Black Friday saving continues 🥳

Get the biggest bargains of Cyber weekend

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Pre-approved car loan comparison

Pre-approved car finance puts you in the driver's seat when looking for a car loan.


Fact checked

If you’re looking for finance to help you buy a car, the typical vehicle-buying process involves you finding a car, then applying for a loan to help you purchase it. Pre-approval is available from some car financiers, so you can head to a dealership knowing how much money you have to buy a vehicle. Discover everything you need to know about pre-approval and compare some of your options on the page below.

Compare pre-approval car finance

Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee
Simplify Secured Car Loan
6.50% - 12.50%
12 - 60 months
Eligibility: Must be 18+, a New Zealand resident or permanent citizen and have an income of at least $500 per month.
Secured vehicle finance from $5,000 to $500,000.
Motor Vehicle Finance Secured Vehicle Loan
6.95% - 23.95%
12 - 60 months
$195 - $695 depending on lender
Eligibility: Must be 18+, be an NZ citizen/permanent resident, and have an income of least $400 per week.
Secured vehicle loans from $3,000.
The Lending People Car Loan
6.99% - 26.99%
1 to 7 years
$50 - $695 depending on lender
Eligibility: Be 18+, an NZ citizen or permanent resident, in employment and earning at least $500 per week.
Secured and unsecured car loans of up to $75,000 from a variety of reputable lenders.
Kiwi Car Loans Secured Loan
6.85% - 23.95%
1 to 5 years
$195 - $995 depending on lender
Eligibility: Be 18+, an NZ citizen, permanent resident or have a work visa, and have an income of least $500 per week.
100% online secured car loans from $3,000.
Max Loans Secured Vehicle Loan
8.35% - 27.90%
1 - 7 years
$195 to $1,500 depending on lender
Eligibility: Be 18+, an NZ citizen/permanent resident, and have an income of least $400 per week.
Take out a loan before 24 December 2020 and be entered into a draw to win a trip to Queenstown for 2. Ts&Cs apply.
Lending Crowd Secured Car Loan
5.03% - 15.44%
3 or 5 years
$200-$1,450 depending on the amount borrowed
Eligibility: Be an 18+ NZ permanent resident, have a good credit history and collateral/security.
Borrow $5,050 to $200,000 for your chosen vehicle. 100% online with no paperwork or early repayment fees.
CarFinance2U Car Loan
8.95% - 23.95%
1 - 5 years
Eligibility: Be at least 22 years old, have a valid NZ driver's licence and be and NZ citizen or permanent resident.
With a CarFinance2U secured or unsecured car loan you could get pre-approval for your next car in 30 minutes.
Stadium Finance Secured Vehicle Loan
7.95% - 19.95%
Up to 60 months
Eligibility: Must be 18+ and must have disposable income of $300 per week
Secured loans from $3,000 and funds paid within one day of approval.

Compare up to 4 providers

The ins and outs of pre-approved car finance

When you apply for pre-approval, the lender evaluates your financial position based on the details you provide to determine how much you can afford to borrow. Lenders may also have restrictions on the types of cars they finance, so it needs to be sure the vehicle falls within these restrictions before it gives the final green light. It’s important that you understand pre-approval is only valid for a short period.

A significant benefit to a pre-approved car loan is that it gives you an advantage when it comes to negotiating the price of a vehicle. You know how much you have to spend and you can make an offer immediately. However, it also means you know your budget limitations, and if the salesperson can’t match your negotiations you have to walk away. So, if salesperson is offering competitive dealer finance you may not be able to take advantage of it.

While pre-approved car loans are not as widely available as other standard car loans, there are still a small number of lenders you can consider.

How to get pre-approved car finance

  1. Get a copy of your credit score.
  2. Ensure you have all your documents and pay slips.
  3. Compare a range of loans.
  4. Contact the bank or financial provider with whom you wish to apply.
  5. Shop around for your next car.

What types of car sales can I use with pre-approved car finance?

