When it comes to financing a vehicle in New Zealand, there are several options available, ranging from secured and unsecured loans to specific electric vehicle (EV) loans. The interest rates for these loans can vary depending on the lender, loan type, and other factors such as the loan term, the amount borrowed, and the borrower’s credit history.
Table of Contents
Car Loan Interest Rates
If you are looking to finance a car in New Zealand, it is important to compare the different car loan options available and choose the one that suits your budget and requirements. Interest rates for car loans vary among financial institutions, and finding the best deal can save you money in the long run. To help you get started, we have compiled a table with some of the leading car loan rates from various types of lenders, including banks, peer-to-peer platforms, and finance companies. Take a look at the table below to compare the interest rates and find the best car loan option for you.
Bank Car Loan Rates
| Institution | Product | Plan | Notes | Interest rate % |
|---|---|---|---|---|
| ASB | Personal Loan | Secured by car | From | 12.95 |
| Personal Loan | Secured by car | To | 17.95 | |
| Co-operative Bank | Vehicle Loan | Unsecured | From | 6.99 |
| Vehicle Loan | Unsecured | To | 17.75 | |
| Heartland Bank | Car Loan | Secured | From | 9.95 |
| Car Loan | Secured | To | 15.95 | |
| Kiwibank | Vehicle Loan | Secured by car | From | 9.95 |
| Vehicle Loan | Secured by car | To | 18.95 | |
| Westpac | EVs and e-Bikes | Secured by car | 6.99 | |
| Personal Loan | Secured by car | 14.00 |
Peer To Peer Car Loan Rates
| Institution | Product | Plan | Notes | Interest rate % |
|---|---|---|---|---|
| Harmoney | Credit grade – A1 | Unsecured | 6.99 | |
| Credit grade – B1 | Unsecured | 13.39 | ||
| Credit grade – C1 | Unsecured | 18.90 | ||
| Credit grade – D1 | Unsecured | 19.99 | ||
| Lending Crowd | Credit grade – A1 | Secured | 3 Years | 7.95 |
| Credit grade – A2 | Secured | 3 Years | 8.90 | |
| Credit grade – B1 | Secured | 3 Years | 10.70 | |
| Credit grade – B2 | Secured | 3 Years | 11.20 | |
| Credit grade – A1 | Unsecured | 2 Years | 8.45 | |
| Credit grade – A2 | Unsecured | 2 Years | 9.50 | |
| Credit grade – B1 | Unsecured | 2 Years | 12.20 | |
| Credit grade – B2 | Unsecured | 2 Years | 12.90 | |
| Squirrel Money | Vehicle Loans | Secured | 8.95 |
Finance Companies Car Loan Rates
| Institution | Product | Plan | Notes | Interest rate % |
|---|---|---|---|---|
| AA Money | Car or Boat Loan | Secured | From 7.95 | To 18.95 |
| Avanti Finance | Car Loans | Secured | From 10.70 | To 26.20 |
| CFS Finance | Car Loan | Secured | From 9.95 | To 22.95 |
| Christian Savings | Car Loan | Secured | From 6.56 | To 8.84 |
| Finance Direct | Car Loans | Secured | From 6.69 | To 24.95 |
| Finance Now | Personal Loan | Secured | From 12.95 | To 27.95 |
| Financial Holdings | Vehicle Loan | Secured | From 9.95 | To – |
| Gem | Car Loan (> $6,000) | Secured | From 8.99 | To 24.99 |
| Geneva Finance | Vehicle Loan | Secured | From 8.95 | To 28.95 |
| Go Car Finance | Vehicle Loan | Secured | From 7.95 | To 29.95 |
| John Deere Credit | Tractors | Secured | – | 4.75 |
| Kiwi Car Loans | Vehicle Loan | Secured | From 9.95 | To 19.95 |
| MARAC | Car loan | Secured | From 9.95 | To 15.95 |
| MTF Finance | Vehicles loan | Secured | From 10.50 | To 22.50 |
| Mutual Credit Finance | Cars, Boats | Secured | From 11.35 | To 23.35 |
| NZ Loan | Car and Boat Loan | Secured | From 12.95 | – |
| NZ Vehicle Finance | Car Loan | Secured | From 8.90 | To 15.95 |
| Oxford Finance | Vehicle finance | Secured | From 7.95 | To 20.95 |
| Paraloan | For people with disabilities | Secured | From 10.30 | – |
| Stadium Finance | Car Loan | Secured | From 9.95 | To 19.95 |
| Thorn Finance | Car Loan | Secured | From 9.95 | To 29.95 |
| Toyota Financial Services | Classic / Choices | Secured | From 8.25 | To 13.95 |
| Marine Loan | Secured | From 9.95 | To 15.95 | |
| Special – Signature Class | Secured | – | 7.25 | |
| UDC | Standard | Secured | From 9.45 | To 11.95 |
It’s important to note that these rates are subject to change and borrowers should always check with the lender for the latest rates and terms. Additionally, borrowers should carefully consider their financial situation and borrowing needs before committing to any loan.