Car Buying-...Minimum down?

Hi, wondering how car buying works in NZ.

Is there a minimum deposit one has to make?
Does the financing works similar to US? As in finance the car for 5/7 years?
Are interest rates similar to the US?

Thanks!

Some dealerships sometimes have promotions such as 0 down and 1.9% APR over so many years. These are however new cars but also include warranty and WOF. If you looking at second hand then you can expect the rate to be around 12% - 20% depending on your situation

Quote:

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Originally Posted by Nurrish

Some dealerships sometimes have promotions such as 0 down and 1.9% APR over so many years. These are however new cars but also include warranty and WOF. If you looking at second hand then you can expect the rate to be around 12% - 20% depending on your situation

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Thank you!
Is there a minimum down payment required?- for new or used cars?

I have paid 20% deposit for buying a new car, because I was new to NZ and didn't have any history for finance company to history check here in NZ. Max can go up to 5 yrs, and the interest rate varies, I got it for 3.9%. If you have enough history here then can go with 0 deposit.

If you have any model in your mind, you can drop an email to dealers and get quote for the car.