Looking for a car loan but have bad credit? Don’t worry, there are still options available to you. Here are a few tips on how to find the best car loan for bad credit in NZ:
1. Do your research
The first step is to do your research and compare different lenders. Be sure to check out both banks and specialist bad credit lenders to see who can offer you the best deal.
2. Consider the interest rate
When you’re comparing different loans, be sure to pay attention to the interest rate. This is important because it will affect how much you end up paying back in total.
3. Read the fine print
Before you sign any loan agreement, be sure to read the fine print. This way you’ll know exactly what you’re agreeing to and there won’t be any nasty surprises down the road.
4. Get pre-approved
If you want to give yourself the best chance of getting a good deal on a loan, it’s a good idea to get pre-approved. This way you’ll know exactly how much you can borrow and what interest rate you’ll be paying.
5. Make extra repayments
If you can, try to make extra repayments on your loan. This will help you pay it off sooner and save you money in the long run.
6. Refinance if you can
Once you’ve made some headway on your loan, you may be able to refinance to a better deal. This can save you money in the long run, so it’s worth considering if you can.
Bad credit doesn’t have to stop you from getting a car loan. By following these tips, you can give yourself the best chance of finding a loan that suits your needs.