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Find the Best Vehicle Finance in South Africa

Finding the best vehicle finance loans with CompareLoans is easy. Our loan calculator below will help you calculate your monthly repayment so that you can budget better for your vehicle purchase.

Simply input the loan amount, adjust the loan term then click “calculate”. You will then see how much each lender’s option will cost you overtime. This way you can stick to your budget.

Calculate repayments

MFC Vehicle Finance

MFC
12 months
to 96 months
R10,000
to R300,000
10.00%
APR
Whether you're buying a through an MFC approved dealer or privately, MFC can assist; for cars up to 10 years old or in some cases classic cars. Apply through Fincheck to be matched with the right vehicle finance provide for you.

RCS Vehicle Finance

RCS
12 months
to 72 months
R10,000
to R550,000
10.00%
APR
RCS are second-hand car finance specialists. Interest rates from prime* over 72 months. Apply through Fincheck to be matched with the right vehicle finance provide for you.

Fincheck Vehicle Finance Broker

Fincheck
12 months
to 72 months
R10,000
to R250,000
10.25%
APR
Go through Fincheck's online application to get matched with loan provider that's most suitable for you.

MFC Vehicle Finance

MFC
12 months
to 96 months
R10,000
to R300,000
10.00%
APR
Whether you're buying a through an MFC approved dealer or privately, MFC can assist; for cars up to 10 years old or in some cases classic cars. Apply through Fincheck to be matched with the right vehicle finance provide for you.

RCS Vehicle Finance

RCS
12 months
to 72 months
R10,000
to R550,000
10.00%
APR
RCS are second-hand car finance specialists. Interest rates from prime* over 72 months. Apply through Fincheck to be matched with the right vehicle finance provide for you.

Standard Bank -Financial lease

Standard Bank of South Africa
12 months
to 84 months
R20,000
to R200,000
10.25%
APR
Lease the vehicle you want, over an agreed period, with the option of owning it at the end of your financial lease. Apply through Fincheck to be matched with the right vehicle finance provide for you.

Fincheck Vehicle Finance Broker

Fincheck
12 months
to 72 months
R10,000
to R250,000
10.25%
APR
Go through Fincheck's online application to get matched with loan provider that's most suitable for you.

Wesbank Vehicle Finance

Wesbank
12 months
to 96 months
R10,000
to R300,000
13.00%
APR
Wesbank provide a range of value-added services that make it that much easier to own, drive and personalise your vehicle. Apply through Fincheck to be matched with the right vehicle finance provide for you.
What Dealership Finance offers: A tailor-made vehicle finance solution. Choice of fixed or variable rate. A reasonable balloon payment or residual value to match your agreement choice. What this allows you to do: Buy a vehicle from a dealership. Buy a vehicle up to 10 years old. Finance a vehicle for at least R30 000 after deposit.
Experience the joy of owning your car while you are paying it off with our flexible instalment sale agreement. Own the vehicle while you are paying it off. Reduce your monthly payments by choosing a balloon payment or by paying a deposit. Choose a monthly repayment from 24 - 72 months. Fixed or variable interest rates available
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CompareLoans.co.za provides factual information in relation to financial products. While CompareLoans.co.za 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 CompareLoans.co.za 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 CompareLoans.co.za. CompareLoans.co.za recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see CompareLoans.co.za'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.

Tips to find the best vehicle finance in South Africa

Most of us do not usually have sufficient money lying around to purchase a vehicle. If you’re in need of a car, motorbike or even a leisure vehicle, then you may require a loan. Before you dive into comparing South Africa’s best vehicle finance providers, consider reading the guide below.

What is vehicle finance?

Vehicle finance or car finance is money lent to a borrower to purchase a new or used motor vehicle. The money can be provided to purchase anything from a car, to motorbike or even a caravan or classic car.

South African banks and other lenders best deals range between R10,000 and R300,000. The “term” (length of the loan) can be from as little as one month up to 84 month (7 years).

Once the money has been provided to purchase the vehicle, it will have to be repaid with interest. Some lenders may also charge an initiation and monthly fees to cover the overhead of managing the loan.

How does vehicle finance work?

  1. Find a suitable vehicle and agree on price;
  2. Apply for finance;
  3. Sign a purchase agreement with the seller;
  4. Provide a copy of the purchase agreement to the lender;
  5. The lender will pay the seller of the vehicle;
  6. You repay the lender over 12 to 84 months.

How much can I borrow for a car?

How much you can borrow depends on you:

  • Income
  • Expenses
  • Assets (your vehicle can be used as collateral to reduce your interest)
  • Debts and potentially liabilities such as your credit card limit
  • Credit score

Essentially, the lender wants to see if you have enough money at the end of the month to repay the loan. Do a calculation of your current income and expenses to see what you have left over (consider other overheads such as car insurance, petrol and maintenance).

The calculator above the table can help you see your approximate repayments and see the best vehicle finance options.

How to compare lenders

The loan that’s most suitable for you, may not necessarily have the lowest interest rate. Are you looking for a secured or unsecured loan? Did you want to have a balloon payment or not? What are the initiation/establishment and monthly fees like?

Interest rates

In South Africa, there are two types of interest rates: Advertised rate and APR (annual percentage rate). The advertised rate is simply the interest rate on the car loan. The APR includes all of the associated expenses (monthly fees, initiation fees and interest rate) expressed as a percentage.

Your interest rate will vary depending on a number of factors, such as the provider, whether the loan is secured or not and your credit rating.

Fees

There are four main fees associated with car loans:

  • Initiation fee. It may also be referred to as establishment or application fees.
  • Servicing fees. Usually paid monthly.
  • Early termination fees. These may only apply to loans with outstanding amounts. greater than R250,000. If the outstanding amount is lower than R250,000, no penalty will be charged for early settlement.
  • Balloon payment. Also known as a residual payment, it is usually expressed a percentage. For example, if you borrow to R300,000 and you opt in for a 25% balloon payment: That means you’ll significantly reduce your monthly repayment, however, you will need to provide a lump sum of R75,000 (25%) at the end of loan term.

Loan features

Some loans vary in the features that they provide, for example:

  • Fixed or variable interest rates.
  • Penalty free early repayments on amounts over R250,000.
  • Minimum and maximum loan terms. Long terms reduce monthly repayments, however you pay more in interest and fees over the long term.
  • Secured and unsecured loans. Secured finance usually means a reduced interest rate.

Length of a loan

In South Africa the term (length or duration) of the loan typically varies between 6 and 72 months. However, some lenders allow for longer terms.

Types of vehicle finance

All with their advantages and disadvantages, there a number of types of car finance options available:

  • Unsecured vehicle finance. A loan where you’re not required to provide collateral or security.
  • Secured vehicle finance. A loan where your car or other assets can be used as collateral or security for the loan.
  • Car lease. You rent the vehicle for a set period of time with the option of buying or returning the car.
  • Novated lease. Similar to a car lease, however, your regular repayments also include the costs of operating the vehicle such as maintenance, insurance and sometimes petrol. Done through your employer, the repayments are usually deducted out of your pay. At the end of the lease you have the option to purchase or return the car.
  • Operating lease. Similar to a car lease, however a company/commercial entity takes out the lease.
  • Commercial hire purchase. Similar to a hire-purchase agreement, where you own the car at the end of lease agreement.

The lender

You may already be a customer of one of the major South African banks. While it may make applying for the loan easier, they may not necessarily provide the best deal. So be sure to shop around!

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