MARAC

What MARAC does

MARAC is a New Zealand vehicle finance provider operating as a division of Heartland Bank Limited, a domestically owned banking institution tracing back to 1875. Established in 1952, MARAC has provided motor finance to New Zealand consumers for over 70 years. Its core offerings include fixed-rate car loans (8.95%-13.95% p.a., 1-7 year terms, minimum NZ$10,000), operating leases targeting small-to-medium business fleets, and a suite of complementary insurance products including Mechanical Breakdown, GAP, Motor Vehicle, and Lifestyle Protection Insurance. The company serves individual consumers, SME fleet operators, dealer channel customers, and EV buyers through Tesla, distributing via a nationwide authorised dealer network, direct online applications, a dedicated business fleet sales operation, and the Marac Marketplace vehicle search platform.

The technology stack is built around a digital-first lending platform with self-serve online applications delivering decisions in minutes, online document signing via DocuSign, and integration with the NZ Transport Agency's Motor Vehicle Register (authorised under a November 2022 NZ Gazette Notice) for identity verification and security interest checking. Customer-facing servicing is delivered through the Heartland Mobile App (iOS and Android), which provides loan balance views, payment management, statement generation, and contact detail updates. The back-end integrates with three credit bureaux (Centrix, Equifax, and Experian/Illion) for creditworthiness assessment.

Revenue is generated primarily through net interest margin on the vehicle loan book (the dominant stream), monthly lease rentals from the operating lease portfolio, loan establishment fees (NZ$249) and PPSR fees (NZ$7.39), and commissions or premiums from insurance products. The model is high-volume, retail-ticket lending anchored by the nationwide dealer network and increasingly supplemented by direct digital origination and strategic partnerships such as the Tesla preferred-finance-provider arrangement announced in 2024.

Name

MARAC

Legal name

Heartland Bank Limited

Website

https://marac.co.nz

Company type

Private

Founded year

1952

Operating status

Operating

Headcount range

1–10 employees

Short description

MARAC is a New Zealand vehicle finance division of Heartland Bank Limited, offering car loans, operating leases, and insurance products to consumers, SME fleets, and EV buyers through digital channels and a nationwide authorised dealer network.

Ownership category

akta.pro rank

Product category

Vehicle Finance

NAICS

Automotive Equipment Rental and Leasing (5321), Passenger Car Leasing (532112), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Services-Auto Rental & Leasing (No Drivers) (7510), Insurance Carriers, Nec (6399)

akta.pro primary industry

Fleet & Commercial Vehicle Finance (FSAKADAE)

akta.pro secondary industry

SME & Small Business Vehicle Leasing (TLABAAAB)

Keywords

• Vehicle finance loans
• Car loan products
• Operating lease services
• Marine leisure finance
• Dealer finance network

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Vehicle Loan Interest: Marac earns interest income on vehicle loans with rates ranging from 8.95% p.a. to 13.95% p.a., fixed for the loan term. Interest rates are determined based on customer circumstances including income, financial commitments, and credit history.
2. Loan Fees: Establishment fee of $249 and PPSR (Personal Property Securities Register) fee of $7.39 charged per loan. Additional fees may apply for loan restructuring or modifications.
3. Operating Leases: Monthly rental payments from operating leases for vehicles, with options for maintained (including servicing, tyres, re-licensing) or non-maintained lease structures. Tax-deductible payments for eligible customers.
4. Insurance Products: Marac Insurance provides vehicle-related insurance products including Mechanical Breakdown Insurance, Guaranteed Asset Protection (GAP) Insurance, Motor Vehicle Insurance, and Lifestyle Protection Insurance.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

MARAC is a New Zealand vehicle finance division of Heartland Bank Limited that offers personal car loans with fixed rates from 8.95% to 13.95% p.a. over 1-7 year terms, operating leases for SME fleets and self-employed business owners, and vehicle-related insurance products including Mechanical Breakdown, GAP, Motor Vehicle, and Lifestyle Protection insurance. Distribution is via self-serve online applications, the Heartland Mobile App, and a nationwide authorised motor vehicle dealer network, with New Zealand-only operations.

