Important disclosure

MFC Vehicle Finance

MFC offer many options for vehicle finance. We have created a loan calculator that can help you compare these options so you can budget better.

Once you input the loan amount that you would like, use the filter to adjust the loan terms then click calculate. You will then get a good idea of what your expected monthly payment will be for an MFC vehicle loan. Go ahead and give it a try it.

Calculate repayments

Calculate your affordability and apply for the loan you need for a new or pre-owned car, motorbike, boat, caravan or microlight.

Overview

Initiation feeR1,207.50

Minimum loan amountR10,000

Maximum loan amountR200,000

Minimum term (months)12 months

Maximum term (months)72 months

Vehicle Finance interest rates (base)10.25%

Vehicle finance APR10.25%

Monthly repayments (approx)R2,208

Total repayments (approx)R132,480

Total interest repayments (approx)R32,480

Rate typeFixed

Secured or unsecuredSecured

GO TO Standard Bank of South Africa

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Missed payment feeUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee

For used vehiclesNo

SponsoredNo

Telephone0860 123 000

Data accurate as of18.01.2020

Minimum monthly incomeR8,000

GO TO Standard Bank of South Africa

Hide info -

Get a principal decision within 24 hours if all necessary documents have been provided.

Overview

Initiation feeR1,207.50

Minimum loan amountR30,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)240 months

Vehicle Finance interest rates (base)12.25%

Vehicle finance APR12.25%

Monthly repayments (approx)R2,295

Total repayments (approx)R137,700

Total interest repayments (approx)R37,700

Rate typeFixed

Secured or unsecuredSecured

GO TO Mercantile Bank

Other Fees & Information

Monthly feeR57.00

Other feesR0.00

Missed payment feeUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee

For used vehiclesYes

SponsoredNo

Telephone0860 11 99 25

Data accurate as of18.01.2020

Minimum monthly incomeUnknown

GO TO Mercantile Bank

Hide info -

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

Overview

Initiation feeR1,207.50

Minimum loan amountR10,000

Maximum loan amountR250,000

Minimum term (months)24 months

Maximum term (months)72 months

Vehicle Finance interest rates (base)12.50%

Vehicle finance APR12.50%

Monthly repayments (approx)R2,320

Total repayments (approx)R139,200

Total interest repayments (approx)R39,200

Rate typeFixed

Secured or unsecuredSecured

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Missed payment feeUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee

For used vehiclesYes

SponsoredNo

Telephone0860 100 372

Data accurate as of18.01.2020

Minimum monthly incomeR2,000

GO TO Absa

Hide info -

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.

Overview

Initiation feeR1,207.50

Minimum loan amountR30,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Vehicle Finance interest rates (base)9.00%

Vehicle finance APR9.00%

Monthly repayments (approx)R2,146

Total repayments (approx)R128,760

Total interest repayments (approx)R28,760

Rate typeFixed

Secured or unsecuredSecured

GO TO First National Bank

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Missed payment feeUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee

For used vehiclesYes

SponsoredNo

Telephone0861 113 010

Data accurate as of18.01.2020

Minimum monthly incomeR6,000

GO TO First National Bank

Hide info -

Buy or sell a vehicle privately. Finance a vehicle up to 20 years old. Finance a vehicle for at least R30 000 after deposit. Retrenchment Policy: Pays up to 9 monthly instalments when you are involuntarily retrenched and remain unemployed. Courtesy Car Policy: Pays for the use of a courtesy car for up to 21 days if your car is stolen, written off or damaged. The interest rate is tailor made to suit you. Within 30 minutes you'll get an answer on the outcome of your application.

Overview

Initiation feeR1,207.50

Minimum loan amountR30,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Vehicle Finance interest rates (base)9.00%

Vehicle finance APR9.00%

Monthly repayments (approx)R2,146

Total repayments (approx)R128,760

Total interest repayments (approx)R28,760

Rate typeFixed

Secured or unsecuredSecured

GO TO First National Bank

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Missed payment feeUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee

For used vehiclesYes

SponsoredNo

Telephone0861 113 010

Data accurate as of18.01.2020

Minimum monthly incomeR6,000

GO TO First National Bank

Hide info -

Are you in the market for a vehicle between R40 000 and R250 000? We provide a loan for vehicles up to 20 years old* at accredited dealers countrywide.

Overview

Initiation feeR1,207.50

Minimum loan amountR40,000

Maximum loan amountR250,000

Minimum term (months)6 months

Maximum term (months)72 months

Vehicle Finance interest rates (base)10.00%

Vehicle finance APR10.00%

Monthly repayments (approx)R2,195

Total repayments (approx)R131,700

Total interest repayments (approx)R31,700

Rate typeFixed

Secured or unsecuredSecured

GO TO Nedbank

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Missed payment feeUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee

For used vehiclesYes

SponsoredNo

Telephone0860 103 582

Data accurate as of18.01.2020

Minimum monthly incomeR5,000

GO TO Nedbank

Hide info -

Calculate your affordability and apply for the loan you need for a new or pre-owned car, motorbike, boat, caravan or microlight.

Overview

Initiation feeR1,207.50

Minimum loan amountR10,000

Maximum loan amountR200,000

Minimum term (months)12 months

Maximum term (months)72 months

Vehicle Finance interest rates (base)10.25%

Vehicle finance APR10.25%

Monthly repayments (approx)R2,208

Total repayments (approx)R132,480

Total interest repayments (approx)R32,480

Rate typeFixed

Secured or unsecuredSecured

GO TO Standard Bank of South Africa

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Missed payment feeUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee

For used vehiclesNo

SponsoredNo

Telephone0860 123 000

Data accurate as of18.01.2020

Minimum monthly incomeR8,000

GO TO Standard Bank of South Africa

Hide info -

Get a principal decision within 24 hours if all necessary documents have been provided.

