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CarFinance2U Car Loan Review

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With fast approvals and flexibility to purchase from both dealers and private sellers, you might be able to drive away your new car today.

Founded in 2012, CarFinance2U is now New Zealand’s leading car finance brokerage. Working with a list of 10 lenders throughout the country, CarFinance2U is able to accept applications from customers with both good and bad credit and find the right finance option to suit individual circumstances.

This process takes away the hassle of researching and applying to different providers as well as needless credit checks, and with everything managed online, you can secure your finance without leaving home.

8.95% - 23.95%

Interest Rate (p.a.)


Product NameCarFinance2U Car Loan
Interest Rate (p.a.)8.95% - 23.95%
Min. Loan Amount$5,000
Loan SecuritySecured,Unsecured
Loan Term1 - 5 years
Turnaround TimeLoan approval within 30 minutes.
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More Info

Pros and cons


  • Fast approval and fast payments
  • Apply online – applications take just 5 minutes
  • Bad credit applicants can still apply
  • No maximum loan amount


  • Minimum loan amount of $5,000
  • Guarantor needed for anyone aged under 21

Features of a CarFinance2U loan

  • Fast approval. Get a decision in 30 minutes in many cases.
  • Fast payments. Money can be transferred to the seller in as little as 60 minutes once approved.
  • Purchase flexibility. You can use your loan to buy a car from a dealer, a website such as Trademe or Autotrader, or from a private seller.
  • Completely online. Loan quotes and contracts are completed online so you don’t need to leave home to get your finance approved and funds paid to the seller.
  • All licence types accepted. Unlike other vehicle finance companies, CarFinance2U accepts applications from customers holding a learner’s or restricted license.
  • Purchase assistance. If you haven’t decided on a new car yet, the sales consultant that you deal with at CarFinance2U can help you search for the right vehicle based on your needs.
  • No deposit. Depending on your credit profile, you may not need to pay a deposit.
  • The best deal for your circumstances. With access to 10 lenders, CarFinance2U will find you the best deal saving you time.
  • Flexible payments. You can make your repayments weekly, fortnightly or monthly to tie in with your payday schedule.
  • Second chance car loans. You have a good chance of getting approved even if you have bad credit or have been bankrupt. CarFinance2U works with specialist underwriters to find the right lender so that you have a better chance of being approved without going through numerous credit checks. If you have been declined elsewhere, you may be able to get approved.
  • Consolidate debts. If you have a loan with another finance company, it’s possible to consolidate these by borrowing more than your vehicle value and have only one repayment to worry about.

Main points to consider

  • Since CarFinance2U is a broker, they will find the best deal for you based on your individual circumstances from one of 10 lenders around the country. This means that the interest rate, fees and loan term may differ from another applicant.
  • You will need to submit your details online to get a quote, but you are not under any obligation to commit until you have signed a contract.
  • Although decisions can be made in 30 minutes, there may be times when more information is required from you so the process may take a little longer.
  • CarFinance2U provides finance for almost any car, however, the vehicle needs to be acceptable to the finance providers and registered in New Zealand. If you have your eye on a car when you apply, let the sales consultant know so they can check that it meets the requirements.
  • Once your loan is approved, CarFinance2U will pay the money directly to the seller, not into your bank account.
  • Loan terms are generally 3-4 years, but longer or shorter terms can be arranged to suit your needs.

How to apply for a loan from CarFinance2U

If you are ready to apply for a CarFinance2U loan, complete the application form on the website. This will take you about 5 minutes and you will need to give personal details as well as your employment status, income, driver’s licence type, marital status and residency information.

A sales consultant will then contact you to request further information, and once approved, you can choose your new car and give these details to CarFinance2U. You will be sent a digital contract to complete and then the agreed amount will be deposited into the bank account of the seller or dealer.

Before applying, make sure that you meet the eligibility requirements and have the appropriate documentation outlined below.

Eligibility requirements

  • You must be at least 21 years old
  • Be a NZ citizen or permanent resident
  • Agree to a credit check
  • Hold a valid New Zealand driver’s licence (learners and restricted accepted).

Information and documentation

  • Once you have submitted your application, you will be asked to provide a copy of your driver’s licence and 90 days of bank statements.
  • Some applicants will also need to provide proof of address such as a utility or phone bill.
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