Bad credit can make it difficult to get a car loan, but it is possible to get one with some lenders in New Zealand. Here are some tips on how to repay a bad credit car loan:
1. Make your payments on time – This is the most important thing you can do to repay your loan. If you are late on your payments, your lender may report this to the credit agencies and it will damage your credit score.
2. Pay more than the minimum payment – If you can afford it, try to pay more than the minimum payment each month. This will help you pay off your loan faster and improve your credit score.
3. Refinance your loan – If you have improved your credit score, you may be able to refinance your loan at a lower interest rate. This will save you money in the long run and help you pay off your loan faster.
4. Make a larger down payment – If you have the cash, making a larger down payment will reduce the amount you need to finance and may help you get a lower interest rate.
5. Shop around for the best loan – When you are ready to get a car loan, shop around for the best interest rate and terms. Be sure to compare both online and offline lenders.
By following these tips, you can repay your bad credit car loan and improve your credit score.