Westpac Car Loan

Westpac offers car loans that don't require you to use your new vehicle as collateral.

Westpac car loans allow you to borrow up to $50,000 to put towards a new vehicle. Loan lengths typically span 6 months to 5 years, with interest rates at 13.90%. Westpac car loans are unsecured, meaning you won’t need to provide any collateral against your loan. If you’re looking for a new vehicle and don’t want to provide security, consider a car loan from Westpac.

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Interest Rate (p.a.)


Max. Loan Amount


Product NameWestpac Unsecured Car Loan
Interest Rate (p.a.)13.90%
Min. Loan Amount$1,000
Max. Loan Amount$50,000
Loan SecurityUnsecured
Loan Term6 months to 5 years
Turnaround TimeWithin 48 hours
More Info

Pros and cons


  • No security required
  • No early settlement fee
  • No fee for lump sum payments


  • 5% added interest on overdue balances
  • Processing time of two business days

Main points to consider with a Westpac car loan

Westpac car loans allow you to borrow between $1,000 and $50,000. Loan terms stretch from 6 months to 5 years with an interest rate of 13.90% p.a.

Features of a car loan from Westpac

  • Interest rates at 13.90% p.a. Westpac calculates interest rates at 13.90% p.a.
  • Flexible loan size. You can borrow between $1,000 and $50,000 with a Westpac car loan. You may be able to borrow more than $50,000 if you provide security against the loan.
  • Loan terms. Loan terms are typically between 6 months and 5 years. You may be able to negotiate a longer term, but 5 years tends to be the maximum.
  • Processing time. Westpac car loans are processed within two business days, with funds becoming available a day after approval. These processing times can be impacted by weekend and non-business hours.
  • Repayment options. You will be able to choose whether you repay your loan in fortnightly or monthly instalments.
  • No repayment charges. You won’t be charged fees for making lump sum payments or for paying off your loan early.
  • Loan top-ups. You do not need to apply for a new loan if you require access to extra funds at some point during your loan term. Simply contact Westpac and ask for a top-up. This will be granted or denied based on your current financial circumstances.
  • Online estimator. The Westpac website offers a calculator that can estimate repayments. You’ll need to know how much you wish to borrow over how long. Remember that the online calculator only provides an estimate, the true size of your repayments will be influenced by your credit history and financial circumstances.
  • Online application. Westpac offers online applications for car loans.

How much does the loan cost?

The overall cost of your loan will depend on its structure and detail. The size of the loan, the length of the loan and your financial history will determine the total cost.

The following fees may apply to your loan:

  • $100 establishment fee
  • Additional 5% p.a. in default interest on overdue balances

How to apply for a Westpac car loan

To be eligible you must, at a minimum:

  • Be 18 years or older
  • Be a New Zealand citizen or permanent resident

When applying for a car loan you’ll need to provide:

  • Identification. This includes your driver’s licence and your residential address.
  • Verification of employment and income. Westpac will require access to your financial records. You will need to provide bank statements, payslips and a signed letter from your employer confirming your income and employment.

Bottom line

Westpac offers unsecured car loans with flexible terms and transparent fees. Since the loan is unsecured you don’t have to worry about your car being repossessed but you will be charged a default interest rate. If a Westpac car loan is right for you, head to their website to start your application today.

Compare car finance

Name Product Interest Rate (p.a.) Loan Amount Loan Term Establishment Fee Requirements Table description
Simplify Secured Car Loan
7.90% - 12.95%
$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.
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.
CarFinance2U Car Loan
8.95% - 23.95%
$5,000 - No max.
1 - 5 years
Requirements: NZ citizen/permanent resident.
Get pre-approved for your next car in 30 minutes.

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