Car Loan FAQs

Frequently asked questions about UDC Consumer Car Loans.

How can I apply?

You can apply via our online application or via phone 0800 500 832.

How long do I need to complete the application form?

The online application will take approximately 5 minutes to complete.

How long will it take to get a decision?

We aim to have a decision within a day, sometimes sooner, but before we make a decision we must make our responsible lending checks which include assessing the suitability and affordability of the loan you have applied for.

What information do I need to supply?

After completing the application with your personal and financial information we will ask you to provide evidence of your identity, address, income and expenses to help us assess the suitability and affordability of the loan. We will need:

Why do you need to see my bank statements?

The government has made some changes to how money is lent to consumers in New Zealand to help protect you against unaffordable debt. This means we need to collect extra information from you and check the information is correct. We need to see at least 90 days’ worth of your bank statements to verify your income and expenses and to assess whether you can afford the loan that you have applied for. We have partnered with Bud to help you provide us this information in a simple and secure way.

Who is Bud and what will they do with my bank statements?

Bud is a third party that we have partnered with to help you provide us your bank statements in a simple and secure way. When you upload your statements to Bud, they collate the transaction details from your statements and categorise your transactions into ‘buckets’ (e.g. rent, utilities, groceries etc) before sending this information to UDC so that we can assess and verify your income and expenses. You can find more information and guides on how to use Bud here.

How much can I borrow?

UDC's minimum amount is $10,000. You can use our online calculator to estimate repayments to ensure they are affordable for you.

What security do I have to provide?

Generally the car being purchased, is used as security for the loan. We may also ask for a guarantor.

Do I need a deposit?

Not always, UDC can consider financing up to 100%, however, all loans will be subject to both our lending criteria and responsible lending inquiries being made.

Can I buy a vehicle privately?

Yes, and we can finance vehicle purchased through auctions such as Trade Me.

What are the rates and fees?

Rates are determined on the strength of your application. Our fees are detailed here.

Who can I talk to if I have any questions before making an application?

Call us on 0800 500 832 to speak with one of our representatives.

What happens if I pay my loan in full early?

If you repay your loan in full before the final payment, then two types of fees are charged:

To find out more information on early repayment fees, please refer to the following early repayment fact sheet.

Who can I talk to if I’m having concerns about my finances?

If you are having concerns about your finance, you can get free and confidential advice from an independent service, MoneyTalks. See here for more details.

I’ve had a change in my personal circumstances which means I’m struggling to make my loan payments, what should I do?

We know that unexpected things can happen in life and you might not be financially prepared to cope. For example, losing your job or getting sick may cause you to struggle with your loan repayments.

If you find yourself in a situation like this, we encourage you to talk to us about how your change in circumstances is impacting your financial position – we might be able to offer you some assistance to help you deal with the financial difficulties you’re facing. If you wish to apply for assistance or have any questions, please contact us on 0800 833 832.

What happens if I default under the agreement?

Under the agreement you have certain obligations to meet, including the obligation to make regular payments. UDC has a security interest in the vehicle that it has financed for you. If you fail to meet your commitments under the agreement, UDC may be entitled to repossess and sell your vehicle. If the sale of the vehicle does not cover your outstanding debt to UDC, you will remain liable for the shortfall. Other fees may apply if you fail to meet your commitments under the agreement. These can be found on our here.

Let us know if you’re having trouble paying. The sooner you let us know the better. Call us on 0800 833 832 - whatever the reason, we want to help.

What should I do if I change my address?

You can simply update your details online or contact us on 0800 500 832.


Are you an existing customer?

Existing customers can quickly and easily complete an application through myUDC.