Kiwi Car Loans Review
We review Kiwi Car Loans, uniquely offering dealer and online vehicle loans. We cover the loans available, fees, pros and cons and everything you need to know to help decide if Kiwi Car Loans is right for you.
Updated 15 October 2024
Summary of Kiwi Car Loans
In this guide, we look at what Kiwi Car Loans offers for borrowers. We cover:
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- Kiwi Car Loans is a vehicle-focused loan broker offering interest rates between 9.95% to 19.95% p.a.
- Launched in 2012 by an Australian owner, Kiwi Car Loans has grown to work with dozens of car dealers around New Zealand as their go-to broker to arrange finance for their customers.
- Kiwi Car Loans also offers car loans direct to anyone who earns over $650 a week. It also offers boat financing and jet ski loans, but the company's primary focus is car loans.
- Loan amounts vary, and repayment terms are between one year and seven years.
- Kiwi Car Loans is not a lender like Harmoney, MTF Finance or Nectar; instead it's a broker like Simplify.
- Early repayment is permitted without a fee, and Kiwi Car Loans does not charge a fee for any basic variations to your agreement.
In this guide, we look at what Kiwi Car Loans offers for borrowers. We cover:
- Understanding Kiwi Car Loans' Minimum Borrowing Requirements
- Applying for a Loan with Kiwi Car Loans
- Pros and Cons of Kiwi Car Loans
- Kiwi Car Loans' Fees – How Fees Are Charged To Borrowers
- Conclusion
Advertising Disclosure: MoneyHub may receive a payment if you make a purchase on our website. Such commercial arrangements have no influence on our independent reviews of financial products. Please refer to our advertising policy for more details.
Christopher Walsh
MoneyHub Founder |
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Understanding Kiwi Car Loans' Minimum Borrowing Requirements
Kiwi Car Loans borrowers are, historically, individuals looking for a car loan, or a personal loan for any number of reasons (debt consolidation, home improvement, weddings and emergencies). Kiwi Car Loans' application process is strict - only individuals who meet the following criteria can borrow:
Kiwi Car Loans, like any lender, is tightly regulated by legislation to protect borrowers and is clear in stating that all decisions are subject to responsible lending inquiries and checks.
- Be at least 18 years old
- Have a regular income and earn over $650 per week
- Be able to afford the loan you are applying for
- Provide identity confirmation with either a valid New Zealand Driver’s License or a valid New Zealand Passport, as well as any foreign passport, or a NZ Firearms license.
- Proof of address
Kiwi Car Loans, like any lender, is tightly regulated by legislation to protect borrowers and is clear in stating that all decisions are subject to responsible lending inquiries and checks.
Applying for a Loan with Kiwi Car Loans
Requesting a quote for a car loan or personal loan follows a standard process, although the interest rate will differ depending on the loan's purpose:
- You can make an application, where the first step is to enter your first name, last name, phone number, email address and date of birth.
- You'll then be asked for for your New Zealand driver licence number, address, whether you're a property owner or rent, and how long you've lived at your address.
- After this, you need to select what you want to finance (e.g. car, caravan, truck, boat, equipment or something else), and then enter the amount you want to borrow and how long for (1 - 7 years).
- You'll need to then enter in your employment status (Full Time, Part Time, Beneficiary, Retired / Pension, Self-Employed or Other), and enter in details about where you work, company name, job title, how much you earn, net income and whether or not you have other income.
- Finally, if you rent, you'll need to enter your monthly payment, any other loans or credit cards you owe money on, and any additional information you would like to provide. Once done, you can submit the application.
- Kiwi Car Loans will then complete a credit check. Once everything is checked, you'll either be offered a loan amount with an interest rate, or you'll be declined.
- If you accept a loan, you'll be charged a fee which is added to the loan total.
- You can log in and view their account transactions and current balance at any time.
How long does it take for Kiwi Car Loans to approve a loan application? Is it a quick turnaround time compared to other lenders?
We are currently updating this section
Pros and Cons of Kiwi Car Loans
Pros:
Cons:
But, be aware:
- Wise range in loan amounts: Borrowers can choose to repay the amount weekly, fortnightly or monthly over 12 months to five years. Kiwi Car Loans does say that applicants can call their 0800 number at any time, and the team is widely regarded as being helpful per the 1,000+ Google reviews published.
Cons:
- Missed Payment Penalties: Penalties can be steep if payments are missed or defaulted on.
But, be aware:
- Fees can be high if you miss payments or default. This is standard with any personal lender but it's essential to be aware of to manage your budget and personal finances.
- Always compare the offer you receive with other options. Our car loans, personal loans and debt consolidation loans comparisons list alternative lenders who are known for providing loans to borrowers with strong credit histories.
