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CarPow Car Finance Review

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Poor credit history but need a new car? CarPow are the bad credit experts with decisions 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.

8.95% - 23.95%

Interest Rate (p.a.)


Max. Loan Amount


Product NameCarPow Secured Car Loan
Interest Rate (p.a.)8.95% - 23.95%
Min. Loan Amount$3,000
Max. Loan Amount$100,000
Loan SecuritySecured
Turnaround Timewithin 2 hours during working business hours
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More Info

Pros and cons


  • Bad credit applications welcome
  • 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

Main points to consider

  • Car loan approvals can be expected in as little as 2 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 8.95% 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.
  • Even if you have been made bankrupt, your application can still be reviewed provided you have completed the bankruptcy obligations. CarPow is confident that it can get car loans approved for those with bad credit so welcomes those looking for a second chance.
  • 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 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 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.

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