Miles Finance
New Zealand went metric in the 1970s, so odometers here read in kilometres and so do the lenders assessing them. Which sounds like a pedantic distinction until you import a vehicle, at which point it becomes a genuine one.
- Same-day approvals available
- FMA-licensed adviser (FSP1008126)
- 100% New Zealand owned
Why the unit matters
A lender looks hard at odometer reading, because it does more to set what a vehicle will be worth at the end of your loan term than the year on the plate does. A car showing 60,000 is a very different proposition depending on whether that number is miles or kilometres - the difference is close to forty thousand kilometres of wear.
That is not a hypothetical. Vehicles imported from the United States and the United Kingdom frequently arrive with odometers reading in miles, and the conversion is not always as clearly handled as it should be.
Buying an imported vehicle
If you are looking at an import, check what unit the odometer reads in and make sure the figure you have been quoted has been converted rather than simply repeated. Sixty thousand miles is roughly ninety-seven thousand kilometres, and a seller who has quietly dropped the conversion has told you a much better story than the car deserves.
It matters for finance because the term a lender will offer is tied to the age and condition of the vehicle at the end of that term, not the start. An odometer reading that turns out to be forty percent higher than assumed can change both the term available and the rate.
We check the PPSR before any money moves, and on an import it is worth confirming the compliance history at the same time. All lending is subject to lender assessment and approval.
We are, incidentally, entirely happy to finance a car belonging to someone called Miles.
How it works
Apply for your loan
Complete the online form or give us a call and we will get your application underway.
We will reach out
We will call to understand what you are trying to achieve and gather anything else that helps get you approved.
Ready to go
Once approved we send your documents to sign, and payout follows shortly after.
Get started today
Tell us what you are looking to finance and we will come back with real options - usually the same day.