Car loans

Buying a new or used car is a major purchase and you should understand the fees and interest rates you will pay if you finance the purchase.

Firms offering such finance have a duty to disclose all the necessary detail.

The problem is that most car finance conversations happen after you have found the car you want, and the disclosures then make it hard to gracefully do a proper comparison when the 'deal is on the table'.

This page will help you understand where the market is before you talk about finance with a car dealer or seller.

Car loan interest rates always seem higher than home loans, and the temptation is to add to your mortgage for the car. But remember a mortgage can last for decades, whereas a car loan is usually 48 months or less. The shorter the loan term, the less total interest you are likely to pay (despite the interest rate). Use our calculator here to compare.


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Institution Product Plan Notes Interest rate %
ASBPersonal LoanSecured by carFrom12.95
Personal LoanSecured by carTo17.95
Co-operative BankVehicle LoanUnsecuredFrom9.50
Vehicle LoanUnsecuredTo19.50
Heartland BankCar LoanSecuredFrom9.75
Car LoanSecuredTo14.95
KiwibankVehicle LoanSecured by carFrom12.99
Vehicle LoanSecured by carTo18.99
WestpacPersonal LoanSecured by car14.00

Credit Unions

Institution Product Plan Notes Interest rate %
First CUCar LoanSecuredFrom9.99
NZ Firefighters CUPersonal Loans (Membership criteria apply)SecuredFrom11.95
NZCU AucklandPersonal LoanSecured9.95
NZCU BaywidePersonal LoanSecuredfrom13.95
Personal LoanSecuredpremium rate from9.90
Police CUPersonal Loan (Membership criteria apply)Secured by car12.95

Finance Companies

Institution Product Plan Notes Interest rate %
AA FinanceCar or Boat LoanSecuredFrom9.95
Car or Boat LoanSecuredTo15.95
Avanti FinanceCar loansSecuredFrom13.95
Christian Savings Car LoanSecured by carFrom7.84
Car LoanSecured by carTo8.84
Finance DirectCar LoansSecuredFrom7.90
Car LoansSecuredTo24.95
Finance Now Personal LoanSecuredFrom12.95
Personal LoanSecuredTo27.95
FinancepointCar/Boat LoanSecuredNew12.95
Car/Boat LoanSecuredUsed13.95
Financial Holdings Vehicle LoanSecuredfrom9.95
GemCar Loan (>$6,000)SecuredFrom12.99
Car Loan (>$6,000)SecuredTo18.99
John Deere CreditTractorsSecured4.75
MARACCar loanSecuredFrom9.75
Car loanSecuredTo19.95
MTF FinanceVehicles loanSecuredFrom9.75
Vehicles loanSecuredTo21.75
NZ LoanCar and Boat LoanSecuredFrom12.95
NZ Vehicle Finance Car Loan SecuredFrom8.90
Car Loan SecuredTo15.95
Paraloanfor people with physical disabilitiesSecuredFrom6.20
Stadium FinanceCar LoanSecuredFrom8.95
Car LoanSecuredTo19.95
Toyota Financial ServicesClassic / ChoicesSecuredFrom9.75
Classic / ChoicesSecuredTo15.20
Marine LoanSecuredFrom 11.20
Marine LoanSecuredTo13.70
Special - Signature ClassSecured6.95
Up2Drive - a BMW Group BrandCar LoanSecuredFrom9.49
Car LoanSecuredTo12.99