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What Are Your Options For Financing a Car in New Zealand?

10 February 2022

Where Can You Get Car Finance in NZ? 


Most NZ banks offer personal loans, and you can apply for one of these to purchase vehicle. However, getting a loan from a bank can be tricky. They tend to have strict criteria for who they are willing to lend to. If you don't have a stellar credit history, it can be a challenge to get a personal loan approved by a bank. Even those who are self-employed can find it difficult to get bank loans as they can't prove a consistent amount of income. 

Credit Card

Most people don't realise that you can use a credit card to purchase a car. It works the same way as using your credit card for other purchases, as long as you buy from a vendor with the ability to accept credit cards.

Of course, the credit card must have a high enough limit to buy your chosen vehicle. You will need to apply for and get the card approved and then find a dealership that accepts credit cards. Be aware that interest rates on credit cards are usually much higher than those on car loans, so you'll likely end up paying extra for your car as you pay off the credit card. 


Getting your loan from a car dealership is a convenient option, as this means you won't need to deal with a lot of different companies to buy your car. Rather than separately purchasing the vehicle and applying for finance. 

However, financing a car through the dealership isn't always the best option. Car loans from dealerships usually have extra "margin" put onto the interest rate. 

Borrow From Your Mortgage

Those with a mortgage can sometimes borrow additional money from their mortgage for large purchases, such as a car. Essentially it is an increase to the existing loan you already have. 

This option allows you to borrow money without making additional payments to another lender. You will continue making repayments on your mortgage as usual; it will just take you longer to pay it off in full. 


Your final option is to approach a finance company for a car loan. Companies like us here at Stadium Finance are often much more flexible in our approach to offering loans. Even if you don't have the best credit history, as long as we think you can realistically pay back the loan, we may be willing to lend to you. 

This also makes us a better option for those without a consistent income, such as self-employed individuals. We understand that your income may ebb and flow at times, but that doesn't mean you are unable to pay off a loan. 

Applying for Financing a Car

1. Apply for Preapproval

When you're thinking of buying a car, one of the most important decisions you'll make is how much you're going to spend on it. However, if you're getting car finance, you'll need to know how much your lender is willing to let you borrow.

Apply for preapproval before you start car hunting, and then you'll know exactly what your spending limit is.

2. Get Insurance

Most lenders will require you to get comprehensive car insurance when you finance a car in NZ. This is to ensure that if the vehicle breaks down or has issues, you will not be left with a useless car in addition to a loan. 

3. Make Repayments on Time 

Once you have your loan and have purchased your car, it can be easy to accidentally miss repayments. However, this can result in extra fees as well as negatively affecting your credit score. We recommend setting up an automatic payment so that you'll never miss another repayment! 

Benefits of Getting Car Finance with Stadium Finance

Stadium Finance has long been the chosen lender for kiwis who want to buy a new vehicle. Here are just a few of the benefits of borrowing from us: 

Choose Your Loan Term

We understand that not everyone wants to be locked into a two-year loan. If you'd rather pay off your new car faster and have the money to do so, you can choose a term length that suits you. Go for 1 year and pay the vehicle off in half the time, saving you interest! 

Easy to Understand Loans 

Some lenders overcomplicate their loans, so you're not even sure what you end up paying in interest and fees. We pride ourselves on transparency, so you can find a list of fees on our website that you can expect to pay when you get car finance with us. 

We Can Lend to Those With Bad Credit

Even if your credit history is patchy, we may still be willing to lend to you. We need to make sure that you can feasibly afford to repay any loan you take out with us. That's why we focus more on how realistic the loan is rather than your past credit history. 

At the end of the day, the best loan to take out is one that you can repay. If you need some advice on how much you should borrow for your car loan, get in touch. One of our helpful team would be happy to have a chat with you about our car finance options. 

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