Bad Credit Trailer Finance Approved: $30,000 for Mobile Mechanic

ASSET	Tradesman Trailer with Toolboxes + Tools & Equipment
AMOUNT	$30,000 ($15,000 Trailer + $15,000 Business Loan)
INDUSTRY	Mobile Mechanic
CREDIT ISSUE	Low credit scores and outstanding finance default
CASH DEPOSIT	Nil – good history with Bloom as an existing rent to own client.
STRUCTURE	Commercial rent-to-own and business loan, funded directly by Bloom Financial Services
PURPOSE	Purchase of trailer, generator, compressor and tools to support business growth

Scenario

An existing Bloom Financial Services client approached us seeking an additional $30,000 to purchase a trailer and equipment for his mobile mechanical business.

The client had recently become self-employed and required $15,000 for a tradesman trailer fitted with toolboxes, along with a further $15,000 to purchase a generator, compressor and various tools needed for his work.

The challenge was his credit history. He had low credit scores and an unpaid finance default, along with a relatively short period of self-employment.

These factors made obtaining additional finance through a traditional lender difficult, particularly given the client was seeking both trailer finance and additional business funding.

Solution

The client had previously financed a vehicle through Bloom’s own commercial rent-to-own program and had maintained a good repayment history over the preceding few months.

This gave us some additional confidence when considering the request for further funding.

We also reviewed his recent bank statements, which showed genuine trading activity and income being generated through his mobile mechanical business.

While the low credit scores and outstanding default remained concerns, the funds were being used to purchase equipment directly related to his work. The additional tools and trailer would support his ability to carry out jobs and potentially take on more work.

Taking into account his existing repayment history with Bloom, current business activity and the purpose of the funding, we were comfortable supporting the application.

Bloom structured the $30,000 funding as follows:

• $15,000 rent-to-own facility to purchase the tradesman trailer with toolboxes.
• $15,000 business loan to purchase a generator, compressor and other tools required for his business.

Both facilities were funded directly by Bloom Financial Services.

Outcome

Bloom successfully settled both facilities, providing a total of $30,000 in additional funding.

The client was able to purchase the trailer and equipment needed to support the continued growth of his mobile mechanical business.

Although his credit history and limited time self-employed made mainstream finance difficult, his existing repayment conduct, genuine trading activity and the income-generating purpose of the equipment provided sufficient comfort for us to proceed.

This is also a good example of how an existing client can build a repayment history with Bloom and potentially access further funding as their business develops.

Need Trailer Finance with Bad Credit?

Having a low credit score, unpaid default or limited trading history doesn’t automatically mean business finance is unavailable.

At Bloom Financial Services, we specialise in commercial asset finance for ABN holders, including business owners who may not meet traditional lender credit requirements.

Through our own commercial rent-to-own program, we can consider funding for trailers, vehicles, machinery and other business equipment, including applications involving adverse credit history or recently established businesses.

Every application is assessed individually, taking into account current trading activity, affordability, existing repayment commitments and the purpose of the funding.

Looking for bad credit trailer finance or funding for business equipment? Contact Bloom Financial Services to discuss your options.