In New Zealand, car loan rates are a vital consideration for individuals looking to finance their vehicle purchases. These rates determine the cost of borrowing money to buy a car, impacting monthly payments and the overall affordability of the vehicle. To make informed decisions and secure the most favorable terms, it’s essential to stay updated on the latest car loan rates offered by leading banks and finance companies. In this overview, we’ll provide you with insights into some of the current car loan rates from prominent financial institutions in New Zealand, helping you on your journey to finding the right financing option for your next car.

Best Interest Rates For Car Loans In New Zealand Include:

  • Peer-to-Peer Lending: Squirrel Money offers car loan rates at 8.95%.
  • Banks: ASB Bank and Co-operative Bank have rates starting from 8.99% for certain loan types.
  • Credit Unions: First CU offers car loans starting at 9.99%, while NZCU Auckland has personal loans secured at 9.95%.
  • Finance Companies: AA Money has car or boat loan rates starting from 7.95%, and Avanti Finance offers car loans with rates beginning at 10.70%.

Bank Car Loan Rates In New Zealand

Bank car loan rates in New Zealand vary depending on the financial institution and the specific terms of the loan. There are several banks and financial institutions that offer car loans with competitive interest rates to suit different borrower needs.

  • ASB Bank, for instance, provides car loans with interest rates ranging from 12.95% to 17.95%. These rates may vary depending on whether the loan is secured by the car or other factors.
  • Co-operative Bank offers vehicle loans with rates starting at 8.99% and going up to 17.75%. These loans are unsecured, providing flexibility for borrowers.
  • Heartland Bank provides car loans with interest rates starting from 9.95% and going up to 15.95%. These loans are secured by the vehicle.
  • Kiwibank offers vehicle loans secured by the car with rates ranging from 9.95% to 18.95%.
  • Westpac has competitive rates for electric vehicles (EVs) and e-Bikes, starting at a low 6.99%. Additionally, their personal loans secured by a car have an interest rate of 14.00%.

These are just a few examples of the bank car loan rates available in New Zealand. It’s important to note that interest rates can vary based on the loan amount, the term of the loan, and the borrower’s creditworthiness. Potential car buyers should carefully compare rates and terms from different banks and financial institutions to find the best car loan option that suits their financial situation and needs. Always consult with the respective banks or financial institutions for the most current and accurate information on car loan rates and eligibility criteria.

Latest Bank Loan Interest Rates :

InstitutionProductInterest Rate (%)
ASBPersonal LoanFrom 12.95
ASBPersonal LoanTo 17.95
Co-operative BankVehicle LoanFrom 8.99
Co-operative BankVehicle LoanTo 17.75
Heartland BankCar LoanFrom 9.95
Heartland BankCar LoanTo 15.95
KiwibankVehicle LoanFrom 9.95
KiwibankVehicle LoanTo 18.95
WestpacEVs and e-Bikes6.99
WestpacPersonal Loan14.00

Peer-To-Peer Car Loan Interest Rates

Peer-to-peer lending, also known as P2P lending, offers an alternative to traditional financial institutions for securing loans in New Zealand. One notable player in this space is Squirrel Money, which provides vehicle loans with a competitive interest rate of 8.95%. P2P lending connects borrowers directly with individual investors, often resulting in lower interest rates and more flexible terms. This approach can be an attractive option for those seeking financing options outside of the conventional banking system. However, it’s essential to carefully assess the terms and conditions of P2P loans, as they may have different eligibility criteria and lending processes compared to traditional banks and credit unions.

Latest Peer-to-Peer Car Loan Rates:

InstitutionProductInterest Rate (%)
Squirrel MoneyVehicle Loans8.95

Credit Unions Car Loan Interest Rates

Credit unions in New Zealand offer an alternative avenue for individuals seeking loans with a more community-oriented approach. Several credit unions, such as First CU, NZCU Auckland, Police CU, and Unity, provide personal and car loans with competitive rates. For instance, First CU offers car loans starting from 9.99%, while NZCU Auckland offers personal loans at 9.95% interest rates. Credit unions often have a member-focused philosophy, and their interest rates may be more favorable than those offered by mainstream banks. However, it’s essential to review their membership requirements and loan terms to determine the best fit for your financial needs. Credit unions can be a viable option for those who value community support and attractive interest rates when seeking loans.

Latest Credit Union Car Loan Rates :

InstitutionProductInterest Rate (%)
First CUCar LoanFrom 9.99
NZCU AucklandPersonal Loan9.95
Police CUPersonal Loan (Membership)12.95
UnityPersonal Loanfrom 13.95
UnityPersonal Loanpremium rate from 9.90

Finance Companies Car Loan Interest Rates

Finance companies in New Zealand present another avenue for obtaining car loans, catering to various financial needs and credit profiles. These institutions offer a diverse range of interest rates and loan terms, making it important to compare options.

