Rent-to-own can be more expensive than vehicle loans. You don't own the vehicle in a rent-to-own scenario until payments are complete. On the other hand, vehicle loans provide immediate ownership, and getting access to a loan may be easier than you think.
With a vehicle loan, you own the car straight away and borrow money to pay for it. With rent-to-own, you're renting the car with an option to buy it at the end. You don't actually own the car until you've made all the payments.
No rent-to-own game. Borrow what you need, and get on the road fast. Own your car from day one.
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The estimated monthly loan repayment figures illustrated above do not constitute a credit offer and are subject to both: (i) your chosen individual lender's approval to lend, and their terms and conditions; and (ii) MatchMe Money's own terms and conditions (including, in both cases, any additional establishment, introduction, security registration and other miscellaneous fees. MatchMe Money's fees information can be found on our interest rates and fees page. Your selected lender's own terms and conditions will be provided in the loan documentation that they will provide to you (if successful). We recommend seeking and obtaining your own financial advice before committing to any loan or financial product.
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Secured car loans use an asset (like a car or even property) as security. If you use a car as security, lenders may offer lower interest rates, higher borrowing limits, and longer repayment terms. However, the car may possibly be repossessed if you do not keep up on the payments for the loan.
Unsecured car loans don't require security, which could provide for a simpler application process. However, these types of car loans typically have higher rates, lower loan limits, and possibly shorter terms.
Whether you need a secured on unsecured car loan, MatchMe Money can help match you with car loan options tailored to your financial situation.
With a vehicle loan, you own the car straight away and borrow money to pay for it. You make monthly payments to pay back the loan. With rent-to-own, you're essentially renting the car with an option to buy it at the end. You don't actually own the car until you've made all the payments.
Rent-to-own can be significantly more expensive than vehicle loans. You often end up paying much more than what the car is actually worth because of fees and charges built into the rental payments. With a vehicle loan, you pay the car's price plus interest, which usually works out cheaper overall.
With rent-to-own, the company can take the car back immediately if you miss payments - and you lose all the money you've already paid. With a vehicle loan, the lender has to follow a legal process before they can repossess your car, giving you more time to sort things out.
Rent-to-own companies usually don't do credit checks, so it's easier to get approved even with bad credit. Vehicle loans do require credit checks, but you can still get approved with poor credit - you'll just pay higher interest rates. Better credit gets you better rates.
With rent-to-own, you can usually return the car anytime without penalty, but you won't get back any money you've paid. With a vehicle loan, you can't just return the car - you're stuck with the loan payments even if you sell the car.
Explore our Frequently Asked Questions so that you can make an informed decision about your car loan. If you need further assistance, our team is here to help.
Whether you're thinking of a new car, an electric vehicle, a boat for weekend getaways, a motorcycle for exhilarating rides, or a caravan for your next holiday, we're here to help.
As a New Zealand-based company, we understand the unique needs of Kiwis and the local finance landscape. We’re here to assist you with personalised, transparent, and reliable financial solutions.
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