Harmoney Car Loan Review

Harmoney Car Loan
Harmoney Car Loan
  • Borrow up to $70,000
  • No fee for additional repayments
  • Fixed-rates for the duration of the loan

Borrow up to $70,000 with an unsecured fixed-rate Harmoney car loan.

Harmoney is a peer-to-peer lending marketplace that allows those who want to take out loans to connect directly to lenders around New Zealand. If your application is approved, you could receive funding in as little as 48 hours.

Product NameHarmoney Car Loan
Interest Rate (p.a.)6.99% - 29.99%
Min. Loan Amount$2,000
Max. Loan Amount$70,000
Loan SecurityUnsecured
Loan Term3 or 5 years
Turnaround TimeWithin 24 hours
More Info
Establishment Fee$200 - $450 depending on loan size
PPSR Fee$0
Early Termination Fee$0
More Info
Requirements- You must be a New Zealand resident or citizen
- Have a valid NZ drivers license/passport and a good credit score
- Upon providing financial and repayment history information, you are assigned a risk grade
- You are entitled to apply for a loan at the interest rate and borrowing limit corresponding to your risk grade
Minimum Age18
Minimum IncomeN/A
More Info

Pros and cons


  • No fee for additional repayments
  • Borrow up to $70,000
  • Fixed-rates for the duration of the loan


  • Establishment fee of $200 - $450 depending on loan size
  • Restrictive loan terms of either 3 years or 5 years

Main points to consider with a Harmoney car loan

Harmoney offers unsecured car loans between $5,000 and $70,000 for fixed terms of either 3 years or 5 years.

If your online car loan application is accepted, you can then list it on a live peer-to-peer lending marketplace and wait for your loan to be funded. Most Harmoney loans are funded within 48 hours of being listed. If your loan is not fully funded within 14 days, the listing will be removed from the marketplace and reassessed.

Features of a car loan from Harmoney

  • Fixed interest rates of 6.99% - 29.99% p.a. Harmoney loans have a fixed interest rate for the entire course of the loan, so your repayments won’t increase during your loan term.
  • Risk-based interest rates. Your loan interest rate depends on the credit grade you are given when Harmoney assesses your loan application. Borrowers with the lower risk grades can take out loans with lower interest rates.
  • Flexible loan limits. With a Harmoney car loan, you can borrow as little as $2,000 or as much as $70,000, depending on your needs and your current financial circumstances.
  • 3 or 5-year loan terms. You can choose a loan term of 3 years or 5 years based on your needs and your financial situation.
  • Quick online application. The process of applying for a Harmoney car loan can be completed 100% online.
  • Flexible repayments. You can repay your loan in weekly, fortnightly or monthly repayments to suit your individual needs.

How much does the loan cost?

The total cost of your loan depends on how much you borrow, your loan term and your financial circumstances. To get an estimate of the cost of your loan, use the loan calculator on the Harmoney website.

The following fees may apply to your Harmoney loan:

  • Establishment fee of $200 for $2,000-$5,000 loans and $450 for loans from $5,000-$70,000.
  • Dishonour fee of $15 per missed repayment.
  • An overdue fee of $20 will apply every 6, 36, 66, 96 and 120 days that an account has outstanding payments.
  • Legal fees may apply if legal action is required.
  • An optional payment protect fee applies if you choose to add a repayment waiver to your loan. For more information, visit the Harmoney website.

You will not have to pay any fees if you choose to repay your loan early or make any additional repayments.

How to apply for a Harmoney car loan

You can apply for a Harmoney car loan by clicking the green “Go to Site” link on this page. To be eligible you must, at a minimum:

  • Be at least 18 years old
  • Have a valid New Zealand driver’s licence or passport.
  • Be employed

When applying you will need to provide:

  • Proof of identity. You must prove your age, residency and identity with a valid NZ passport or driver’s licence.
  • Proof of income. Harmoney uses Credit Sense to review your recent bank transactions and get a better picture of your financial information. If you don’t want to use Credit Sense, you must provide three recent bank statements

To apply for a Harmoney car loan, you’ll have to verify your identity, income and financial details. Once your application is assessed, Harmoney will send you a loan offer. You’ll have 60 days to approve the offer and list it on the marketplace.

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