Interest Rates

CarPow offers loans to customers at a range of interest rates between 8.95% to 25.95%. The interest rate that is applicable to the particular client is assessed by taking into account the clients credit history, stability in employment and residence, asset backing, affordability and security value offered.

Fees and charges

  • Credit Check and Decisioning Fee $19.49 A fee of up to $20.59 is charged for processing a new loan for each party attached to the contract. The fee includes credit, decisioning fee, and a search of the personal properties security register.
  • Dealer / Broker / Introducer Fee up to $995.00 A fee of up to $995.00 may be paid to CarPow for referring a loan to the lender. This fee is payable to CarPow and forms part of the loan.
  • Direct Establishment Fee up to $495.00 Charged for processing a loan application and added to the contract when the loan is drawn. This fee may vary where additional testing and verification is required, and where the amount of work performed by the loans approval staff is high.
  • Personal Properties Securities Registration (PPSR) $11.50 Charged to the contract and subsequently paid to Ministry of Economic Development for registration of our security interest, as well as a search on the Personal Property Securities Register.
  • Early Settlement (Consumer) $45.00 Charged to the account when a loan is settled in full before its maturity date.
  • Early Settlement (Motor Vehicle Consumer) $245.00 Charged to the account when a loan is settled in full before its maturity date.
  • Administration fees $7.50 Charged to account each month end.
  • Statement $5.00 Charged to the account when a statement is requested and supplied.
  • Direct debit amendment fee $15.00 Charged to the contract when a modification is made to the direct debit instruction at the customer’s request.
  • Refund $10.00 Charged to the account when an overpayment is received prior to completion of the account and a refund is made.
  • Caveat Fee from $225.00 Charged to a loan when a caveat is registered over the property. These charges are passed on to us by third party Solicitors. Caveat release costs will also be charged on completion of the loan from $225.00
  • Mortgage Fee from $495.00 Charged to loan agreement where we register a mortgage over a property. This cost is passed on to us by a third-party Solicitor. Mortgage release costs will also be charged on completion of the loan from $495.00 Loan Variation
  • Contract Variation $95.00 Charged when the goods on the contract are changed or, where the term and or repayment amount is modified to accommodate the Debtor. (Other than a hardship application where there is no charge)
  • Assignment $40.00 Charged when assigning a contract from one purchaser(s) and or guarantor(s) name to another purchaser(s) and or guarantor(s) name. Collection
  • SMS fees $0.50 Charged where an account is currently in default and has not been remedied, and it is deemed necessary to contact by SMS messaging service.
  • Second Reminder letter $10.00 Charged where an account currently in default has not been remedied, requiring us to send a furthermore serious letter
  • Pre-Possession / Repossession Notice $25.00 Charged to account when a Pre-Possession / Repossession Notice is issued.
  • Repossession Fee from $195.00 Charged to a loan account after we effect repossession of goods secured to a loan. Charges vary depending on the whereabouts of the goods, and the cost associated with collection. Agents submit a third-party invoice, based on what is a reasonable charge for time and effort.
  • Recovery Costs Costs incurred by third party (e.g. Repossession Agent, Debt collection Agency, Legal Services, Repairer) will be added to a loan account based on a third-party invoice. Copies of all invoices are available upon request. All prices are inclusive of GST.