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Car Loan Types You Can Compare

1. Secured Auto Loans

Before getting started with your car loan, your lender will need to ask for securities just in case you defaulted on your loan. When that happens, they will have legal right to seize your secured asset until you can pay off your balance. Most car loan companies in NZ require a security deposit before you can be approved. WIth CompareBear, you can sort out and determine secured auto loan providers to best suit your needs and income.

2. Unsecured Auto Loans

By the term itself, unsecured loans are not secured by an underlying asset. Lenders cannot possess any property or asset when borrowers fail to make payments. Because of the risk, borrowers are given higher interest rates than in a secured loan, and will depend on your overall credit profile and other factors.

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Our comprehensive car loan comparison tool guarantees to help you from start to finish. Simply tell us a few details, and we’ll give you filtered results according to what you need. We’ll stay with you right up until you decide on which car loan plan is the right one for you.

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Here at CompareBear, we know how important your time is — that’s why we made our process quick and easy! In just a few minutes, you can compare, switch, and save on your car loan. With our service, finding the right plan doesn’t have to be difficult.

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If you compare car loans with CompareBear, we guarantee that you can save time, money, and effort. Our comparison tool is designed so that Kiwis can save money while finding the best plan. Best of all, our comparison tool is 100% free!

Frequently Asked Questions

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Car loans fall into two categories: secured and unsecured. Secured loans protect the lender if the debtor fails to pay. The lender can use the collateral declared by the debtor upon the latter’s default. Unsecured loans, on the other hand, have higher interest rates, but are asset-free. Qualifying for an unsecured car loan is way more difficult. Like in any lending process, an applicant should show his capability of paying the loan. The lender has to check your credit history before approving your loan.

To apply for a car loan, you need to prove your identity. Your passport or driver's license are usually sufficient, but sometimes the lender may ask for additional documentation. Car details, including dealer info, engine number, and registration also need to be submitted. As for other requirements, they vary depending on the loan type. For unsecured loans, most lenders will require your credit history records and copies of your bank statements.

You can pay the amount you owe early, but you might want to check with your car loan provider for any fees you might incur in paying it off early.

Your car loan interest rate depends on the amount you want to borrow, along with your credit profile.
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