MTF Finance vs Finance Now

If you are weighing MTF Finance against Finance Now, you are comparing two lenders that both fund vehicles but run differently. This page sticks to what each lender says about itself on its own pages, and to what the law says either must do. It does not rank them.

Car Finance Guide is a guide, not a lender. We have no view on who will lend to you, and we do not name any lender as one that will say yes. Everything about the two companies below was checked on their own websites in November 2026 and can change.

The short answer

Choose between them by getting a written offer from each on the same amount and term, then comparing the total you would repay and how each handles early repayment and problems. The pages tell you how each lender is set up. They do not tell you which one will suit you.

If you prefer a face-to-face conversation with a local person, MTF describes that model. If you prefer to apply online and see a published rate range and fee list first, Finance Now publishes more of that up front. That is a difference in presentation and not a verdict on price or service.

At a glance

• Company name. MTF: its page names the company as Motor Trade Finance Limited. Finance Now: Finance Now Limited owns its site.
• How it describes itself. MTF: “local lending experts” working directly with customers, with a network of approved dealers. Finance Now: online car loans, with an online application.
• What it funds. MTF: cars, utes, vans, motorbikes, boats, caravans and motorhomes, and finance for self-employed people and business owners. Finance Now: new or used cars, SUVs and motorbikes, and refinancing an existing vehicle loan.
• Loan size. MTF: typically $2,000 to $500,000 depending on circumstances and repayment capacity. Finance Now: up to $60,000, with its calculator starting at $1,000.
• Term. MTF: calculator terms from 6 months to 5 years. Finance Now: 6 to 60 months.
• Repayments. MTF: weekly, fortnightly or monthly. Finance Now: weekly and monthly estimates on its calculator.
• How to apply. MTF: online or through your local office. Finance Now: online.
• Rates. MTF: advertises “competitive rates and flexible terms” and shows an example calculator, labelled not an offer. Finance Now: shows 8.25% to 29.95% a year until 14 January 2027, with a minimum of 8.45% for applications after that date.
• Fees. MTF: points to a separate rates and fees page. Finance Now: a $215 loan establishment fee and a $2.50 monthly service fee.
• Early repayment. MTF: not covered on its vehicle finance page. Finance Now: says there are no hidden fees or penalties for paying off early.
• Complaints. Neither vehicle finance page I read names its dispute resolution scheme.

What MTF Finance says about itself

MTF’s vehicle finance page says it works through local lending experts and a network of approved dealers. It lists the vehicles above and says it lends to self-employed people and business owners. The application steps it describes are: start with basic details and ID, a local lending expert reviews your situation and options, and if the lender approves, you are guided through next steps and funds go into your account. Typical documents are ID, proof of income such as payslips, and recent bank statements, and self-employed applicants may need more.

MTF says deposit requirements depend on your situation and need to be confirmed with a local expert, and that offers are subject to terms and conditions including responsible lending checks. It says you can check borrowing power with no impact on your credit score.

The MTF page does not give a rate or fee schedule in the text I could read, and does not state its security arrangements, early repayment terms or complaints scheme there. Its site links to separate pages for rates and fees and for important information, so check those before you decide.

What Finance Now says about itself

Finance Now’s car loan pages describe a fixed-rate loan from $1,000 to $60,000 over 6 to 60 months. The rate range shown is 8.25% to 29.95% a year as a promotion that ends on 14 January 2027, with the minimum rising to 8.45% for applications received after that. The calculator adds the $215 establishment fee and $2.50 monthly service fee to its estimates, and says optional payment protection insurance is not included.

The eligibility it lists includes being at least 18, a New Zealand citizen or permanent resident living in New Zealand, income and employment details, and a passport or driver’s licence. You apply online. Its car loan FAQ says approvals often take 24 to 48 hours, subject to responsible lending enquiries. That is a statement of its usual process, not a promise to you.

The Finance Now pages do not say whether the loan is secured against the car, whether it will lend on private sales, or which complaints scheme it belongs to. Its calculator is a guide, uses an example rate of 15%, and is not a quote.

What both must do under NZ law

Both are lenders under the Credit Contracts and Consumer Finance Act, which the Financial Markets Authority has regulated since 1 July 2026. Whichever you use, the lender must:

• check the loan suits your needs and that you can make the repayments without undue difficulty
• give you a written disclosure statement before the contract is made, with the annual interest rate, fees and payments
• belong to an approved dispute resolution scheme
• accept full early repayment, with any fee being reasonable

So the protections do not depend on which name you pick. What differs is the price, the criteria and the service.

How to choose

Pick on these in order.

1. Total cost. Ask each for the same amount over the same term and compare the total repayable, including every fee.
2. Fit with your situation. Can the lender fund your type of vehicle, your loan size, and your kind of income? Self-employed and irregular income are worth raising early.
3. Process. Do you want to talk to a local person or apply online? Each is a legitimate preference.
4. Early repayment and changes. Do you expect to repay early or change the payment? Check the contract.
5. When something goes wrong. Who handles complaints, and how do you reach them?

A worked example

This is an illustration only. The two offers below are made up. They are not MTF’s or Finance Now’s, and they are not quotes from any lender.

You are borrowing $12,000 over three years, paid monthly.

• Offer 1: 14% a year, a $200 establishment fee and a $3 monthly fee. The repayment is about $413.13 a month. You repay about $15,073 in all.
• Offer 2: 14.5% a year, a $350 establishment fee and no monthly fee. The repayment is about $413.05 a month. You repay about $15,220 in all.

The monthly repayments are within ten cents of each other, and the totals are about $147 apart. If you only compared the repayment, you would call it a draw. The fee structure is where the difference sits.

Use the same method on your real quotes. Our page on the comparison rate shows how to include fees when you compare.

What to do next, step by step

1. Decide the amount, the term and the repayment you can afford.
2. Ask each lender for a written offer on that amount and term, with the rate, every fee and the total repayable.
3. Check the lender on the Financial Service Providers Register and ask which dispute scheme it belongs to.
4. Ask each lender about early repayment and about what happens if you miss a payment.
5. Compare the totals, then the flexibility.
6. Get at least one other quote, from a bank or another finance company, so you are not choosing between two options in isolation. See bank vs finance company car loan.
7. Read the disclosure statement before you sign. If you would like help, the /check form can pass your details to a broker partner, and using it is your choice. The car finance broker page explains how brokers work, our disclosure covers how this site is funded, and the editorial policy explains how pages are written.

Checklist

• You have a written offer from each lender for the same amount and term.
• You have the annual rate, all fees and the total repayable for each.
• You know whether the loan is secured against the vehicle.
• You know what early repayment costs, if anything.
• You know which dispute scheme each lender belongs to.
• You can afford the repayment with a buffer.

Red flags

• A rate shown as “from” with no way of seeing your own.
• Fees you only see at signing.
• Insurance or protection added to the loan without being priced on its own.
• Being told a lender will definitely lend before it has looked at your details.
• Pressure to sign the same day.
• A lender that will not name its dispute resolution scheme.

If you are struggling with repayments, tell your lender early and call MoneyTalks free on 0800 345 123.

Sources

• MTF Finance: vehicle finance
• Finance Now: car loans
• Finance Now: car loan calculator
• Consumer Protection: loans and lenders
• Consumer Protection: what lenders must do
• Consumer Protection: the Credit Contracts and Consumer Finance Act
• Financial Markets Authority: changes to credit laws, July 2026