By Jamie Moore Google+
We thought we would give you a quick guide and run down on the concept that some lenders will offer customers No credit check car loans. Is this possible? Well in our opinion it’s not and the reason being that no responsible lender could state that they won’t carry out a credit check before approving a customer.
First off, let’s assess the reasons behind looking at an applicants credit file and what might be contained on there – especially on a car loan for bad credit. Now in New Zealand we are slowly catching up with places such as the UK and United States where the information held on you is vast and covers every financial and credit account you have entered into, including monthly updates on your repayments. Now in NZ your file will typically show only the Bad Credit you might have had – think of it as a register for failed finance agreements. This means that anyone looking at your credit file can see if you might have taken out a car loan or finance before and not paid it back. You think if there is an option to see this information a finance company is going to say no?
In Car Finance 2U’s opinion any company offering to provide you with vehicle finance and stating they can give you a no credit check car loan is one to avoid. At CF2U we might not promise the earth but you can be assured we offer the very best chance of getting approved for what we like to term Non Status or Second chance finance. There are many tips you can view before putting in your application and these can include making sure you have no or little unpaid defaults showing. Why not have a read through our guides or give us a call for further information 0800003502.