CarPow Car Finance Review

Get a decision on you car loan in as little as 2 hours.

When looking for car finance for a new vehicle, it makes sense to get quotes from different lenders to find the right deal to suit your needs. But by applying for a car loan with CarPow, you can eliminate this step as this provider works with lenders throughout the country to get you the best loan agreement according to your financial situation and credit history.

Bad credit applications are welcome, even if you have been made bankrupt in the past, and thanks to good relationships with many dealers, CarPow can negotiate the purchase price and trade in terms of your new car.

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7.95% - 29.95%

Interest Rate (p.a.)


Max. Loan Amount

Pros and cons


  • Instant affordability assessment through advanced technology
  • Same day payouts and fast decisions
  • Online loan process


  • Broker rather than direct lender
  • Interest rates can be quite high if you have bad credit
  • Fees and charges can be high to set up the loan

Main points to consider

  • Car loan approvals can be expected in as little as two hours, with payouts within 24 hours. The time it takes for your application to be processed depends on if CarPow requires further information.
  • CarPow interest rates vary starting at 7.95% and can vary on borrower’s credit worthiness and repayment ability. If you have had some issues with your credit history, you can expect to have a higher interest rate than someone with excellent credit rating.
  • If you don’t have a driver’s licence, you will need to have a joint borrower when applying for car finance as at least one person needs to be able to drive. Vehicles are used as security against the loan.
  • CarPow will carry out necessary checks on any vehicle that you are looking to purchase with your car loan. If you have not chosen a vehicle yet, CarPow can help you find the right one by working with its preferred dealership suppliers.
  • If you have received a quote from a bank or dealer for car finance, CarPow will beat any quote from 7.95%.

How much does the loan cost?

The following fees for a CarPow loan include:

  • Loan referral fee. $995 for referring a loan to a lender, payable to CarPow and added to your loan.
  • Establishment fee. $495 – this can vary depending on the amount of work needed to process your loan.
  • Administration fee. $7.50 per month will be added to your loan to cover administrative costs.
  • Early settlement fee. $45 charged if you repay your loan before its maturity date.
  • Direct debit amendment fee. $15 if you want to amend your direct debit.
  • Repossession fee. $195 charged to loan amount if you default and goods used as security are seized.

How to apply for a loan from CarPow

Before you apply for a CarPow car loan, make sure to check the loan terms and possible interest rates against other lenders, the fees you may be charged, and that you meet the eligibility requirements. When you are ready to proceed, fill in an application form on the CarPow website.

Eligibility requirements

  • You should be working and have an income of at least $500 a week to be eligible for approval. You can be working part-time, just as long as you are not in a trial period.
  • Hold a New Zealand Driver’s licence
  • Be at least 18 years of age
  • Agree to a credit check

Information and documentation

When you complete your online application you will be asked for information, such as your employment details and where you live. An electronic authorisation is included so that CarPow will automatically be sent your bank statements for review. If you are not comfortable with this, you can email these directly. You will also need to provide a photo of your driver’s licence.

There may be other information that CarPow requires before they can make a decision on your loan approval, but this can usually be given over the phone.

Once your loan is approved, CarPow uses electronic signature loan documents that you can sign from anywhere. This means no taking time out of your busy day to visit an office, and funds will be released to the car dealer or seller within 24 hours.

Bottom line

CarPow specialises in bad credit car loans, so it’s worth giving them a go if you’re not getting approved anywhere else. Be aware that this lender can charge high interest rates, and a number of different fees. Be sure you read the terms and conditions before you apply.

Compare car finance

Name Product Interest Rate (p.a.) Loan Amount Loan Term Establishment Fee Requirements Table description
Simplify Secured Car Loan
8.05% - 12.30%
$5,000 - $500,000
12 - 60 months
$100 - $500
Requirements: NZ citizen/permanent resident, income of at least $500/month.
See how much you could borrow without affecting your credit score.
Gem Secured Car Loan
8.99% - 24.99%
$2,000 - $70,000
6 months to 7 years
Requirements: NZ citizen/permanent resident or hold a valid work visa, employed, earning a stable income.
Secured personal loans with weekly, fortnightly or monthly repayment schedules and no early repayment fees.
MTF Finance Secured Car Loan
10.50% - 22.50%
$2,000 - $100,000
3 to 60 months
Requirements: NZ citizen/permanent resident or have a work visa, have a regular source of income.
Secured car loans from $2,000.
AA Money Car Loan
7.95% - 15.95%
$3,000 - $75,000
12 months - 60 months
Requirements: NZ citizen/permanent resident or visa holder, earn $30,000+ /year (before tax).
Loan approval within an hour.
The Co-operative Bank Unsecured Personal Loan
6.99% - 17.75%
$3,000 - $50,000
6 months - 5 years
Requirements: NZ citizen/permanent resident or have a valid work visa.
Floating-rate, unsecured personal loans from $3,000.
Lending Crowd Secured Car Loan
6.45% - 17.23%
$5,050 - $200,000
3 or 5 years
$350 - $650
Requirements: NZ citizen/permanent resident, have a good credit score.
100% online with no paperwork or early repayment fees.
Nectar Unsecured Car Loan
8.95% - 29.95%
$1,000 - $30,000
6 months - 4 years
Requirements: NZ citizen/permanent resident or have a work visa, income of $400/week (after tax), stable credit history.
Payouts made within one day of approval. Applications 100% online.

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