Can I get finance with bad credit in NZ?
Often yes, but it depends on what the credit issue is, how old it is and what you are buying. Some New Zealand lenders assess defaults, arrears and past hardship case by case rather than declining automatically. A broker can put your application in front of those lenders instead of the ones certain to decline it.
The detail
A credit file is not a pass or fail. Lenders look at what happened, when, how much was involved and what has changed since. A paid default from four years ago is a very different application to an unpaid one from last month, and lenders differ widely in how they treat each.
What usually matters more than the credit file itself is the rest of the picture: steady income, time in your job or business, the size of the deposit and the asset being financed. An asset that holds its value gives a lender security that a personal loan does not.
We cannot promise an approval, and any broker who does is not being straight with you. What we can do is tell you honestly whether your application is likely to work before it is submitted, and take it to the lenders most likely to say yes.
Related questions
Will applying damage my credit score further?
Asking us for an indication does not affect your credit score. We only run a formal credit check once you decide to proceed with an application, and we will tell you before that happens.
How long do defaults stay on a credit file in New Zealand?
Most defaults stay on your file for five years from the date they were listed, whether or not they have since been paid. Paying one off does not remove it, but a paid default is viewed far more favourably than an unpaid one.
Is a higher rate the only option with bad credit?
Usually the rate is higher than it would be with a clean file, because the lender is pricing risk. A larger deposit or a stronger asset can bring it down. It is worth asking what would change the answer rather than accepting the first offer.
Get started today
Tell us what you are looking to finance and we will come back with real options - usually the same day.