How To Improve Your Bad Credit Car Finance Experience In Five Easy Steps.

Car Finance Experience

Bad credit car finance in New Zealand can be the light at the end of the tunnel you’ve been trying to reach for years. Let’s face it – a less than desirable credit history doesn’t get you very far, especially not when it comes to significant purchases, such as a motor vehicle! 

Sure, everyone misses a payment here and there and maybe goes a little too far with their credit card, but the consequences often leave you bound by a boldfaced, underlined stamp of disapproval. Unfortunately, that means the shiny new car you’ve had your eyes on will forever be out of reach. We’re sorry, but that’s just the simple truth. There’s no financing group that will give you a loan; you’re too much of a risk. 

We’re just kidding – your bad credit doesn’t have to be the end of the road for you, at least not when you choose to work with Ask For Finance! 

With us, you don’t have to settle for a private seller who keeps important details about the car under lock and key and has all the power over you and the sale price. Instead, our brokers carefully assess your budget and lifestyle to pair you with the best possible lender. As a result, you get a loan you can easily keep up with and a car you will actually enjoy driving!

All you need to do is fill out our online application, and we’ll be in touch to discuss your car financing options. So, visit our website today!

Important Steps To Take Before Applying For Vehicle Financing.

Buying a new car is stressful enough even when your credit score is perfect, so it becomes a lot more difficult when it’s in the red. However, there are a few things you can do to make the application process for vehicle financing easier, and it will also help make things easier for your finance brokers. So, consider trying these few steps before submitting your loan application: 

Step #1: Check your credit score. Auto lenders who accept applicants with poor credit scores will typically charge a much higher interest rate or have more costly loan terms to cover the risk of your financing. Therefore, it’s crucial that you check your credit score and credit history before applying for an auto loan, and fix any errors that may be affecting your creditworthiness. 

Step #2: Assess your income and debt. Even if you have a poor credit score, lenders will also look at your monthly income and expenses to determine your ability to repay a loan. Therefore, it’s important that you can meet your new car repayments along with your existing debt obligations. This figure will help the lender determine your repayment fees, interest rate and downpayment amount. 

Step #3: Prove personal stability. Lenders are always looking for the risk factors associated with loan applications, so proving personal stability goes a long way towards being approved for an auto loan. Lenders will look at how long you have been with your current employer and your current address, for instance, to assess your security and reliability. 

Step #4: Consider making a down payment. We know that not everyone’s pockets are full of extra cash, especially when trying to improve your credit score, but even the smallest amount can make a significant difference. A down payment of any amount can help get you approved and will lower the upfront costs of your loan. In addition, a down payment exhibits your commitment to the loan, which instils more confidence in the lender and improves your chances of being approved. 

Step #5: Know how much you can afford. Besides your loan repayment fees, you also need to consider the additional costs associated with owning a vehicle, such as insurance, registration fees, gas, servicing, and any other expense beyond your loan obligations. 

Bad credit car finance in New Zealand is the best way to secure a vehicle without pushing yourself further into debt and poor credibility. So, visit our website and start the application process today!

You may also like...