Zooma Car Loan Review

Get on the road fast with up to $30,000 no deposit finance from Zooma.

Zooma’s 100% online car loans are suitable for people who don’t have the extra cash for a deposit or don’t have assets to secure the loan. By installing a tracking device in your new vehicle, security is taken care of, and you can get pre-approved before you start looking.

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19.97% - 34.97%

Interest Rate (p.a.)


Max. Loan Amount


Product NameZooma Car Loan
Interest Rate (p.a.)19.97% - 34.97%
Min. Loan Amount$5,000
Max. Loan Amount$30,000
Loan SecuritySecured
Loan Term3 years
More Info

Pros and cons


  • Borrow up to $30,000
  • 100% online loan
  • Fixed interest rate
  • No penalty for paying off the loan early
  • Low establishment fee
  • Tracker installation is helpful when you don’t have something to secure a loan against


  • Fixed term of 3 years only
  • Higher interest rates – calculated on your personal circumstances
  • Extra costs for credit and licence checks
  • Tracker installation is expensive
  • Charges for direct debits, debit card payments and manual payments

Main points to consider with a Zooma Car Loan

Zooma provides car loans for everyday Kiwis of up to $30,000, with weekly repayments over a 3-year period. With no deposit required, you can get the full amount needed for a new vehicle with affordable payments that fit around your budget. Interest rates are determined based on your creditworthiness and there is full transparency around associated fees and ongoing payments so there are no hidden surprises. Zooma allows you to pay off your loan early without penalty and you can get pre-approval before you start shopping.

Sometimes people struggle with being able to provide security for a car loan, but Zooma takes this hassle away by installing a tracking device in your new vehicle. This means that if you default on payments without coming to an arrangement to get back on track, your car will be immobilised until payment is made. While there is a cost to this, it is also beneficial in case your car gets stolen. Zooma can track the location and recover the vehicle quickly.

Features of a car loan from Zooma

  • No deposit required. Zooma offers 100% finance so you can get on the road quickly without finding the cash for a deposit.
  • Fixed interest rates of 19.97% - 34.97% p.a. Zooma loans have a fixed interest rate for the entire loan period, so your repayments will stay the same for the duration.
  • Loan period. All Zooma Car Loans are calculated on a three-year loan period.
  • Pre-approval. If you haven’t found the right car just yet, you can get fast pre-approval to shop with confidence.
  • Online loan calculator. Find out how much your weekly repayments will be by indicating the amount you would like to borrow.
  • Interest rates to suit your circumstances. Interest rates are calculated based on your personal situation, income and credit check.
  • 100% online loan. There’s no need to visit an office, just complete the application form online.

How much does the loan cost?

The cost of your Zooma Car Loan will depend on how much you borrow, the interest rate assigned to you based on your personal financial circumstances, and applicable fees. By using the online loan calculator on the homepage of the Zooma website, you can get an indication of what your weekly payment might be. Do note that these calculations are based on the lowest possible interest rate, so if you do not have a good credit history, these payments may be higher.

Some of the fees that apply to Zooma Car Loans include:

  • An establishment fee of $21.23
  • PPSR registration fee of $15.40
  • Credit check fee of $9.15
  • Licence check fee of $3.15
  • Vehicle report check of $13.35
  • Tracker cost and installation fee of $400
  • Monthly tracker fee of $8
  • Direct debit fee of $1.92
  • Debit card payment fee of $1.92
  • Default fee of $20.08

You will also need to consider the cost of insurance, as Zooma requires all borrowers to have comprehensive car insurance. Plus, if your loan is for over $10,000, you will need to have credit contract indemnity insurance.

Additional fees apply for extensions, cancelling of direct debit and wage deduction; however, there are no penalty fees if you decide to pay back your loan early. A full breakdown of Zooma Car Loan fees can be found on its website.

How to apply for a Zooma vehicle loan

You can start your application for a Zooma Car Loan by heading to the Zooma website and clicking on “Apply Now”. To be eligible, you must meet the following criteria:

  • Be at least 18 years old
  • Have a valid New Zealand driver’s licence
  • Be employed for at least the last six months
  • Be a NZ citizen, permanent resident or have a work visa
  • Not be a beneficiary or be bankrupt

When applying, you will need the following:

  • Proof of identity. You must provide your New Zealand driver’s licence to confirm your identity and licence information.
  • Employment information. You must have been employed for at least six months. Zooma will make its own employment checks to verify this.
  • Contact details. You will need to have a cell phone and an email account, plus access to a computer.
  • Bank account. You will need to have a bank account where your salary/wages are deposited into.
  • Expense details. You’ll have to provide information regarding your weekly or monthly commitments such as rent, mortgage, utilities, hire purchase and credit card repayments.

Responsible lending checks are also carried out to check your credit history and creditworthiness for the loan.
Once you complete your application online, it will be reviewed by one of the Zooma team who will determine whether you are eligible for a car loan. You may be asked to provide some extra information to support your application. After the assessment is completed, you will be notified of the interest rate that has been determined based on your personal circumstances and a breakdown of all the fees involved.

If you haven’t found the car of your dreams just yet, you can get fast pre-approval for your car loan so you can shop with confidence knowing the amount you have been approved for.

As well as having eligibility criteria for its borrowers, Zooma also has restrictions on the type of car that you can purchase.

Vehicles must:

  • Be less than 15 years old, although exceptions can be made for classic cars
  • Have less than 150,000km on the odometer
  • Have a current WOF and registration

You will also need to take out comprehensive car insurance before driving away in your new car. You can either organise this yourself or ask Zooma for assistance.

Bottom line

Get a car loan of between $5,000 and $30,000 with Zooma’s no deposit 100% finance and an interest rate based on your creditworthiness. Before you apply, make sure you’re familiar with all of Zooma’s fees and how they may affect the total cost of your loan. If you’ve weighed up the pros and cons, and decided a Zooma car loan is right for you, head to their website to start your application.

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