To be eligible for the cheapest car finance in NZ you will need to have good affordability. Your affordability is when your income outweighs your expenses and you have a significant amount of disposable income remaining from your paycheck every week/2 weeks.
To offer you the cheapest car finance interest rate, a lender will need to know you can make your repayments easily enough and also have money leftover to cover any unexpected bills and vehicle expenses like insurance, tyres, parts or maintenance.
Your credit score will also pay a key role in getting you the cheapest car finance, the better your credit score the better your interest rate will be.
Following is a list of the 10 cheapest car finance interest rates we could find in New Zealand. Please be aware, although these are the cheapest interest rates, additional factors such as dealer fees and the personal interest rate you are eligible for will mean you may not receive these rates.
- Lending Crowd interest rate from 5.03%, establishment fee $450 visit website
- Simplify Car Finance interest rate from 6.25%, establishment fee from $276 visit website
- Harmoney interest rate from 6.99, establishment fee from $150
- The Cooperative Bank interest rate from 6.99, establishment fee from $200
- NZ Vehicle Finance interest rate from 7.95, establishment fee from $195
- Stadium Finance interest rate from 7.95, establishment fee from $250 visit website
- Better Finance interest rate from 7.95%
- AA Money interest rate from 7.95%, establishment fee $240
- MTF Finance interest rate from 8.2%. establishment fee from $376
- CarFinance2U interest rate from 8.95 visit website
Your personal financial situation will determine what interest rate you get. To learn more about applying for car finance in NZ check out our questions and answers on everything you need to know about Car Finance in New Zealand.
Where possible, we have included loan establishment fees to help you calculate the car finance loan accurately. If you want to calculate monthly payments using different interest rates try our car loan calculator here.
You can apply for car finance to any of the above lenders and it won’t affect your credit score. And remember, when it comes to car finance, different lenders have different fees, terms and conditions so you are best to get 2-3 quotes for comparison before choosing a car finance lender. Before you apply, prepare your finances as best you can to give yourself the best opportunity for a low car finance interest rate.
If you’ve got bad credit, check out our guide on getting car finance with bad credit.
