Finance

Bad Credit Car Loans NZ

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If you are planning to buy a car, but you have not saved up for the purchase, you can look for car financing. There are many car financiers you can work with to this end. Unfortunately, if you have a low credit score, getting a car loan will be incredibly difficult.

i) Interest Rates

The ideal lender should charge a reasonable rate of interest on the car loan you need. Just because you have defaulted on previous financial commitments does not mean that you will default on the bad credit car loans NZ.

ii) Down Payment

Most lenders usually ask for huge down payments. Some of them can even ask for 40-50% down payment. Since you have saved up only a small amount of money towards the deposit, you should consider looking for a lender who will accept what you have.

iii) Loan Term

Some lenders usually reduce the repayment period of loans they advance to people with bad credit. For instance, instead of a 2 or 3 year repayment period for car financing, a lender may ask for full payment within a year.

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