Important disclosure

Fixed Rate Vehicle Finance

Fixed rate vehicle finance loans provide good options for motor vehicle financing. You could get a loan to purchase your next motor vehicle at one promised interest rate for the life of the loan.

To get an idea of how much this financing will cost you on a monthly basis, simply input the loan amount below and adjust the loan term as needed then click calculate. Go ahead and give it a try. It is quick and easy to use.

Calculate repayments 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.

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.

Fixed-interest rate vehicle finance in South Africa

Are you looking for a car loan with no surprises? Consider a fixed interest rate that stays dependable whether you’re buying a car that’s new or used. Here’s how fixed-rate car loans work and more information to help you find an option that works for your budget.

What is fixed rate vehicle finance in South Africa?

With a fixed-rate car loan, the interest rate that is applied at the beginning of the loan stays the same until you finish all loan repayments. Fixed-rate loans generally have the same features as other types of vehicle finance in South Africa:

  • Loan amounts. You can finance a vehicle purchase that’s between R10 000 and R300 000.
  • Loan terms. Fixed monthly payments are made over a period of time between 12 months and 72 months or 84 months.
  • Interest rate. Personalised interest rates are based on individual circumstances, such as your credit score and income level. Having a good or excellent credit score increases your chances of qualifying for low-interest vehicle finance.

When is the best time to choose a fixed-rate car loan?

Fixed-rate loans are most beneficial under the following circumstances:

  • When the interest rate is likely to increase. Once you lock in a lower rate, you won’t be affected even when the rate rises as predicted.
  • When your loan has a longer loan term. The uncertainty factor increases when you take longer to repay your loan. A fixed interest rate offers more security from market rates that could potentially increase.

Types of fixed-rate car loans in South Africa

The two main types of fixed-rate car loans are:

  • Secured loans. Fixed-rate secured car loans use the car as a guarantee for the loan. This reduces the lender’s risk, and as a result, secured car loans often have lower interest rates.
  • Unsecured loans. A fixed-rate unsecured car loan requires no collateral, and the amount you borrow is usually not limited to the value of your car. But since the risk is greater for the lender, this type of loan also has higher rates.

What can you buy with fixed-rate vehicle finance?

The world of vehicle finance has many options which enable you to buy most new or used vehicles from a car dealership or private seller. South African lenders typically offer vehicle finance for:

How to compare fixed-rate vehicle finance in South Africa

Shopping for a car loan is as important as shopping for the car itself. Comparing loans using the following factors will help you find a perfect loan for your dream car:

  • Interest rates. Cheap car loans have matching low interest rates that help you save money. Compare rates from different South African lenders to find the most competitive offer.
  • Loan fees. Minimal loan fees will keep the total cost of your loan down, along with a low interest rate. Check for initiation fees, ongoing monthly service fees, early payment fees and late payment fees.
  • Repayment terms. Look for flexibility when repaying the loan. This typically includes the ability to make early or additional repayments at no extra cost.
  • Requirements. Choose a lender that offers the right terms and conditions for your fixed car loan. That means being able to borrow what you need, comfortable repayment terms and a list of requirements you can meet. For example, some lenders require you to pay a lump sum in the form of a deposit or balloon payment. Others have age restrictions for second-hand vehicles.

Advantages of fixed-rate car loans

  • Monthly budgets are easy to plan for since you always know how much to pay.
  • You enjoy affordable repayments throughout the life of the loan once you lock in a low interest rate.
  • You remain protected even when the prime rate increases.
  • Most South African vehicle lenders offer fixed rate car loans with easy-to-understand terms.

Disadvantages of fixed-rate car loans

  • You don’t benefit even if the prime lending rate goes down.
  • Fixed-rate loans often have higher starting interest rates than variable-rate loans.

Fixed-rate car loans vs. Variable rate car loans

Your car loan can either have a fixed rate or a variable rate. In contrast, variable rate car loans have a fluctuating interest rate. Their obvious advantage is you can save more if the rate drops.

Frequently asked questions about fixed-rate car loans in South Africa

What are the requirements when applying?

General requirements state that you must be 18 years or older and have a regular, monthly income. You should also be a South African citizen or a permanent resident with a valid driving licence.

How much will my monthly instalments cost?

Use our fixed-rate car loan calculator to estimate your monthly repayments. Adjust the sliders to enter a suitable loan amount, and term then click calculate.

How do I apply for a fixed rate car loan?

First, use our comparison table above to find the right car loan. Next, click “Go to Site” to visit the lender’s website where you can fill in and submit an online application form, together with the required documents.

Popular vehicle finance searches