Let’s face it – in many cases, for one reason or another, a person accumulates a bad credit record. Sometimes "Life" just happens. Bee Finance is very experienced in getting loans approved for clients with Poor Credit records. However bad your credit record is – we have seen worse and obtained finance for our client. Ex-Bankrupt? Bee Finance deals with ex-bankrupt clients on a daily basis. Bee Finance will try best look at putting a finance deal together for you.
Generally, you will need to show that you are able to conduct your own finances in a way that the lender would feel comfortable lending to you. They will usually determine this from the conduct of your personal finances by reviewing your bank statements. They would usually be looking to see in a set period if you have had any overdrawn amounts on any of your accounts, meaning your bank account has been put into a negative position, or any direct debit dishonours.
In New Zealand, most credit checks are done through Veda and Centrix. Bee Finance will usually obtain a credit record check from Veda as a normal process in putting together an application for vehicle finance, as lenders need to know the credit history of an applicant.
When the lender reviews your credit file, they will be able to see any enquiries that have been made about you. One big mistake made by people trying to improve their credit history is the belief that they should go for a ‘small’ loan first to see if they can get approved and then work their way up. This does make sense, but unfortunately the lenders take a different view to these ‘small’ borrows, as they are often ‘payday lenders’. These ‘payday lender’ enquiries raise concern for motor financiers as their argument is that if the client cannot afford to live off their wages and needs to go to these type of lenders, they may be struggling to live off their normal income, so how can they afford a car loan repayment on top of what they require to payout in expenses?
Dependent on the severity of the adversity on your credit file, you may still qualify to achieve approval from a prime lender, meaning that you may not be required to pay substantially higher on your interest rate as what is common with bad credit car loans. Bee Finance is expereinced in putting deals together for clients with adverse credit.
Have you been declined or rejected for your loan application? Click here to go to the Contact Us page and enquire how we can get you approved for finance if you have a poor credit history.