You’ve been with the same big bank for years. You’ve got your home loan there, your credit cards, and your everyday business account. But the moment you ask for a loan to buy a piece of gear-especially if it’s second-hand-they start dragging their feet.
The "Computer Says No" Problem Big banks use rigid formulas. If your industry had a quiet quarter, or if your tax returns aren't "perfect" yet, the bank’s computer often automatically rejects you.
Visualise this: Take "Mick," an owner-operator truckie. He finds a great 2017 trailer for $50,000. His bank says "No" because the trailer is more than 7 years old. The bank doesn't care that the trailer is in perfect condition or that Mick has a guaranteed contract for the next two years. To the bank, it’s just an "old asset" they don't want to risk money on.
The 3 Things a Bank Won't Tell You
- They have "Quotas": If a bank has already given out too many loans to transport companies this month, they might just stop saying yes to everyone in that industry.
- They Want Your House: Many banks will try to use your family home as security. That means if the business has a bad run, your house is on the line.
- The Wait Times: A bank might take three weeks just to look at your paperwork. In that time, the gear you wanted has already been sold to someone else.
How Geared Finance Gets the "Yes" We focus on the gear, not just the spreadsheet.
- We Value the Asset: We know that a well-maintained piece of machinery is valuable, regardless of its age.
- No "Home Risk": We focus on "Asset-Based Lending." The loan is secured against the equipment itself, not your house.
Speed: We work with dozens of lenders. If one says no, we have many more to talk to. We usually get answers in days, not weeks.
