How many car loans can I have at once?

Budgeting for multiple loans can be tricky...

It isn’t uncommon to find yourself juggling multiple loans at once.

In fact, most Kiwis carry various lines of credit, from student loans through to mortgages.

While there’s nothing stopping you from taking out multiple vehicle loans, this doesn't necessarily mean you should. Financing multiple vehicle at once could prove costly, so unless you have the cash to spare you may find it difficult to maintain all of the repayments.

Here at NZCU Baywide we want to see you live your best financial life. That’s why it pays to do your math using our vehicle loan calculator and work out which loan is the best fit for you and your finances. If you need more help understanding our car loans, contact our friendly staff.

Should I apply to multiple lenders if I only want the one loan? 

If you’re simply shopping around for the best deal, it can still pay to be cautious. Loan applications are listed on your credit file, so your credit score and your chances of obtaining a loan approval may be impacted if a provider sees multiple applications recorded over a short time-frame.

That’s why at NZCU Baywide we make the process easy by providing some of the best loan rates in New Zealand, 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 personal loan online, or call us on 0800 229 943.

Considering multiple loans? Here’s some things you should consider:

  • Multiple loan applications as well as any outstanding loans or debts affect your credit score, which is an estimate of your ability to pay back the money you borrowed. While it’s still possible to obtain a loan with a low score, you may find it easier if you improve your credit score beforehand.
  • Financial providers examine your income and ability to repay the loan when considering your application, so there's a chance they could decide you'll struggle to meet repayments if you're granted an additional vehicle loan.
  • If you’re already struggling with multiple loans, consider reducing the stress, paperwork, and overall costs with a debt consolidation loan. It’s a super effective way to make your financial life that much simpler!

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