Car loan approval
Loan Help June 12, 2018

Will I be approved for a car loan?

We try to make loan applications as quick and easy as possible – the process is 100% online and can be done on any device (including mobile). No need to move from the couch. But we know there can still be better things to do, like shopping for your new car! Here’s a simple list of loan requirements, to help determine if you’ll qualify for a car loan, and answer any pesky questions before you get started.

What age do I need to be to apply?

You need to be 21 years or older to apply. If you are 18 – 20 years you could still be approved but would require a guarantor on the loan, such as a parent.

Do I need to be a NZ resident for a car loan?

Nope! We like to help out everyone we can with a car loan, which includes NZ citizens, residents, and valid Work Visas. If you’re on a Visa, the term of the loan will need to finish before your visa finishes.

Do I need a full NZ drivers licence for a car loan?

We love learners, and our friends across the ditch! At Sprint Finance we accept Learner, Restricted and Full NZ and Australian licences for a car loan. We don’t like to leave out other visitors – we can accept international licences, but the loan term needs to be within the timeframe the licence remains valid (usually a year from the date you arrive in New Zealand)

What type of employment do I need?

If you’re employed at least part-time, and earning over $500 per week, with a stable job you’ll be good to go for employment criteria.

What is loan affordability?

As responsible lenders, we need to ensure you can afford the repayments before approving a loan. There isn’t a set criteria for affordability, as everyone’s situation is different, but we consider loan amount vs. income, expenses, any other loans, and number of dependents. For all loans we request recent bank statements to help determine this.

What credit rating do I need?

Here at Sprint, we don’t consider your credit rating to be the most important determinant in your application. We can approve all credit types – from perfect unicorns to credit that’s less than perfect. Because we look at your application as a full package, you don’t need perfect credit to be approved but you’ll still need to meet other criteria such as having a stable job and being able to afford the repayments. Check out our article to learn more about getting a car loan with bad credit

Ready to apply for a car loan? Luckily, it’s nice and easy and 100% online, apply here. 

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