Best Car Loans New Zealand

Last updated: May 2022

  • $300 to $4000 loan amount
  • 6 months to 7 years to repay
  • 17.95% standard interest rate
  • 60s pre-approval
  • apply in less than 3 min
  • deferred ayment options on all loan plans
  • Borrow from $2 000
  • shop like a cash buyer
  • cash by the next business day
  • Car finance, made flexible!
  • fast loan approvals with competitive rates
  • Interest Rates from just 9.95%
  • simple 3-step process to get you on the road
  • 6 months to 7 years to repay
  • No deposit required

Most Read in Car Loans

Car Loans in New Zeland

Getting an affordable car loan is how many people in New Zealand have managed to get their dream car. There are many loan providers ready to assist you, but there are a number of considerations you need to bear in mind so that you can get the best deal. Here are some of them:

Weigh your options

Before you opt for financing from the auto dealer, be sure to have looked at offers from other sources of credit. A car loan from your employer or asset financing from your bank may come with lower interest rates than what your dealer offers. As you shop around, take into account all elements that go into the overall cost of the loan, not just the interest. Most banks will charge a facility fee which is a percentage of the principal amount. After looking at various products you will be able to gauge what the going rate in the market and establish a base rate above which you cannot go.

Understand the car loan terms

Besides the cost of the loan, you need to look at how the loan product is structured and ferret out hidden terms and conditions that could come back to bite you. For instance it is important to establish if you can be able to clear the loan early if you get extra funds. Many providers will either not allow you to pay a lump sum or charge a penalty for additional payments beside the regular monthly repayments.

Consider Your Credit history

Do you know your credit record or have you ever asked for your credit report? It is important to get this as your credit score will determine how much of a risk it is to lend to you. Many banks will not lend to you if you have a poor credit history. A clean credit report means you are less likely to default on repayments so credit providers will be willing to lend to you, and at a lower interest rate.

Don’t just accept your credit report at face value, scrutinise it carefully as there may be errors painting you in a worse light than you deserve. You may also find that you can pay off the delinquencies that are tarnishing your credit report. Clearing them will make you a candidate for a more reasonably priced car loan in New Zealand.

Early repayment

While shopping around for car loan products, be sure to pick the one with the most flexible repayment terms. A number of lenders will want to penalize you if you want to make a lump sum payment to clear your repayments early. You need to read the fine print in your loan terms to ensure this is not the case.


If you have a life insurance policy, especially one with disability or retrenchment insurance, you stand a better chance of securing a lower interest rate on your loan. This is because lenders have some level of comfort that even if you lose your source of income because of either of the two circumstances, you will still be able to make the repayments. However, you don’t need to have a car insurance policy to qualify for a loan.

Car loan providers in New Zealand

Below are some of the options you can consider if you need financing for your car in New Zealand:

First Credit Union

First Credit Union claim to offer kiwis some of the most affordable car loans in the country. These loans are available to both individuals and companies looking to build up a fleet.

This financial services provider draws upon its seven decades of experience in the industry to offer more customer-centric solutions. For this reason they offer New Zealanders a wide range of loan products that different segments of the market can tap into. Their flexibility allows you to make early payments without fearing penalties and they can structure your loan to match your individual circumstances. Before you take on the loan you can know how much you will be paying in monthly repayments.

They also offer pre-approved vehicle loans that allow you to shop with more confidence, knowing the amount of financing available to you. You don’t have to be bound to a particular dealership – you can get the best car for the amount you have. In helping you to get the car of your dreams without having to wait too long, First Credit Union promise to give applicants feedback on their pre-qualifying amounts within 24 hours.

To further woo potential car owners, First Credit Union assure them of an efficient complaints handling procedure.

Turners Auctions

Even auction houses can provide an alternative for affordable car financing in New Zealand. They offer individuals and enterprises alike loans for buying cars, commercial vehicles, trucks, heavy machinery and even damaged vehicles. Motorcycle lovers can get their dream bike with a loan from Turners Auctions. You can get financing for boats, jet skis and other water-based vehicles as well.

Like some of the other lenders mentioned above, Turners Auctions offers pre-approved facilities. This gives you more options as to the dealerships you can buy from or the car make you can afford. They promise applicants speedy loan approval and flexible loan repayment. The application process itself, they say, should take no more than 10 minutes done online. In addition to this they offer free auto protection over the first few days after your purchase.

Pioneer Finance

With Pioneer Finance you can look forward to affordable car financing with comfortable repayment terms. They promise to act fast on your application and deliver the cash to buy your dream car within 24 hours. With an array of flexible products to choose from, potential car owners are sure to find the right package for their situation.

Whether you’re eyeing a new or a used car, Pioneer will be there to help you seal the deal. They back up their products with dedicated service- availing professional help to customers every step of the way. Customers are assured that all Pioneer’s operationsare conducted transparently and in a trustworthy manner. They hold themselves to high standards and it is upon this basis Pioneer has built a solid reputation in the industry.

You can easily apply for a car loan with Pioneer Finance by walking into any one of their numerous countrywide branches or filling an application form online. Quick turnaround times ensure you are able to purchase your car in no time.

Kiwi Car Loans

Kiwi Car Loans offers an array of financing options for Kiwis looking to purchase a set of wheels for personal or commercial use. They are not lenders but work with some of the country’s most reputable car loan providers to get those looking for financing the best deal. Once they know your needs, they compare the loan products offered by various providers and recommend the one that will work best for you.

If you have something to offer as collateral for your car loan, you can use it to get a secured loan, which are generally cheaper than unsecured loans. Unsecured loans are available as well.

In addition to loan products, Kiwi Car Loans help future car owners find reasonably priced insurance to help with repayments even if they have lost their source of income.

To make the application and approval process faster, Kiwi Car Loans has availed the application forms online. You also have the option of talking to their representatives on phone if this is more convenient for you.Whether you are looking to enhance the operations of your small or medium sized business or want to ease your daily commute, they can help make your vision a reality.

ANZ Bank

ANZ is a well-known name in New Zealand’s financial services sector, providing thousands of individuals, households and businesses with the funds they need to achieve their goals. They are known for offering car loans with quick turn around times. Besides offering you money without delay, ANZ Bank will give you very flexible repayments that better suit your individual circumstances. You can make repayments for anywhere between 12 and 60 months depending on the frequency of your income.

ANZ’s reputation is largely built on trust and clients can rely on them to always act in their best interests. As an individual company, ANZ is able to make decisions faster than multinational companies with many levels of bureaucracy.

You can get pre-endorsement when you take your loan with ANZ, and this will make shopping for a car that much more easy. With a pre-endorsed loan you go for shopping as though you had the cash in hand. Dealers will be more willing to listen to you if this is the case and you will enjoy lower interest rates.

Their lending rates vary between 9.65% and 14.65% per annum depending on how long the tenure of the loan is as well as the cost of the car you want to purchase. Your credit history could help you get a cheaper car loan with ANZ if it is good.