Why can't I get car finance?

Here’s what you need to know if your application was declined

When you apply for secured or unsecured finance for your next vehicle, there’s a small chance your request may be rejected. Don’t worry, it isn’t personal. There are a number of factors that may be responsible for your application being declined, including:

  • A low credit score
  • Outstanding debts
  • Insufficient income and employment history
  • Incorrectly filed application
  • You do not meet the requirements

While it can be frustrating if your finance is declined, it can help to ensure you meet all the criteria and avoid making some common mistakes when filling out your application. It’s the best way to get that new car you've had your eye on.

My application for an auto loan has been denied - now what?

If your application has been declined, the easiest course of action is to ask “Why?”. It may be something as simple as having missed a question in the application, or a more complicated issue such as carrying a low credit score or outstanding debt.

Here are a few things you can do to improve your chances of approval:

  • Improve your credit score
  • Pay off existing loans
  • Correctly fill out all relevant sections of the application
  • Ensure you meet all the requirements; age, NZ resident/permanent visa, employed, satisfactory credit rating, etc
  • You meet the income requirements

Once you feel you’ve rectified any outstanding issues, you are more than welcome to submit another application.

If you would like to chat to our friendly team about your application or why you were declined, give us a call on 0800 229 943.


Want to know your options?

Try our vehicle loan calculator.