121 Finance
Amount, $1 000 - $20 000 ;Term, 6 - 36 months
$1,000 – $20,000
Rate from 9.00%
Approval: 6 - 36 months
Best Car Loans in New Zealand
We compare 16 offers. Updated 18 Oct 2026.
Best Car Loans 2026
AA Money - Car Loan
Independent NZ review of AA Money car loans from $5,000 to $100,000.
$5,000 – $100,000
Rate from 8.95%
Approval: 1 - 5 years
Admiral Finance
Amount, $1 000 - $50 000 ;Term, 6 - 60 months
$1,000 – $50,000
Rate from 23.95%
Approval: 6 - 60 months
ANZ
Amount, $3 000 - $40 000 ;Term,6 months - 7 years
$3,000 – $40,000
Rate from 12.90%
Approval: 6 months - 7 years
Aotea Finance
Independent NZ review of Aotea Finance personal loans from $500 to $5,000.
$500 – $5,000
Rate from 28.85%
Approval: 1 - 24 months
Avanti Finance
Amount, $1 000 - $100 000 ;Term, 1 - 5 years
$1,000 – $100,000
Rate from 7.00%
Approval: 1 - 5 years
CarFinance2U
Amount, $5 000 - $50 000 ;Term, 2 - 7 years
$5,000 – $50,000
Rate from 8.95%
Approval: 2 - 7 years
Future Finance
Amount, $1 000 - $80 000 ;Term, 12 - 60 months
$1,000 – $80,000
Rate from 16.99%
Approval: 12 - 60 months
Gem Personal Loan
Amount, $2 000 - $200 000 ;Term, 6 - 84 months
$2,000 – $200,000
Rate from 9.99%
Approval: 6 - 84 months
Harmoney
Amount, $2 000 - $50 000 ;Term, 3 - 5 years
$2,000 – $50,000
Rate from 6.99%
Approval: 3 - 5 years
Instant Finance
Amount, $500 - $50 000 ;Term, 3 months - 7 years
$500 – $50,000
Rate from 9.95%
Approval: 24 hours
Jacaranda Finance
Amount, $300 - $10 000 ;Term, 12 - 24 months
$300 – $10,000
Rate from 18.00%
Approval: 12 - 24 months
Loansmart
Amount, $1 000 - $10 000 ;Term, 6 - 60 months
$1,000 – $10,000
Rate from 13.95%
Approval: 6 - 60 months
MTF Finance
MTF Finance specialises in vehicle and personal loans in New Zealand, with a nationwide dealer and broker network.
$2,000 – $100,000
Rate from 8.95%
Approval: 24 hours
Quick Loans
Amount, $1 000 - $20 000 ;Term, 6 - 36 months
$1,000 – $20,000
Rate from 9.95%
Approval: 6 - 36 months
Rapid Loans
Amount, $1 000 - $10 000 ;Term, 6 - 48 months
$1,000 – $10,000
Rate from 15.95%
Approval: 6 - 48 months
How car loans work in New Zealand
A car loan lets you borrow a fixed amount to buy a vehicle, then repay it in monthly instalments over an agreed term. Most NZ lenders offer car loans from $5,000 to $100,000, with terms between 1 and 7 years. Interest rates typically range from 9% to 29% p.a., depending on your credit history and the lender.
Secured car loans use the vehicle as collateral. You usually get a lower rate this way, but the lender can repossess the car if you stop paying. Unsecured car loans cost more in interest but put no asset at risk. Many NZ borrowers choose secured loans for amounts above $20,000.
What to compare before signing
Look at the total cost of the loan, not just the monthly repayment. A longer term means smaller payments but you pay more interest overall. Check whether the loan has early repayment fees. Some lenders charge a penalty if you pay off the loan ahead of schedule. Also check the establishment fee, which can add $150 to $500 to your upfront costs.
AA Money, CarFinance2U and Avanti Finance specialise in car loans in New Zealand. Mainstream banks like ANZ and Westpac also offer competitive rates for vehicle finance, particularly if you already bank with them.
New vs used car loans
Lenders generally price new car loans slightly lower than used car loans, because a new car holds its value more predictably as security. Loans for cars older than 10 years, or with high mileage, often come with a shorter maximum term and a higher rate, since the vehicle depreciates faster relative to the loan balance.
Dealer finance vs a direct car loan
Dealer finance is convenient – you can drive away the same day – but it pays the dealer a commission that can be built into your rate. Arranging a car loan directly with a lender or bank before you shop gives you a pre-approved budget and a rate you can compare against the dealer's offer, which is often the stronger negotiating position.
Frequently Asked Questions – Car Loans
Not always – dealer finance can carry a built-in commission. Getting pre-approved for a car loan before you visit the dealer lets you compare the dealer's rate against an independent offer and negotiate from a stronger position.
Yes. Because the vehicle itself secures the loan, lenders are generally more willing to approve car loans for bad credit applicants than unsecured personal loans, though the rate will usually sit at the higher end of the range.