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Thread: Car Finance

  1. #1
    Join Date
    Aug 2019
    Location
    UK
    Posts
    15

    Default Car Finance

    My husband and I are moving to Christchurch in January (Talent Accredited Employer Work Visa + Partner Work Visa) and will need to buy a car on a budget. I am wondering if anyone knows if we would be able to get a small amount on finance with a deposit/without a deposit? Our visas are valid for 30 months and we have good credit in the UK.

    Any advice appreciated.

  2. #2
    Join Date
    Feb 2008
    Posts
    36,609

    Default

    Yes, people on the forum have mentioned being able to get finance. Obviously, you have to be prepared to prove that you have a job and a visa.

    Advice generally is to shop around - there is quite a bit of variation in car prices, and in finance schemes.

    Also, be aware that some vendors see a new migrant coming in, or hear a foreign accent, and see an opportunity to unload a clunker and/or to get an over the odds price. If you can get a friendly Kiwi neighbour or co-worker to go to the dealers' with you, this can at least partly defuse that attempt - most wouldn't try their cheekiest tricks when a local is in the party. And don't forget that in NZ, it's normal and expected to haggle for a better deal. See these old threads. https://www.google.com/search?client...4dUDCAo&uact=5

  3. #3
    Join Date
    Aug 2019
    Location
    UK
    Posts
    15

    Default

    Thank you

  4. #4
    Join Date
    Oct 2019
    Location
    New Zealand
    Posts
    27

    Default

    What is the regular way to pay for a car in NZ? I mean, if I don't want to go on finance. Do they usually pay by cash, credit card, debit card, etc? And whether there is an extra charge for credit card usage?

  5. #5
    Join Date
    Feb 2008
    Posts
    36,609

    Default

    I don't think there is one method used by everyone - you'd need to ask the vendor in advance.

  6. #6
    Join Date
    May 2012
    Location
    NZ (Auckland; via Canada)
    Posts
    1,337

    Default

    Dunno what it's like in the UK, but in Canada there's so much competition for car sales that there's often an interest-free loan option for new cars. When I moved to Auckland, the best interest rate I could find on a car loan was around 7%. so I bought a car with my overdraft (5.25% interest) instead. But the overdraft was attached to our mortgage--I suspect other overdrafts also attract higher interest rates.

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