Why Choose Nectar Car Loans in NZ?
Get some of the best deals on your car loans with Motor Vehicle Finance. 95% of the loan applications they facilitate are approved, meaning your own chances are pretty high, so long as you meet the criteria. They also have a way of matching other offers, paying $500 towards your loan if they’re unable to beat one you’ve found from someone else. Their turnaround times are also fast, responding to your application within two hours of receipt.
Nectar is the provider for you if you’re looking for a lender that operates 100% online while offering personalised car loans to each borrower. It’s very easy to get a deal that best suits your lifestyle in just a few minutes. Of course, this does mean that they conduct an extensive profile check, which includes checking your bank statements.
Profile Assessment via Credit Sense
This is a programme during the application process where you provide Nectar a temporary read-only access to your bank account, allowing them to evaluate your creditworthiness (this is safe as there’s no need to provide them your password). Alternatively, you can choose to send them bank statements if it’s more comfortable for you, though the application may take longer this way.
How does Nectar Car Loans in NZ work?
Nectar allows you to borrow any amount between $1,000 to $20,000, while making repayments starting at 6 months to 4 years. Payments can be made weekly, fortnightly, or monthly depending on what arrangement suits you best. All your payments are also reported by Nectar to the Centrix Credit Bureau, so you can rest assured that all your efforts contribute to improving your credit score.
Fees and Charges
The interest rates on your loan will depend on a multitude of factors, such as your personal circumstances, credit history, and of course, your financial situation. Generally, it varies between 8.95% to 29.95% p.a. which is fixed for the duration of your loan.
As for other fees, you can expect to pay an establishment fee of $240 for unsecured loans or a $340 fee for secured loan. There’s also a dishonour fee of $15, an overdue payment fee of $25 per month (if you fail to pay within 3 days of the due date), and loan variation fee of $30 (for changes to the loan agreement).