"Thousands of people entered to try and be one of the 18 that get to compete at the Charlotte Motorsport Speedway, and I was chosen as one of the 18," he said.
"I have been dreaming about making it to the top and have done many things to try to get there, so it's amazing for Peak to give me a chance to prove my skills."
He said the competition gives people who do not have heaps of money a chance to get into Nascar racing, with the winner receiving a Peak racing sponsorship in a 2014 Nascar K&N Pro Series race.
"It is in the public eye like crazy, so it will get my name out there as well."
If Pedersen wins the challenge, he will get behind the wheel in a K&N Pro Series race. "That is a good step up. It is getting me closer to that goal of racing in the Sprint Cup."
The Sprint Cup is the top-tier of racing in Nascar.
"The Sprint Cup is definitely the big goal. We will aim for that series and keep moving along.
"Hopefully it is only five years away but if it takes 10 years, it takes 10 years. But I have to keep pursuing that dream."
Pedersen said if he did not win the dream challenge in June he had other offers available in terms of a lower series.
"At the moment I've been making sure that what I have been doing is the right approach. We don't want to spend the money we raised from sponsorship in bad ways."
The 2014 Peak Stock Car Dream Challenge will be held from June 11-13. Pedersen is the cousin of V8 SuperTourer driver Ant Pedersen.
To support Hayden Pedersen visit www.givealittle.co.nz/cause/HPRacing or message his Facebook page.
