Loan applicants are always keen on finding lenders that offer the lowest interest rates. However, not everyone has the luxury of having several options. If you have a bad credit record, then you may be rejected by some banks. The lenders that will approve your loan are likely to charge you much higher interest to balance out your perceived risk to the company. For many, the charges are excessive so they just try to improve their credit rating before applying again. Yet some may not be able to wait around until conditions become favorable.
For example, you may need to buy a new car if the only vehicle being used by the family is broken beyond repair. The alternative would be to take public transport which may not be feasible in some places. The more rural areas simply require residents to have their own rides. In cities, it is possible to take a cab, train, or bus but these have their own issues. Cabs can be expensive, especially if you take them day after day. It might still be cheaper to pay for the bad credit car loans NZ lenders are offering instead of this. As for trains and buses, they are not always available. Neither are they the most convenient option.
Some people might consider a high interest loan preferable to having none at all. If they simply need to have a car to go to work, then it is a price that they are willing to pay. Maybe the vehicle is not just for commuting. Perhaps they have to go around town as part of their daily tasks such as real estate agents who need to visit several properties and entertain potential buyers. They need to be able to get to their destinations on time while looking presentable. This is difficult to do without having your own ride.