How to get a car loan

There are a number of ways you can get a car loan, either from a car dealer, finance broker, or you can go to a lender directly. However, if it’s the first time you’re applying for a car loan it can feel a little overwhelming. So here we’ve compiled a list of steps to help you along the way.

Decide what type of car you want to buy
Take the time to consider your lifestyle and what you want to get out of your new car – Are you looking for a compact city run-around? A car with enough space to fit the kids and the dog? Or, perhaps you’re thinking an EV might be the best option when the cost of filling up the tank is getting more and more expensive every week.

Decide how much to you want to spend and how much can you afford to borrow?
It’s important to work out early on how much you are comfortable spending and borrowing. Take a look at your finances and work out a budget. Look at your income and expenses. Look at what you are currently paying on a regular basis, such as your rent, power or internet. How much is left over after all the bills are paid? Car insurance is another important factor to consider and will need to be included in your budget calculations. To give you an idea of what your loan repayments might be, check out our online loan calculator.

Apply for a loan approval with us
Once you’ve found a car, or decided how much you want to spend, you can apply for a loan online. There are certain eligibility requirements you’ll need to meet before you begin:

  • Be 18 years or older
  • Hold a valid New Zealand drivers licence
  • Earn over $30,000 per year before tax

Conditional approval
After completing our online loan application, if successful we’ll offer you a conditional approval. From here we collect further information from you, such as verifying your identity and looking at your recent bank statements. Don’t worry, this can be done quickly and easily using secure online processes. Once we have all the details we need and have agreed on a loan amount and repayment term, we’ll process and payout your car loan. This may take a day or two to complete.

It’s time to get behind the wheel
Now that you’ve found the perfect car and are heading off down the road, remember that we’re still here to support you. You’ll find lots of helpful and frequently asked questions on our website, as well as online access to your account so you can track your repayments or update your details whenever you need to.