Zooma Car Loans NZ

Created to enhance the lending experience in NZ, Zooma delivers a quick process and convenient financial service, capable of doing all the necessary legwork for their clients. Compared to other non-digital options, you can easily get Zooma Car Loans for cheap thanks to their low fees suitable for most needs.

But if you’re wondering what other options you may have aside from cheap Zooma car loans in NZ, you can always rely on us! Simply use our FREE comparison tool here at CompareBear and start your research at the right place today!

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zooma car loans nz

Why Choose Zooma Car Loans in NZ?

Zooma is the car loan for people looking to avoid expensive provider fees, deposits, and fees for early repayments. They are also a great option for digitally-savvy users looking for the right technology to accomplish the lending process. With Zooma, they will use the car you’ll buy as the security guarantee. They place a tracking device on the vehicle which would immobilise the car should you default on your payments. On the plus side, this tracker can be handy in emergency situations when you need to locate your lost car.

How does Zooma Car Loans in NZ work?

You can borrow any amount between $5,000 to $30,000 while repaying it for up to 3 years. Ultimately, the loan amount you can borrow from Zooma will depend on your own personal circumstances. They can even provide 100% car financing provided you meet the criteria and are able to make your repayments.

Fees and Charges

Your interest rates will vary from 19.97% to 34.97% p.a. This will be based on your own income, credit history, driver license and its classification, and other factors relevant to the loan. Also take note of the following fees whenever you’re planning to apply:

An establishment fee of $21.23 which will include the processing, assessing, and approving your application (This will only be charged once the application is approved.)
A credit check fee of $9.15
PPSR registration fee of $15.40
Licence check fee of $3.15
Tracker installation fee of $150
Tracker cost of $225
Any default fees resulting in any breach of the loan agreement

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Zooma car loan eligibility is based on similar basic criteria from most providers. You need to be 18 years old and above and have an NZ driver’s licence. You must not be bankrupt or a beneficiary, and you need to have been employed for more than 6 months.

Of course, you’ll need an active bank account where you receive your salary along with an email account, a mobile phone, and a PC with internet access. Lastly, you need to complete an online application and pass Zooma’s employer checks.

Yes, but don’t worry, as this is just a part of assessing and processing your application and is mostly used to confirm some of your employment details.

Yes, Zooma car loans in NZ can be used to purchase vehicles from private sellers. They will require further verification on the details in order to ensure you don’t suffer any loss in the transaction.