Motor Vehicle Finance

Motor Vehicle Finance: vehicle finance in New Zealand

Motor Vehicle Finance (MVF) is a New Zealand company dedicated to brokering loans for vehicle purchases. It operates under a Class 2 Financial Advice Provider Licence (FSP403346) issued by the Financial Markets Authority, and its activity focuses on connecting applicants with a network of lenders to finance cars, motorbikes, boats, caravans and other vehicles.

The company states it has more than ten years of experience and has assisted more than 50,000 New Zealanders. Its approach is based on a streamlined process: the initial application is completed online in about three minutes and the team contacts the applicant within 30 minutes during business hours. According to the site, some approvals can be resolved the same day, always subject to lender criteria and affordability checks.

Finance products

MVF's range covers different vehicle finance needs:

• Car loans
• Motorbike loans
• Boat loans
• Caravan loans
• Vehicle refinance
• Bad credit loans

The company notes that finance can be applied to a wide range of vehicles, including cars, trucks, motorbikes, caravans, jet skis, motorboats, yachts and more, as long as they have wheels or float.

Application process and advice

The workflow described by MVF begins with an online form. An adviser then talks with the applicant to understand their needs and priorities, and then explores the options among partner lenders to find the most suitable alternative. The company emphasises that it offers expert advice and a hassle-free process, with the possibility of fast approval if the documentation is complete.

Partner lenders

MVF works with a panel of lenders that includes Heartland, Marac, Oxford Finance, Finance Now, Geneva Finance, Avanti Finance, UDC, Gem Finance and Community Financial Services. This diversity makes it possible to tailor conditions to different credit profiles and types of security.

Finance terms and costs

According to the information published, fixed interest rates for vehicle loans range from 7.95% to 29.95% per annum, with terms ranging from a minimum of 12 months to a maximum of 84 months. The rate applied depends on the applicant's circumstances, the type of loan, the security provided and the lender. Approval is subject to meeting lending criteria and an affordability test.

Fees apply, including an establishment fee of up to $375 and an introducer fee of up to $995. Lenders may also charge a PPSR fee of between $0 and $14. The site provides an example: a $5,000 loan over 12 months at 10.95% per annum, with establishment and introducer fees totalling $495 and a PPSR fee of $7.39, results in a total amount to repay of $5,835.93, broken into 12 monthly payments of $486.34. These amounts do not include ongoing fees, such as the lender's service fees.

Regarding refinancing and debt consolidation, the company warns that these transactions may lower repayments but lengthen the loan term and increase the total interest paid. Savings are not guaranteed and depend on the rate, fees and term. Early repayment or break fees may apply to the current loan, as well as new fees and security requirements from the new lender.

Resources for applicants

The site includes a loan calculator that allows you to estimate weekly and monthly repayments, as well as the total amount to repay. It also offers informative guides such as "How Do Car Loans Work?", "Avoid Buying A Lemon" and a Kiwi Car Buyers Guide. The company's blog publishes articles on topics such as finance options for hybrid and electric cars, selling a car with finance owing and things to think about when buying a car privately.

Contact and location

The company can be reached by phone on 0800 666 021 and by email at enquiries@motorvehiclefinance.co.nz. Its office is located at 14/987 Ferry Road, Ferrymead, Christchurch 8023.

Location and contact

14/987 Ferry Road, Ferrymead, Christchurch, 8023 · Phone: 0800 666 021 · Email: enquiries@motorvehiclefinance.co.nz