Harmoney Car Loan Review

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Borrow up to $50,000 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 within 24 hours.

6.99% - 29.99%

Interest Rate (p.a.)


Max. Loan Amount

Pros and cons


  • No fee for additional repayments
  • Borrow up to $50,000
  • 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 $2,000 and $50,000 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 $50,000, 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-$50,000.
  • 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

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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