Car And Personal Loans NZ

Do I have to buy a car from a particular dealer when my Car Loan is approved?

No, you can purchase your car from any dealer or even from the guy next door. Apply Now

How soon can I get my new car once my Car Loan application is approved?

The approval and completion of your car loan application shall depend on how soon you can provide all the necessary documents and find the car you want to purchase. Assuming your application was approved in the morning, and we have received the signed contract and other required documents before 2pm, the dealer might get paid that night and you should be driving away with new your car the next morning. Otherwise, allow at least two working days.

Apply Now

Can I get a Car Loan even if I am still on Learner License?

Yes! The minimum lender criteria for those still on Learner License are:

• Must be aged 22 years and over.
• Must be fully employed.
• Must have held the Learner License for over 6 months.
• Must show proof that you are booked for assessment to upgrade to Restricted or Full License.

How soon can we receive the funds when my Personal Loan application is approved?

The approval and completion of your personal loan application shall depend on how soon you can provide all the necessary documents. Assuming your application was approved in the morning, and we have received the signed contract and other required documents before 2pm, you might see the funds in your bank account the next morning. Otherwise, allow at least two working days.

Apply Now

What if I have Bad Credit?

Different lenders have various ways of looking at credit defaults. If you have bad credit, lenders would normally consider the following:

• The total remaining balance in default.
• The number of defaults you have.
• How recent these defaults are.
• The type of defaults (either financial or non-financial).
• If these defaults have ever been attended to.
• Any ongoing arrangements to clear your bad credit.
• Any bankruptcies, insolvencies or judgments.
• The reasons for your bad credit.

What if I am just on Benefit?

Government benefits are assistance given based on your circumstances. If you are relying mostly on benefits as your source of income, it might not be a good idea to incur debt as it might bring about hardship. But if it is imperative that you have to take out a loan, please consider the following, among others:

• You should have clean credit. You might not get an Unsecured Loan if you have bad credit while your income comes mostly from government benefits.

• You should be receiving a minimum of $550 per week in total benefits.

• A security might be required depending on the size of the loan or if you have bad credit.

• You should not have frequent payment dishonours.

• There should be more than enough affordability to accommodate new loan repayments.

• You should not have recent new loans.

• You should not have any payday loans.

Can I get a loan even if I am only on Work Visa?

Different lenders have different policies regarding applicants on Work Visas. The minimum criteria are:

• For car loans:

  • You should be over 22 years of age.

  • A 20% deposit is usually required.

  • Client should either have an NZ Restricted or Full driver license.

  • If you are still on Overseas License, you should still be on your first year in NZ.

  • Your credit file should at least be over 1 year.

  • You should have an NZ Driver License if you have been in the country for over a year.

  • Remaining Work Visa term should be more than 12 months.

• For personal loans:

  • You should be over 22 years of age.

  • There should be security on the loan. Suitable security are vehicles not less than 12 years old which will serve as collateral.

  • Your credit file should at least be over 1 year.

  • Work Visa should be recently renewed in NZ.

  • Remaining Work Visa term should be more than 12 months.

If you don't have available security, a suitable guarantor who is an NZ Citizen or Permanent Resident, with superior credit profile, can help with your application.

What are the steps in applying for a loan?

There are just a few easy steps in the loan application process for both a car loan or a personal loan. The following are:

1. Complete an application form online by clicking: APPLY NOW, or call 0800 000 428 for a more personal touch.
2. Submit the following basic documents:
   • Copies of your photo ID, Proof of Adress and three months bank statements
   • Other requirements that might be asked of you.
3. Your application will then be assessed.
4. We will get in touch with you with our lender's decision.
5. Sign loan agreement if application is approved.
6. Loan proceeds shall be disbursed.

Can I get a car loan with an overseas license?

Yes you can apply for a car loan even if you are still using your Overseas License, provided the following: - You have not been living in New Zealand for more than one year. - Your Overseas License is not expired. Note: If you have been staying in New Zealand for more than a year, you will be required to have a valid New Zealand license, even if you left the country and came back to make your Overseas License valid for use in NZ roads again.

How much can I receive for an Unsecured Personal Loan?

The amounts you can receive when you apply for an Unsecured Personal Loan are the following:

• Employed homeowner - $5,000
• Employed non homeowner - $3,000
• Beneficiary homeowner - $3,000
• Beneficiary non homeowner - $1,500