How does car finance work?

Driving away in a new set of wheels has never been easier

If you don’t have the cash, drumming up funds for a new or used car can be daunting.

That’s why here at NZCU Baywide we make it quick and easy to finance your next vehicle! Whether you need $2,000 or $60,000, we have your next car purchase covered with competitive interest rates on our 9.9% p.a* secured and 11.9% p.a* unsecured vehicle loans.

All you need to do is apply for a car loan online, or call us on 0800 229 943.

It’s that simple!

What happens once I've applied?

Once our friendly team have received your application, we’ll review it and aim to contact you within 1-2 working days. During this review, we may get in touch for additional information that simply helps us to make an informed decision on your application.

If you’re approved, we’ll simply transfer the funds into your account or that of the current car owner.

Financing your first vehicle? Make the process simple with these tips:

  • Think about the re-sale value
    Vehicles tend to drop in value in just a few years, so consider the depreciation on the car you have your eye on, and the impact this might have if you’re planning on re-selling in the near future.
  • Secured vs unsecured loans
    Weigh up your options and apply for the loan that best fits your current financial situation. An unsecured loan means you won’t have to put your car up for security, and is usually easier to obtain if you’re carrying a low credit rating. On the other hand, secured loans offer cheaper interest rates. 
  • New or used?
    If you’re going to be buying new, ask yourself why. That new car smell is great, but you may also want to consider the possibility of a used vehicle. Especially if your budget is already tight.
  • Check the fees
    Understand the various fees you may have to pay on your vehicle finance. These could include:

    • A one-off establishment fee.
    • Monthly account or administrative fees.
    • Early repayment fees.
    • Fees for defaulting on payments.
    • Loan repayment insurance.
  • Stick to your budget
    Obtain pre-approval so you know what your budget is before you start car shopping.


More frequently asked questions about our vehicle loans

You may find the answer on one of the pages below:

If you have not found your answer, please feel free to contact us.


Want to know your options?

Use our vehicle loan calculator