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Revealed: Outstanding Value personal and car loan providers – Canstar NZ

’Tis the season to be jolly – and to ensure your debt stays under control! Christmas and summer holidays mean spending up large. There are a number of financial options to tide you through, including loans.

But personal and car loan rates and offers can differ hugely. That’s why, Canstar is today proud to announce the winners of its Outstanding Value Personal and Car Loan Awards, based on consumers with high credit ratings. They are The Co-operative Bank, Harmoney NZ and Westpac.

Canstar’s research shows New Zealanders lean heavily on personal loans. More than 40% of Kiwis carry debt outside of mortgages, with nearly a third of those holding personal loans and a quarter holding car loans. On average, New Zealanders have just under $10,000 in personal debt, with the figure trending down through older generations.

More than 50% of those in their 40s are carrying personal debt, reflecting the years during which Kiwis have extra responsibilities, such as young children.

Irene Chapple, Communications Manager at Canstar NZ, said: “These insights underline how important it is to ensure any debt taken on can be paid off within your budget. Personal loans can certainly be a useful tool in the toolkit, but they are not all created equal. Having a higher credit rating, for example, can mean you get a far better rate than if you have a lower rating.

“When considering a personal or car loan, it’s important to understand the costs over time, and to ensure they will be manageable for you and your family. Finding loans that offer real value is so important for New Zealanders, which is why we’re very pleased to announce these awards today. We hope they help consumers make better decisions during what can be a financially stressful time.”

The Co-operative Bank’s Chief Product Officer, Jon Armour, said: “The Co-operative Bank is delighted the outstanding value we offer to our customers has been recognised again by Canstar. As a customer-owned co-operative, we believe customers should not have to choose between great value and great service – we are committed to both. This award reinforces that we’re delivering on that.”

Glen MacKellaig, Chief Marketing Officer at Harmoney, said the provider invested in “building superior financial products for New Zealanders through the use of powerful machine learning, underpinned with an amazing customer service experience.”

He added, “We’re proud to continue to be recognised as Canstar’s most awarded personal loans provider, ever.”

Canstar uses a bespoke methodology to find its Outstanding Value winners, considering cost and features across personal and car loans available to Kiwi consumers.

The winners represent those that offer Outstanding Value in particular criteria, supporting consumers in their search for best value products in the market. This year, 12 providers were assessed, 35 car loans rated and 19 unsecured personal loans rated.

 

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