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A credit score below 500 is generally considered bad in NZ. Scores range from 0 to 1000, and anything under 500 may signal missed payments, defaults, or excessive borrowing.
You can request a free report from Centrix, Equifax, or illion. These agencies offer insight into your payment history, defaults, and current credit status.
Bad credit is typically caused by missed payments, defaults, court judgments, insolvency, or multiple recent credit applications.
A score below 300 is considered very poor in most credit reporting systems and may result in automatic declines from major lenders.
Yes, many lenders—including Sterling Car Finance—offer car loans to applicants with bad credit, focusing on current financial stability rather than just past credit history.
Not always. Sterling Car Finance provides zero-deposit car loan options, even for those with bad credit, depending on affordability checks.
The best option is one that offers flexible payments, low entry requirements, and considers more than just your credit score—exactly what Sterling Car Finance does.
Yes. We provide car loans for student, work, visitor, and resident visa holders. Your visa status won’t automatically disqualify you.
Pay bills and loans on time
Avoid applying for multiple loans
Clear existing debts
Monitor your credit report for errors
Consistent positive behaviour will rebuild your score over time.
Defaults and court judgments stay on your record for up to 5 years. Missed payments usually drop off after 2 years.
Yes. Making on-time payments on your car loan consistently helps rebuild your credit rating.
Yes, especially if they’re overdue. Paying off or settling defaults signals financial responsibility and can improve your credit profile.
Yes. Specialist lenders may offer debt consolidation loans based on your current income and repayment ability—not just your score.
You may be able to consolidate personal loans, credit card debt, or overdue bills into your car loan—subject to lender approval.
Valid photo ID (passport, NZ driver license)
Proof of address
Recent bank statements (usually 3 months)
Proof of income (pay slips or benefit statements)
In many cases, approvals happen within 24–48 hours once all documents are submitted.
Not necessarily. Sterling Car Finance assesses your overall affordability, not just your score. We approve many customers turned down by banks.
You may be offered slightly higher interest rates than someone with excellent credit, but the terms depend on your income, stability, and total loan amount.
Yes. Each application creates a “hard inquiry” that can temporarily lower your score, especially if done within a short period.
You can’t remove accurate negative information, but you can dispute errors and request corrections. Over time, negative data naturally expires.
It depends, but most customers see improvement within 6–12 months of consistent repayments and low credit usage.
