Car Loans

Need vehicle finance in New Zealand that is affordable and flexible?

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No-deposit Car Loan NZ – Bad credit considered

Car loans are not only one of the most expensive forms of credit but they’re also one of the most complex.

Find out more about car loans in New Zealand and choose a lender that meets your needs and wants.

Frequently Asked Questions

Since buying a car is a big deal, you need to Plan accordingly

Buying a car is a big decision. In fact, after a home, a car is the next biggest purchase in an individual’s life. It’s for this very reason that the purchasing process must be carefully planned.

That’s right, the key to a smooth and thrilling experience with vehicle financing is all down to the detailed planning. Obtaining a vehicle or personal loan for your new car is how most New Zealanders purchase their vehicles. It can be quick, fuss-free and have you driving your dream car in no time, and all without having to break the bank!

Start by getting pre-approved for a Car loan

One of the recommended ways to get started is to get pre-approved finance before you even begin searching for the car you wish to purchase. A majority of the loan process entails paperwork, credit checks and insurance cover. You can secure your finance deal, determine the rate of interest you’ll be awarded and save yourself a lot of time by starting with the finance approval.

Once you have that in place, you can comfortably shop for the car of your dreams, having peace of mind that when you choose one for the amount you can afford, that you’re guaranteed to get it! This makes car shopping not only fun but stress-free.

How does my Credit score affect my Car loan?

Is your credit score in order? If it isn’t, it’s a good idea to first sort this out before even applying for the pre-approved finance. This “little” element is not so little at all when considering approval for your in-store or online loan application. The higher your credit score, the better your chances are of receiving a lower interest rate.

Find out your credit score from a credit bureau, or alternatively try with one of the online web applications. Make sure that all the information you see is 100% accurate if it isn’t – get it straightened out asap!

Vehicle finance in New Zealand isn’t a one size fits all loan. This is why it pays to get a car loan quote and pre-approval before you buy a car! Since you, yourself are unique in who you are and how you function in the world, so are car loans. They are customised to suit your lifestyle in a way that benefits your wallet month to month and overall in the long run. Different lenders have different terms, conditions, fees and charges. It’s a good idea to shop around for the best solution because there is one out there for everyone.

Where do I start looking for a Car loan?

Before you dive into searching for the top online loans and lenders, first try with your most trusted source – friends and family. We all know someone with a car and most likely a financed car. Probe their minds and discuss their experiences to find out where they found joy, good deals, and the best service.

If you find yourself with a mixed bag of opinions, then turn to the internet for some informative reviews that you can go by. If all else fails – try comparison sites for the ultimate decision-making guide.

What Car loan options are available to me?

For starters, the most obvious choice is to apply for proper vehicle finance through your own bank or either the provider of choice at the dealership where you’re shopping for a vehicle.

Other options include lending from the bank, credit unions and peer to peer lenders. Each one will come with its pros and cons. Vehicle finance loans, however, are designed to meet the needs that a car loan would require.

You could even apply for a general quick cash loan to get approved quickly, but as discussed, that isn’t ideal in terms of period and interest rate you need for purchasing a car.

It’s important that you have a deposit amount in mind because this will help you achieve the most affordable instalment amount.  Dealerships have a very strong relationship with the banks and therefore their rates are often better than ones even you could get from your own bank. So, don’t ever write off this consideration.

What’s better, new or second-hand?

This is entirely based on preference. It’s just a good idea to understand how fees work with each type of car. Since you’re paying a higher price for a brand new car, every day it drops in value, that’s why most people would recommend to not go brand new because you’re in for high insurance and high instalments for maybe not as much car as you’d hoped. With a second-hand car, you might get more car for your money.

With that said, newer cars are known to have lower interest rates in a finance deal due to them being lower in risk. Second-hand cars will mean you take less of a knock, financially, when you want to sell, if that is the case before the finance deal is up for instance.

Consider these Expert 'car-buying' tips

  1. Do thorough research when you’re shopping for a lender and for your car when you’re considering a car loan. Make your decision based on your financial situation, your lifestyle, it’s reliability, and it’s functions. Your lender should be chosen based on affordability and budget. But don’t forget to shop for deals and consider alternatives like peer-to-peer loans and online lenders!
  2. Shop with your budget, not just your heart. When it comes time to pay and you’re struggling to afford to pay the loan, the extra legroom and heated seats aren’t going to pay the bills.
  3. Keep a lookout for additional hidden fees that get added to the finance deal after you have signed. Prepare for them at least so that you have included them in your budget.
  4. Where you can and know how to, always try and negotiate. Don’t take the sticker price as set in stone. That price has been inflated for the ‘discount’ request clients. Wiggle room is a thing and dealers will lower their price. Lenders like a deposit and will give you a preferred rate too if you can offer up a deposit.