You can use a pre-approved car loan to purchase a car through a dealership, a private sale and at an auction. These are also the situations you can use a regular car loan. So in that regard, a pre-approved car loan serves the same purpose as a standard car loan.

Have you weighed up the benefits and drawbacks of pre-approval?

  • Buyer confidence. Pre-approved car loans give buyers confidence that they have a good chance of getting finance for their chosen car.
  • Understanding of your financial situation. The lender has already assessed your financials and has confirmed that you can afford the loan and therefore the car purchase, before you go out and buy it.
  • Bargaining power. Pre-approval can give you the upper-hand when negotiating your price at the car dealership.
  • Shorter periods of time. Conditional approval on some loans is only available for short periods of time.
  • Limited choice. There aren’t as wid ae a variety of lenders who offer pre-approval as who offer car loans, so you have limited choice.

Features of car loans

Pre-approved car finance features

You may get some of the best features and interest rates on the market with a pre-approved car loan:

  • Secured against your vehicle. Interest rates are lower on loans that are secured using your car as guarantee, which saves you money and keeps your repayments manageable.
  • Choice of fixed or variable interest rates. Keep your repayments the same each month or take advantage of the flexibility of a variable rate loan.
  • Up to seven-year loan terms. Longer loan terms can help make the regular payments more affordable. Fixed rate loans may come with a maximum loan term of up to five years.
  • Flexible repayment options. Payment choices may differ among lenders, but you can typically choose between weekly, fortnightly or monthly repayments.
  • Extra repayments & redraw. Does your car loan allow borrowers to make fee-free additional payments and redraws to suit your ever-changing financial needs?

Things to consider before applying for pre-approval

There are a few things you should do before buying a car, and these vary from person to person. Here are a few things to bear in mind.

  • Research your car. The make. The model. The year. The colour. You also need to take into consideration the vehicle’s fuel consumption.
  • Check your financial standing. Car loans are a considerable financial commitment. Ensure you have the necessary funds or pre-approval.
  • Test-drive the car. If you take the car for a test-drive, it lets you find out if there are any issues.
  • Shop around. It is a good idea to not to buy the first car you see. You may find suitable cars at several dealers, so check out a few before you make a final decision.

How do I apply for pre-approved car finance?

Apply online to see if you qualify for a pre-approved car loan. You can compare your options using the table on this page and click ‘apply’ once you find the right loan for you. Keep information handy, ie your income details; employment information; other income, assets and liabilities, plus your photographic ID. Applying has never been easier, with some lenders granting pre-approval within 60 seconds.

About your next car loan

Have more questions about pre-approval?

You asked, and we listened. Here are the top questions you have about receiving pre-approval for your next car loan.

Picture: Shutterstock

More guides on Finder

  • Kiwi Car Loans review

    Borrow up to $500,000 for your new vehicle, caravan, boat or motorcycle with a secured or unsecured finance from Kiwi Car Loans.

  • ScotPac business finance review

    Access business, trade or invoice finance for businesses of all sizes from ScotPac.

  • Car finance for work visa holders

    When you’re a temporary resident in New Zealand, you want to see everything, which can be difficult without a car. Luckily there are some lenders that consider car loans for people on a work or study visa. Find out how to apply here.

  • Understanding money – a young person’s guide

    Our teenagers’ guide to money answers some common questions about money and finance.

  • 20 top money tips for students

    Be smart with your money while you get your qualification with these top student money tips.

  • How to invest for your kids

    Looking at investments for your child? Learn about some of the different options available when investing for kids.

  • Payday loans in Auckland

    We look at payday loans available in Auckland, including which lenders are based here, alternatives to payday lenders.

  • Motor Vehicle Finance car loan

    Get the best rate for your circumstances with a car loan from Motor Vehicle Finance. Answers within two hours.

  • Cash Converters personal loans

    With stores across the country, as well as an online application option, this well-known lender is easily accessible.

  • Business loan calculator

    Looking to apply for a business loan? This business loan calculator lets you compare the cost of two business loans so you can see which is the best one to apply for.

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site