[annette]

can anyone tell me how I will go about buying a car in NZ. We want to finance it, which doesnt seem like a problem (we will have 2 year work visas) but some say that we will require a 30 % deposit. I have a friend in AKL and she said that that was not required from her when she applied for finance. I am confused. Anyone that can clarify this???

[BaldyBeardyBloke]

Can't help with details, but I am aware of some people who have been stung with financed deals. Some, apparently, front load the interest on the repayments so if you try to pay off early you don't gain any advantage.

I don't think all are like that, and your bank might be a better bet than through a finance agent for a decent deal.

Just thought I'd pass this on.

[IanW99]

can anyone tell me how I will go about buying a car in NZ. We want to finance it, which doesnt seem like a problem (we will have 2 year work visas) but some say that we will require a 30 % deposit. I have a friend in AKL and she said that that was not required from her when she applied for finance. I am confused. Anyone that can clarify this???

You need 20% deposit for a Mortgage but I am not aware of any deposit restrictions on car finance or loans.

The only thing that they will (probably) restrict you to is the term of the loan i.e. they will normally only lend up to the period remaining on the visa.

Ian

[Nick88]

Have a look at the banks' websites, most of them are very good and have calculators for this sort of thing. I would also consider leasing for the two year period, too. You just hand back the car at the end with nothing further to pay.

[Roborhodie]

Hi Annette,

I have just bought a car "for cash" as I used a personal loan from my bank (ASB). Better finance charges (if you used the car as collateral). I did see AA offering car loans at about 13% but not sure of details as it was too late to look. I was asked for a $ 500 deposit (on $ 11000 car) but with a bank guaranteed cheque not sure if I really needed to.

[Angelonthemove]

We bought a car from Toyota with Toyota finance for the length of our visa. When we went to the bank ASB they could not match the low rate and told us to stay with Toyota. We have finished paying it and so our insurance was up for renewal so I thought shop around. again they were the lowest by far for Insurance too.

We put down a very small deposit of $1000 as that is all we had. I would try all the major car dealers see if its the same if you are not into Toyota, car was $20,000 over 12 months.