Product overview

MARAC is a New Zealand vehicle finance company (division of Heartland Bank Limited) offering a comprehensive suite of automotive financial products. The core offering consists of Car Loans (personal vehicle financing with 8.95%-13.95% p.a. interest rates, 1-7 year terms) and Operating Leases (fleet financing for businesses). The product ecosystem includes complementary insurance products (Lifestyle Protection, Mechanical Breakdown, GAP, Motor Vehicle Insurance) and a vehicle marketplace (Marac Marketplace). Customers can manage their accounts through the Heartland Mobile App. MARAC has been serving Kiwis for over 70 years and partners with a nationwide dealer network.

Differentiator

Problem solved

Functional benefit

Products and services

• Marac Car Loans

Quantifiable outcome

• Application decisions within minutes through online platform
• +1 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• TeslacoreGTM or Marketing Partner · 1 February 2024Heartland Bank (parent company of Marac) is one of Tesla's preferred finance providers in New Zealand. The partnership provides online finance solutions for Tesla's consumer and business customers purchasing electric vehicles. The finance application is accessible directly from Tesla's website, offering competitive EV financing rates starting at 8.90% p.a. This partnership supports Tesla drivers in transitioning to sustainable transportation.
• Marac MarketplacecoreChannel Partner/ Reseller/ DistributorMarac Marketplace (maracmarketplace.co.nz) is an online vehicle marketplace integrated with Marac's website, allowing customers to search thousands of vehicles. The marketplace connects buyers with authorised dealers and facilitates the vehicle purchase process alongside Marac finance options.
• Authorised Motor Vehicle DealerscoreChannel Partner/ Reseller/ DistributorNationwide network of authorised dealers who facilitate Marac vehicle finance for customers purchasing through dealership channels. Dealers can submit finance applications on customers' behalf and have access to a partner portal for managing applications.

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Kiwibank: Kiwibank is a New Zealand state-owned bank offering personal loans including vehicle finance; it overlaps with Marac in the consumer car-loan market but operates as a broad retail bank rather than a vehicle-finance specialist.
• Toyota Financial Services New Zealand: Toyota Financial Services is a captive OEM auto financier in NZ offering car loans and leases to Toyota and sometimes other-brand buyers; it competes with Marac on rate and dealer-channel integration but is focused on Toyota vehicles.
• ASB Bank: ASB is a major NZ retail and business bank offering personal car loans and asset finance; it competes with Marac for the same consumer and SME vehicle-finance customers but as part of a full-service bank offering.
• ANZ Bank New Zealand: ANZ is one of New Zealand's largest banks offering personal car loans and business vehicle finance; as a broad incumbent, it overlaps with Marac's core lending proposition but as part of a much wider product portfolio.

Direct peers

• Finance Now: Finance Now is a New Zealand personal and vehicle finance lender offering car loans with online application, serving the same consumer vehicle finance market as Marac with broadly similar target customers and product structure.
• UDC Finance: UDC Finance is a major New Zealand asset finance and vehicle leasing company, offering business vehicle finance and operating leases that directly compete with Marac's lease division across the same SME and self-employed customer base in NZ.
• Avanti Finance: Avanti Finance is a NZ non-bank lender providing vehicle and asset finance, including loans through dealer networks, directly competing with Marac in the intermediated vehicle-finance channel in New Zealand.

Emerging players

• Turners Automotive Group: Turners is a major NZ automotive retailer and finance provider offering vehicle sales, lending and insurance; it competes with Marac on the integrated vehicle-finance-plus-marketplace proposition that Marac is building with Marac Marketplace.
• Polestar Finance New Zealand: Polestar is an EV OEM with direct finance offerings in NZ; as EV brand-direct financing grows, it represents the emerging disintermediation risk to Marac's dealer-channel origination model.

Others

• Centrix Group Limited: Centrix is a NZ credit reporting and identity data bureau that supplies Marac with creditworthiness data; as an ecosystem enabler, it is thematically related to the NZ credit infrastructure that underpins Marac's lending decisions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/marac-securities-ltd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MARAC