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Buying a car with a loan: what you'll need

Updated 30 Sept 2026

Before the lender pays out

Most lenders want the same things in hand before they release the money:

  • A signed agreement. The agreed price and the car's details in writing. On Cruizy, dealers and some private sellers can sign an agreement with you online.
  • Your ID. The lender must check who you are. Have your driver licence or passport ready.
  • No money owing on the car. Search the car on the official PPSR website, or ask the lender to. Money owing stays with the car, not the seller, so it must be paid off at settlement.
  • Comprehensive insurance. Most lenders won't pay out until the car has comprehensive cover from the day you take it, with the lender noted as an interested party.
  • An inspection (optional). An independent pre-purchase inspection can find problems before you're committed. It matters more in a private sale, where you have fewer legal protections.

Your rights

  • Lenders must follow the Credit Contracts and Consumer Finance Act. They have to check the loan is affordable and suitable for you, and give you written disclosure of the terms.
  • You can usually cancel a consumer loan within 5 working days of getting the disclosure, but you may have to pay reasonable costs.
  • Compare the total cost, including fees and interest, not just the weekly payment.

Paying safely

  • In a private sale with a loan, the lender pays the seller directly, and pays off anything owing on the car first. Never pay the seller the loan money yourself.
  • Only pay a dealer into the bank account shown on your Cruizy agreement, using the reference given. If bank details change by email or text, call the dealer on a number you already know before you pay.
  • Cruizy never holds your money.

How Cruizy fits in

Cruizy passes your details to the dealer or a partner lender with your consent. We don't lend, give financial advice or decide on credit. We may be paid a referral fee by partners.

This guide is general information, not financial or legal advice. See consumerprotection.govt.nz for more.