Car loan calculator

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The interest rate of a loan will vary based on your credit score and risk profile.
This loan calculator is for illustration purposes only.
The use of this quick loans calculator is subject to our terms of use.

List of direct lenders offering Car loans

  1. UDC Finance Car loan

    UDC Finance

    • Starting from $10,000
    • Term up to 5 years
    • Interest from 6.95%
  2. First Credit Union Car loan

    First Credit Un...

    • Loans up to $50,000
    • Term up to 4 years
    • Interest from 9.95%
  3. Max Loans Car loan

    Max Loans

    • Loans up to $50,000
    • Term up to 5 years
    • Interest from 6.99%
  4. ANZ Bank Car loan

    ANZ Bank

    • Loans up to $40,000
    • Term up to 7 years
    • Interest from 12.90%
  5. FINANCE NOW Car loan

    FINANCE NOW

    • Loans up to $20,000
    • Term up to 60 months
    • Interest from 12.95%
  6. Kiwibank Car loan

    Kiwibank

    • Loans up to $50,000
    • Term up to 7 years
    • Interest from 12.99%
  7. interest.co.nz Car loan

    interest.co.nz

    • Loans up to $2,000,000
    • Term up to 30 yrs
    • Interest from 12.99%
  8. Turners Auctions Car loan

    Turners Auction...

    • Loans up to $100,000
    • Term up to 48 months
    • Interest from 14.95%
  9. Auto Finance Direct Car loan

    Auto Finance Di...

    • Loans up to $15,000
    • Term up to 48 months
    • Interest from 16.95%
  10. Kiwi Car Loans Car loan

    Kiwi Car Loans

    • Loans up to $80,000
    • Term up to 60 months
    • Interest from 6.95%
  11. Oxford Finance Car loan

    Oxford Finance

    • Loans up to $100,000
    • Term up to 5 years
    • Interest from 11.95%
  12. Toyota Car loan

    Toyota

    • Monthly payments are fixed
    • Term up to 60 months
    • Interest from 7.95%%
  13. NZ Vehicle Finance Car loan

    NZ Vehicle Fina...

    • Quick decision
    • Term up to 6 years
    • Interest from 7.95%
  14. NZCU Baywide Car loan

    NZCU Baywide

    • Loans up to $50,000
    • Term up to 7 years
    • Interest from 9.90%
  15. Geneva Finance Car loan

    Geneva Finance

    • Loans up to $50,000
    • Term up to 5 years
    • Interest from 8.95%
  16. East Bay Finance Car loan

    East Bay Financ...

    • Loans up to $30,000
    • Term up to 60 months
    • Interest from 8.95%
  17. Credit One Car loan

    Credit One

    • Loans up to $1,000,000
    • Term up to 60 months
    • Interest from 7%
  18. MARAC Car loan

    MARAC

    • Loans up to $20,000
    • Term up to 5 years
    • Interest from 7.95%
  19. Motor Trade Finances Car loan

    Motor Trade Fin...

    • Loans up to $100,000
    • Term up to 48 months
    • Interest from 9.5%
  20. Motor Vehicle Finance Car loan

    Motor Vehicle F...

    • Same day payout
    • Approval in 1 hour
    • Interest from 7.95%
  21. Yes Finance Car loan

    Yes Finance

    • Loans up to $30,000
    • Term up to 48 months
    • Interest from 9.9%
  22. Pioneer Finance Car loan

    Pioneer Finance

    • Loans up to $100,000
    • Term up to 7 years
    • Interest from 11.95%
  23. ASB Bank Car loan

    ASB Bank

    • Starting from $2,000
    • Term up to 7 years
    • Interest from 12.90%
  24. Westpac Car loan

    Westpac

    • Loans up to $50,000
    • Term up to 5 years
    • Interest from 10.95%
  25. Car Loans Car loan

    Car Loans

    • Loans up to $80,000
    • Term up to 5 years
    • Interest from 11.95%
  26. Discount Finance Car loan

    Discount Financ...

    • Loans up to $20,000
    • Term up to 4 years
    • Interest up to 13.95%
  27. AA Finance Car loan
  28. NZ Loan Car loan
  29. placeholder for Auto Loan Company

    Auto Loan Compa...

    • Term up to 5 years
    • Interest from 9.95%
  30. Aqua Cars Car loan

    Aqua Cars

    • Loans up to $30,000
    • Interest from 9.95%