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Car finance lets you borrow money to buy a vehicle and repay it over an agreed term, usually through weekly, fortnightly or monthly payments. Your repayments generally include the amount borrowed, interest and any applicable fees.

The terms are often used interchangeably. A car loan is a type of finance specifically used to purchase a vehicle, while car finance can also include other vehicle-funding arrangements.

The amount you may be able to borrow depends on your income, regular expenses, existing debts, credit history, deposit and the lender’s affordability criteria.

There is no single credit score required by every lender. Each lender assesses applications differently and may consider your wider financial position as well as your credit history.

Car finance may still be available if your credit history is less than perfect. Your options, interest rate and loan terms will depend on your individual circumstances and the lenders available.

Some applications can receive an initial response quickly, but final approval may take longer if further documents, vehicle details or affordability checks are required.

You may be asked for photo identification, proof of income, recent bank statements, address details and information about the vehicle you want to purchase.

Your repayments depend on the amount borrowed, interest rate, loan term, repayment frequency, deposit and fees. A longer term can reduce each repayment but may increase the total interest paid.

Your rate will depend on factors such as your credit profile, income, expenses, loan amount, term, deposit, vehicle and chosen lender. Comparing multiple lenders can help you find a suitable option.

Many car loans can be repaid early, although some lenders may charge an early-repayment or administration fee. Check the loan agreement before making additional payments.

Car finance may include establishment, administration, brokerage, PPSR or early-repayment fees. The exact costs vary by lender and should be shown before you accept the loan.

Yes, no-deposit car finance may be available to eligible borrowers. Approval will depend on affordability, credit history, the vehicle and the lender’s criteria.

A balloon payment can lower regular repayments by leaving a larger amount due at the end. It may suit some borrowers, but you should consider the total cost and how you will cover the final payment.

A secured car loan uses the vehicle as security for the debt. This can sometimes result in a lower rate, but the lender may be able to repossess the vehicle if repayments are not made.

Yes, but the existing loan normally needs to be settled as part of the trade-in. If the trade-in value is lower than the amount owing, you may need to pay the difference or discuss refinancing options.

Checking your options through AutoLoan.nz is designed not to impact your credit score. A lender may complete a credit check later if you choose to proceed with a formal application.

Available terms vary by lender, loan amount and vehicle. A shorter term generally means higher repayments but less total interest, while a longer term usually lowers repayments but can cost more overall.

A missed payment may result in fees and could affect your credit history. Contact the lender as early as possible if you think you may struggle to make a repayment.

Yes. Car finance is commonly available for used vehicles, although lenders may apply vehicle-age, mileage, value or condition limits.

Yes. New-car finance is available from a range of lenders, and the vehicle may be used as security for the loan.

Compare the interest rate, fees, repayment amount, loan term, total amount repayable, early-repayment rules and lender criteria rather than looking at the advertised rate alone.

Different lenders can offer different rates, fees and approval criteria. Comparing options can help you find a loan that better suits your budget and may reduce the overall cost of borrowing.

Paying cash avoids interest and loan fees, while finance lets you spread the cost and retain savings for other needs. The right choice depends on your budget, cash reserves and borrowing costs.