Interest rates
Our interest rates range from 8.45% to 20.45% per year and are fixed for the term of the loan. Your loan’s interest rate depends on a number of factors including:
- information provided by credit bureaus and other third parties
- your credit history with MTF Finance if you’re a recent customer
| Credit rating | Sample interest rate (p.a.) | Weekly payment | Difference |
|---|---|---|---|
| Excellent | 8.45% | $77.57 | -$4.52 |
| Great | 10.45% | $79.81 | -$2.28 |
| Good | 12.45% | $82.09 | $0.00 |
| Ok | 14.45% | $84.40 | $2.31 |
| Not so good | 16.45% | $86.76 | $4.67 |
All amounts in the table above are an example only, and are not an offer of finance. Each weekly repayment amount is based on the interest rate mentioned and an establishment fee of $376, a Personal Property Securities Register fee of $10.35 and a monthly maintenance fee of $8.50. Actual interest rates and fees may be higher or lower. The total amount payable for "Excellent" is $12,240, "Great" $12,591.36, "Good" $12,949.56, "Ok" $13,313.16, and "Not so good" $13,683.60.
When we charge interest
We calculate and add interest to your loan on the same day each month – it’s the same day as your loan start date. For example, if you started your loan on 2 February, you’ll be charged on the 2nd of every month. If your loan started on the 29th, 30th or 31st, interest is added on the last day of shorter months, for example 28 February.
Talk to our friendly team if you would like to know more about how interest is calculated.
Missed payments penalties
If you miss a payment, we’ll let you know by text, phone, email, or post.
If you don’t make the full monthly payment amount, missed payment penalties may apply.
You may also have to pay missed payment penalties if you break other rules of your loan contract, including:
- continuing to not make repayments
- not insuring your asset
- not renewing NZTA registration.
Loan and missed payment fees
Loan fees
|
Fee |
Description |
Amount |
|---|---|---|
| Fee Loan establishment fee | Description A one-off fee added to the loan balance when we set up your loan. | Amount Up to $376 |
| Fee Monthly maintenance fee | Description A monthly fee charged with each instalment. | Amount Up to $8.50 per month |
| Fee Personal Property Securities Register (PPSR) fee | Description A one-off fee charged to search and record details of the asset you use as security. | Amount $10.35 |
| Fee Early repayment fee | Description A one-off fee charged if you repay your loan in full before your final payment is due. | Amount $28 |
| Fee Loss on full prepayment fee | Description An additional fee if you repay your loan in full before the final payment is due and market interest rates have changed since your loan was set up. | Amount Varies |
Missed payment penalties and fees
|
Fee |
Description |
Amount |
|---|---|---|
| Fee Penalty interest | Description 25% per year calculated daily on the amount you fail to pay. | Amount Varies |
| Fee Repossession warning fee | Description Payable 14 days after a repossession warning notice is issued. | Amount Up to $120 |
| Fee Repossession fee | Description Charged when we issue a warrant to repossess. | Amount Up to $180 |
| Fee Recovery costs | Description The cost of repossessing the asset offered as security. This could include repossession agent fees, repair bills, legal fees and storage costs. | Amount Varies |