What to do when your loan is declined, and how a Broker can help!

candice7664
May 17
4 min read

Updated: Jun 6

Ask an Expert - Inspired Asset Finance - Toowoomba Broker

Let’s be real: getting declined for a loan is disheartening.

Whether you’ve applied for a car loan, boat loan, caravan finance, or a debt consolidation loan, hearing “no” from the bank (or any lender) can feel like the end of the road.

But here’s the truth, one decline doesn’t mean your dream is over.

At Inspired Asset Finance, we’ve helped hundreds of Aussies who’ve been turned away elsewhere. The difference? We take the time to understand your full financial picture, and we match you with a lender that’s actually right for your situation, not just the first one available.

So if you’ve been declined for finance, here’s how a broker can still help you get that yes.

1. We Work for You, Not the Banks

When you walk into a bank or apply through a dealership, you’re working with someone who has access to one set of products. That’s it.

As brokers, we’re completely independent. We work for you, not for the bank.

That means:

We compare options across a large panel of lenders (over 40 in our case).
We’re not here to push one loan product, we find the one that fits your needs.
We advocate for your approval by matching your situation to the right lender, first go.

Real Client Win: One client came to us with a low credit score and a rejection from another broker. Not only did we get him approved for the caravan loan he really needed, but we also secured a rate that was 4% lower than what he’d previously been offered. That difference saved him thousands over the life of the loan.

2. We Know the Lenders That Say Yes, Even When Others say no

Every lender has different criteria. Some won’t accept casual employees. Others won’t touch applications with low credit scores or short job history. That’s where we shine.

We know which lenders:

Accept applicants with limited or no credit history
Work well with self-employed borrowers
Allow debt consolidation under flexible conditions
Can approve older vehicles, motorbikes, or boats
Accept applicants on probation or in family-run businesses

Real Client Win: We worked with a self-employed client who’d been messed around by his bank for eight weeks. He worked for a family business and wanted to finance a car for private use. Not only did the bank decline his application, but they also did multiple credit checks that damaged his score. We stepped in, found a more suitable lender, and got the loan approved quickly, no fuss.

3. We Fix What Went Wrong the First Time (Loan decline be gone).

Sometimes, being declined has nothing to do with your finances. It’s about the application not being submitted correctly, or to the wrong type of lender altogether.

We go through your declined application with fresh eyes and identify what went wrong.

Then we:

Repackage the application to highlight your strengths
Choose a lender that fits your specific needs
Ensure everything is submitted correctly to avoid unnecessary delays

Real Client Win: A client came to us after being declined for a debt consolidation loan. When we dug into it, we found out the original application was submitted to a lender that doesn’t even offer debt consolidation! We resubmitted it to a more appropriate lender and got it approved within days.

4. We Offer Personalised Options, Not Cookie Cutter Loans

Every financial journey is different.

You might be:

Buying your first car with no credit score
Looking to refinance your current car loan for a better deal
Wanting to upgrade your family caravan
Applying for motorbike finance after a change in employment
Considering boat finance for lifestyle or work purposes
Trying to consolidate multiple loans into one

We look at your full story, not just your credit file. We’ll explain the pros and cons of secured vs unsecured loans, guide you through interest rate options, and structure your loan to fit your goals.

Even if you’ve been told “no” before, there could be an alternative path waiting for you.

5. We Understand Life Happens, And We’re Not Here to Judge

People get declined for all kinds of reasons: previous defaults, short employment history, low savings, or even just applying to the wrong lender.

We’ve seen it all, and we’re not here to judge. Our job is to find solutions.

That’s why we ask the right questions upfront and tailor your loan application based on:

Your current financial position
Your income and employment type
The asset you’re buying
Your short and long term goals

We're also upfront with you about what’s possible, and we’ll never push you into a loan that doesn’t make sense for you.

6. We Make the Process Less Stressful

We know applying for finance, especially after a decline, can feel overwhelming. That’s why we make it as easy as possible.

Here’s what working with us looks like:

One simple conversation to understand your needs
We gather your documents and do the legwork
We handle all communication with the lender
You stay informed every step of the way

We’re real people, and we genuinely care about helping you move forward, whether that’s getting on the road, towing your new caravan, riding your dream motorbike, or finally feeling in control of your finances with a consolidated loan.

7. We’re With You for the Long Haul

At Inspired Asset Finance, we don’t just do one loan and disappear.

Many of our clients come back again and again, for upgrades, refinancing, or new adventures.

We’re here to help you make informed financial decisions for every stage of life, whether that’s buying your first car, upgrading your vehicle, or finally buying that boat you’ve been dreaming of.