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Compare Equipment Finance Providers

Are you thinking of starting or expanding your own business in South Africa? There’s a good chance you need to stock up on some new equipment. There’s also a good chance you’re shopping for an equipment loan since most heavy, specialised, or sophisticated equipment can be expensive.

CompareLoans brings you the best available equipment finance options to help ensure the continued success of your business.

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RCS General Purpose Loan

12 months
to 60 months
to R250,000
A cash loan from R2 000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Free monthly statement via email or SMS. Customer Protection Insurance. Interest from as low as 15%. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

African Bank Personal Loan

African Bank
7 months
to 72 months
to R250,000
Loans up to R250,000. Terms between 7 months and 72 months. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Direct Axis Personal Loan

12 months
to 60 months
to R250,000
A personal loan from R1000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Fixed monthly repayments. Free monthly statement via email or SMS. Optional Customer Protection Insurance. Interest from as low as 15%. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Personal Loan - Average Credit

12 months
to 72 months
to R250,000
MoneyShop find the best loan suited to your profile with SA’s top loan providers. They have partnered with SA’s top personal loan providers to make your online application process quick and easy! Have a regular income of more than R4,000, bank statements and your SA ID? Apply online today.

Nedbank Personal Loans

6 months
to 72 months
to R350,000
Loans available from R2 000 to R300 000*. Flexible repayment periods from 6 up to 72 months. Monthly repayments debited from your bank account. The best possible interest rate that we can offer you. Easy online loan application process. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you. provides factual information in relation to financial products. While attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

Equipment Loans

Find equipment finance and affordable loans in South Africa

How does it work in South Africa?

Equipment finance offered by South African lenders usually have the following features:

  • You can purchase a wide variety of equipment. As a business owner, equipment finance can help you purchase all sorts of equipment from forklifts, commercial ovens, medical and IT machinery, to equipment for offices, industrial processes, and transportation.
  • Flexible loan terms. Loan terms typically go up to 72 months or more which means you get to use your equipment without paying the full price. Instead, you repay the lender by making monthly payments which helps to maintain cash flow.
  • Favourable interest rates. Equipment loan interest rates can be competitive if you meet important requirements, such as having an excellent credit rating.

3 best financing options for business equipment

  • Secured personal loan. You can use the purchased equipment from the start, but the asset is used to secure the loan. A deposit may also be required. However, if you don’t make the monthly payments as agreed, you risk losing the equipment to the lender. Loan amounts typically go up to R300 000 while loan terms are between 12 months and 72 months.
  • Unsecured personal loan. It works much like a secured personal loan, but no collateral is required. As a result, you’re likely to meet with slightly higher interest rates, and it may be difficult to qualify for an equipment loan if you have a bad credit score.
  • Business credit cards. These can help your business to build a credit profile. They’re also available for small business owners and can help your business save money if you get a credit card with a promotional or low interest rate.

Advantages of equipment finance

  • Offers small business loans that can be used as working capital to leverage the growth of your business.
  • Offers affordable monthly payments that won’t disturb cash flow. This can be particularly helpful to small business owners.
  • Tax benefits that allow you to deduct interest payments and any value depreciation of the asset.
  • Equipment loan interest rates are also competitive, and longer loan terms are available if the loan is secured. This type of loan is also easier to get.

Disadvantages of equipment finance

  • May require a deposit of up to 20%, which can be a large amount if you’re purchasing expensive equipment.
  • For secured personal loans, failure to stick to the repayment agreement means the lender can seize your equipment, and this can be bad for business.

Important features to use when comparing equipment loans in South Africa

  • Interest rate. When comparing equipment loans, look for the lowest rate available. This could be a fixed rate which guarantees unchanging monthly payments or a variable rate which can reduce your loan’s total cost if market conditions become favourable.
  • Loan fees and charges. Aside from interest, loan fees and charges also increase the total cost of your loan. Use the APR, which includes all fees and the interest rate to get the bigger picture of how much your loan will cost, overall.
  • Monthly repayments. Ideally, you want a monthly payment that fits in with your cash flow. The equipment loans calculator from CompareLoans is a great tool that helps you to compare different loans based on how much you have to pay every month. Simply, input the loan amount and the number of months you want for your loan term. Once, you click “Calculate Repayment,” you can easily view the results in the comparison tables above.
  • Flexible loan terms and conditions. You should be able to opt for a loan term, amount and repayment plan that suits your budget and financial situation. Flexible loan terms will enable you to make early and additional repayments without you having to also pay a penalty fee.
  • Unique benefits. This includes any tax, repayment, or discount benefits that allow you to keep the total cost of your loan low while you pay it off in affordable instalments.

Frequently asked questions about business equipment financing in South Africa

How do I apply for an online equipment loan?

Since you have already checked the available South African online lenders in our comparison tables above, you can make a fast application by clicking “Go to Site” for your selected lender. Make sure you have all personal identification and proof of income documents on hand.

Are there other ways to finance my equipment purchase?

You can also use business vehicle finance which offers the following options:
Instalment sales agreement.Ownership of the equipment is yours from the start, but the lender can still seize the equipment if they don’t receive the required monthly payments.
Equipment lease.The lender buys the equipment, and you rent it from them by making monthly payments. You have the option to buy the equipment at the end of the loan agreement. Otherwise, you can return the equipment or renew the lease.
Hire purchase. The lender buys the equipment and owns it. However, you get to use it while paying monthly instalments. Ownership of the equipment is only transferred to you after you have repaid the loan in full.

Can I apply for an equipment loan if I have bad credit?

Yes. However, bad credit loans for equipment purchases often have high interest rates. If you’re unable to qualify for a traditional equipment loan, check out these available loans for bad credit in South Africa.

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