You want to buy a new car, but you have Bad credit car finance Auckland. Maybe your credit history has some black marks on it that are causing lenders to turn their noses up at you. Or maybe you've just never really managed your finances well enough over the years to build up a decent credit score. Whatever the reason, what can you do? Not everyone is able to get an auto loan without having excellent or at least decent credit, yet there are plenty of people who do need vehicle financing and don't qualify because of their less-than-perfect credit scores. There are options if you know where to look and what to ask for, and we've got you covered. We encourage you to explore with our listing of car dealerships and lenders, but please be aware that not everyone will approve bad credit auto loans or may simply decline any applicant regardless of their credit score. In this scenario, those who need a new ride the most are often forced to turn to unsafe methods such as borrowing from family members (which can damage relationships). So at least consider the following list of alternatives above all else:
1) You can always rely on your parents or other relatives for financial assistance; however we do not recommend doing so unless it is an absolute last resort and your current vehicle cannot run anymore (or if it's unsafe/unreliable). Borrowing from family members can be a great alternative to more expensive leasing, but it does come with significant risks. Since you'll technically be on their financial records if the car isn't paid off for any reason your relative runs the risk of being blacklisted by lenders in the future which could prevent them from getting approved for a new loan or lease later on down the road. Also, while some relatives may be more lenient than a bank when it comes to missing payments or late fees, relationships can change rapidly when thousands of dollars are at stake. If you do decide to go this route anyway, always aim to pay back these loans quickly and fully.
2) You shouldn't need us to tell you that buying a new/used vehicle with cash is the best way to go. You will own your vehicle outright and won't ever need to worry about monthly payments, so you'll always have control over where and how it's used. Unfortunately, not everyone has $5k+ lying around for a down payment, so we hope some of these other options can be helpful as well:
Ways To Get Around Bad Credit
Before signing anything with any lender against your better judgment, just remember that there are laws in place meant to protect consumers from predatory banks and shady dealerships who prey on those with poor credit. So if at any time during the loan process an unethical manufacturer or dealer tries to take advantage of you, never hesitate to report them to your local BBB and/or the FTC.
Working with a dealer that hosts an in-house financing department is strongly discouraged unless you're certain they'll be able to secure approval; instead we recommend working with those who partner with third-party lenders and Second hand car finance Auckland specialists. We also advise avoiding shady dealerships at all costs, as they often lie about which banks or loan companies they work with in order to trick people into signing unfavorable contracts. This isn't always the case but should still be considered since we've seen firsthand how some unethical businesses operate.