For example, AA Money provides car or boat loans with rates starting from 7.95%, while Avanti Finance offers car loans with interest rates beginning at 10.70% and going up to 24.20%. CFS Finance, Finance Direct, Finance Now, Financial Holdings, Gem, Geneva Finance, Go Car Finance, Harmoney, Instant Finance, John Deere Credit, Kiwi Car Loans, MARAC, MTF Finance, Mutual Credit Finance, NZ Loan, NZ Vehicle Finance, Oxford Finance, Paraloan, Stadium Finance, Thorn Finance, and Toyota Financial Services are among other finance companies that offer various car loan options with varying interest rates.

These finance companies often provide flexibility in their lending criteria and loan terms, making them suitable for a wide range of borrowers. To find the most suitable car loan, individuals should consider their specific needs and creditworthiness when exploring options from these finance companies.

Latest Finance Company Car Loan Rates :

InstitutionProductInterest Rate (%)
AA MoneyCar or Boat LoanFrom 7.95
AA MoneyCar or Boat LoanTo 18.95
Avanti FinanceCar LoansFrom 10.70
Avanti FinanceCar LoansTo 24.20
CFS FinanceCar LoanFrom 9.95
CFS FinanceCar LoanTo 22.95
Finance DirectCar LoansFrom 6.69
Finance DirectCar LoansTo 24.95
Finance NowPersonal LoanFrom 12.95
Finance NowPersonal LoanTo 27.95
Financial HoldingsVehicle Loanfrom 9.95
GemCar Loan (>$6,000)From 8.99
GemCar Loan (>$6,000)To 24.99
Geneva FinanceVehicle LoanFrom 12.95
Geneva FinanceVehicle LoanTo 28.95
Go Car FinanceVehicle LoanFrom 10.45
Go Car FinanceVehicle LoanTo 29.95
HarmoneyVehicle LoanUnsecured From 9.99
HarmoneyVehicle LoanUnsecured To 24.99
HarmoneyVehicle LoanSecured From 9.89
HarmoneyVehicle LoanSecured To 21.49
Instant FinanceCar LoanUnsecured From 12.95
Instant FinanceCar LoanUnsecured To 29.95
John Deere CreditTractors4.75
Kiwi Car LoansVehicle LoanFrom 9.95
Kiwi Car LoansVehicle LoanTo 19.95
MARACCar loanFrom 9.95
MARACCar loanTo 15.95
MTF FinanceVehicles loanFrom 11.70
MTF FinanceVehicles loanTo 23.70
Mutual Credit FinanceCars, BoatsFrom 11.35
Mutual Credit FinanceCars, BoatsTo 23.35
NZ LoanCar and Boat LoanFrom 12.95
NZ Vehicle FinanceCar LoanFrom 8.90
NZ Vehicle FinanceCar LoanTo 15.95
Oxford FinanceVehicle financeFrom … 10.95
Oxford FinanceVehicle financeTo … 20.95
Paraloanfor people with physical disabilitiesFrom 10.30
Stadium FinanceCar LoanFrom 9.95
Stadium FinanceCar LoanTo 19.95
Thorn FinanceCar LoanFrom 9.95
Thorn FinanceCar LoanTo 29.95
Toyota Financial ServicesClassic / ChoicesFrom 8.25
Toyota Financial ServicesClassic / ChoicesTo 13.95
Toyota Financial ServicesMarine LoanFrom 9.95
Toyota Financial ServicesMarine LoanTo 15.95
Toyota Financial ServicesSpecial – Signature Class7.25
UDCStandardFrom 9.45
UDCStandardTo 11.95

Car loan rates in New Zealand offer a diverse range of options to suit various financial needs and preferences. Whether you choose to explore loans from traditional banks, peer-to-peer lending platforms, credit unions, or finance companies, it’s essential to conduct thorough research and comparison. Interest rates can vary significantly based on individual credit profiles, loan terms, and the lending institution itself.

Understanding the nuances of car loan rates empowers individuals to make informed decisions when purchasing a vehicle. It’s advisable to consider your financial situation, creditworthiness, and the specific terms of the loan before choosing the option that best aligns with your needs and budget. By doing so, you can secure a car loan that not only fits your requirements but also ensures a smooth and affordable path to owning the vehicle you desire. Always remember to review the latest rates and consult with the respective lenders for personalized advice and the most up-to-date information.

Note: Please be aware that the car loan rates provided in this information are subject to change without notice. Lending institutions frequently adjust their rates in response to various economic and financial factors. Therefore, it is essential to verify the most current rates directly from the respective banks, credit unions, peer-to-peer lending platforms, or finance companies before making any financial decisions. Staying updated on the latest rates ensures that you have accurate and relevant information when considering car loans.