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Bad Credit, Adverse Credit, Low Credit Score, No Credit History, What Does It All Mean?

Do you have a bad credit rating?  Have you been rejected for car loans?  You deserve a second chance!  At NZ Vehicle Finance, our experienced bad credit car loan consultants can help you achieve your dream of owning a car, even if you have bad credit.

But first, a few things you should know - Most people don’t know what their credit score is, even with the ability to check yourself via various agencies, this information is not always accurate.  There are so many factors that determine your personal credit score, and it isn’t just about paying or not paying your debts.  There are other things considered like how long you have been at your address and how many credit enquiries you have had.
There is no ‘one size fits all’ rule when you apply for car finance.  Having adverse or bad credit, or a low credit score does not mean you will not be approved.  Being able to explain any bumps on your credit report is a major factor.  For example, if you had a relationship breakdown, or loss of employment and stumbled upon financial hardship for a moment in time, then it is likely you may have some credit defaults.  But if you have paid them off, and are now in a stable situation, then you may qualify for finance approval.  If you currently have unpaid defaults but have been making an effort to pay them off, then you may still be approved. In some cases, you may not even be aware of any adverse or bad credit.  If our finance specialist discovers something you didn’t know about, they can give you details of who you can speak to so you can get it sorted.  The one thing that you should not do is continue to apply for finance if you are not getting any approvals.  Having lots of credit enquiries will lower your credit score.  This is a common mistake that is made by people ‘shopping around’.  You can talk to a finance specialist or business manager and get some idea of what they can offer, without consenting to a credit check.  

If you would like to discuss your personal situation and consider car finance options with NZ Vehicle Finance, please contact one of our Business Manager's. It's just a quick phone call and where possible we will try our hardest to get you approved for an affordable car loan. With no obligation of course.


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