutes, decisions in 24–48 hours. No credit-score impact to enquire.