Have the best chance of loan success
The speed and success of an approved loan will depend on how well you complete your loan application. For the best success, be sure to:
- Be honest when answering all questions.
- Complete every section as best you can - given personal lending is often the second most expensive debt people take on (after their mortgage), many New Zealanders want to be able to explain their financial situation or have questions. If you need help, contact Kiwi Car Loans' team will support you as it's critical your answers are clear.
Kiwi Car Loans' Fees – How Fees Are Charged To Borrowers
Kiwi Car Loans has two fee types - loan fees and missed payment fees. Most borrowers will only detail with loan fees, but it's best to understand everything before signing any loan agreement. Our summary of fees below is specific to secured loans only.
Loan Fees:
Missed Payment Penalties & Fees:
If you have any questions regarding these fees, it's recommended to contact Kiwi Car Loans directly.
Loan Fees:
- Loan Establishment Fee: This is a one-time fee added to your loan when it's set up.
- Agent Fee: If you're referred to Kiwi Car Loans by an agent or dealer, you might be charged a one-time fee, which is added to your loan.
Missed Payment Penalties & Fees:
- Additional Interest for Defaults: If there's a default in payment, Kiwi Car Loans will levy an added interest, calculated daily. This will be at your standard yearly interest rate, plus an extra TBC%.
- Dishonoured Payment Fee: Should any payment you make to Kiwi Car Loans get declined by your bank, and as a result, Kiwi Car Loans' bank imposes a fee on them, they will pass that exact fee onto you. Currently, this fee is $TBC.
- Repossession-related Charges:
- Issuance of Repossession Warrant: If circumstances lead Kiwi Car Loans to issue a repossession warrant for the vehicle, a fee of $TBC will be applied.
- Recovery Costs (Enforcement-related): If third-party services are required to enforce the terms of Kiwi Car Loans' agreement, you will be charged the actual costs they incur. This could encompass fees from repossession agents, legal entities, or repair services.
- Recovery Costs (Vehicle Sale): If Kiwi Car Loans sells the vehicle, an additional fee will be levied, which will be the actual cost associated with the sale. Kiwi Car Loans will always aim to choose a selling method that maximizes the vehicle's selling price.
If you have any questions regarding these fees, it's recommended to contact Kiwi Car Loans directly.
Kiwi Car Loans - Customer Experience and Feedback
Customer reviews published online consistently praise Kiwi Car Loans' service, specifically noting their dedicated employees who work hard to get loans over the line. Key observations from the 1,000+ reviews we read (published up to August 2023) include:
Regarding complaints, the most significant critique was related to communication. A few customers felt left in the dark, expressing the need for clear feedback rather than being ignored. This concern, however, stands as an exception among the vast majority of positive reviews.
Overall Sentiment: Kiwi Car Loans demonstrates strong customer relations, underpinned by their focus on personalised service, professionalism, and efficiency. Their employees significantly contribute to the company's glowing reputation. While a small fraction of negative feedback exists, the overwhelmingly positive reviews attest to the company's commitment to excellence.
- Efficiency & Dedication: Many customers emphasised the dedication shown by Kiwi Car Loans representatives, including helping outside regular hours, at weekends and when a customer is out of New Zealand and has a significant time difference.
- Helpfulness & Professionalism: The reviews we analysed often mentioned the friendly, knowledgeable, and accommodating nature of the Kiwi Car Loans team.
- User-Friendly Process: While not explicitly mentioned as "user-friendly", hundreds of reviews mention the easy and prompt service many customers received. The efficiency in communication and processing appears to be a significant strength.
- Recommendations: The frequent phrase "highly recommend" is seen across reviews, underscoring customers' trust and confidence in Kiwi Car Loans. Clients felt secure and prioritised during their interactions, leading to such endorsements.
Regarding complaints, the most significant critique was related to communication. A few customers felt left in the dark, expressing the need for clear feedback rather than being ignored. This concern, however, stands as an exception among the vast majority of positive reviews.
Overall Sentiment: Kiwi Car Loans demonstrates strong customer relations, underpinned by their focus on personalised service, professionalism, and efficiency. Their employees significantly contribute to the company's glowing reputation. While a small fraction of negative feedback exists, the overwhelmingly positive reviews attest to the company's commitment to excellence.
Kiwi Car Loans - Our Conclusion
- Prospective borrowers should be aware of potential penalties tied to missed payments and ensure they fully understand the implications of any loan. Comparing Kiwi Car Loans' offer with others in the market and being thoroughly informed can assist in making the best financial decisions.
- Understanding the total cost of the loan and comparing market offerings is crucial to ensuring the best financial decision, whether it be a loan for car finance, debt consolidation or a personal loan for anything else.