Overview

Initiation feeR1,207.50

Minimum loan amountR30,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)240 months

Vehicle Finance interest rates (base)12.25%

Vehicle finance APR12.25%

Monthly repayments (approx)R2,295

Total repayments (approx)R137,700

Total interest repayments (approx)R37,700

Rate typeFixed

Secured or unsecuredSecured

GO TO Mercantile Bank

Other Fees & Information

Monthly feeR57.00

Other feesR0.00

Missed payment feeUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee

For used vehiclesYes

SponsoredNo

Telephone0860 11 99 25

Data accurate as of18.01.2020

Minimum monthly incomeUnknown

GO TO Mercantile Bank

Hide info -

Finance your new or used leisure vehicle such as classic car, motorbike, boat or caravan. Finance to buy a leisure vehicle from a dealership. You have a choice of Fixed or Variable interest rates. Courtesy Car Policy: Pays for the use of a courtesy car for up to 21 days if your car is stolen, written off or damaged. The interest rate is tailor made to suit you. Within 30 minutes you'll get an answer on the outcome of your application.

Overview

Initiation feeR1,207.50

Minimum loan amountR30,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Vehicle Finance interest rates (base)12.50%

Vehicle finance APR12.50%

Monthly repayments (approx)R2,320

Total repayments (approx)R139,200

Total interest repayments (approx)R39,200

Rate typeFixed or Variable

Secured or unsecuredSecured

GO TO First National Bank

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Missed payment feeUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee

For used vehiclesYes

SponsoredNo

Telephone0861 113 010

Data accurate as of18.01.2020

Minimum monthly incomeR6,000

GO TO First National Bank

Hide info -

Low deposit requirement. No monthly admin fees. Competitive pricing. Annual lump sum option available. Option of fixed or variable repayments. Up to 72 months.

Overview

Initiation feeR1,207.50

Minimum loan amountR20,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)72 months

Vehicle Finance interest rates (base)12.50%

Vehicle finance APR12.50%

Monthly repayments (approx)R2,320

Total repayments (approx)R139,200

Total interest repayments (approx)R39,200

Rate typeFixed

Secured or unsecuredSecured

GO TO Albaraka Bank

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Missed payment feeUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee

For used vehiclesYes

SponsoredNo

Telephone0860 225 786

Data accurate as of18.01.2020

Minimum monthly incomeR2,000

GO TO Albaraka Bank

Hide info -

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

Overview

Initiation feeR1,207.50

Minimum loan amountR10,000

Maximum loan amountR250,000

Minimum term (months)24 months

Maximum term (months)72 months

Vehicle Finance interest rates (base)12.50%

Vehicle finance APR12.50%

Monthly repayments (approx)R2,320

Total repayments (approx)R139,200

Total interest repayments (approx)R39,200

Rate typeFixed

Secured or unsecuredSecured

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Missed payment feeUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee

For used vehiclesYes

SponsoredNo

Telephone0860 100 372

Data accurate as of18.01.2020

Minimum monthly incomeR2,000

GO TO Absa

Hide info -

Islamic Vehicle Finance will ensure that you get the vehicle you want, whether it is for business or personal use, in a fully Shari'ah-compliant manner. Using the concept of Ijaarah, which is similar to leasing, you can enjoy access to a vehicle for a fixed period and price. This approach is Shari'ah-compliant and allows you to benefit from unique advantages, such as 100% financing and tax benefits. Variable and fixed rental fees for the duration of the lease. Flexible payment options to reduce your monthly rental fee

Overview

Initiation feeR1,207.50

Minimum loan amountR10,000

Maximum loan amountR250,000

Minimum term (months)24 months

Maximum term (months)72 months

Vehicle Finance interest rates (base)12.50%

Vehicle finance APR12.50%

Monthly repayments (approx)R2,320

Total repayments (approx)R139,200

Total interest repayments (approx)R39,200

Rate typeFixed or Variable

Secured or unsecuredSecured

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Missed payment feeUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee

For used vehiclesYes

SponsoredNo

Telephone0860 100 372

Data accurate as of18.01.2020

Minimum monthly incomeR2,000

GO TO Absa

Hide info -

With our car lease agreement you can get the car you really want and you have the option of upgrading to a new car more often. You decide whether you want to buy the car at the end of the finance period. Lower, more affordable monthly payments. Lower or even no deposit. Full use of the car for the lease period without the hassle of ownership. You can drive a brand new car every 2 - 4 years. Maintenance costs are fixed. Reduced monthly payments by choosing a balloon payment or paying a deposit. It’s mandatory to have insurance to get vehicle finance. The fixed monthly payments are tax-deductible if you are VAT registered.

Overview

Initiation feeR1,207.50

Minimum loan amountR10,000

Maximum loan amountR250,000

Minimum term (months)24 months

Maximum term (months)72 months

Vehicle Finance interest rates (base)12.50%

Vehicle finance APR12.50%

Monthly repayments (approx)R2,320

Total repayments (approx)R139,200

Total interest repayments (approx)R39,200

Rate typeFixed

Secured or unsecuredSecured

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Missed payment feeUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee

For used vehiclesYes

SponsoredNo

Telephone0860 100 372

Data accurate as of18.01.2020

Minimum monthly incomeR2,000

GO TO Absa

Hide info -

If you opt for a rental agreement you have full use of your vehicle without ever owning it. You will get: Full use of the vehicle or any other asset without the hassle of ownership, drive an expensive vehicle or asset without having to buy it , only pay for the use of the vehicle or other asset. It is an option to manage cash flow , affordable, fixed monthly payment, repayment period of up to 72 months. The choice of lower monthly repayments by opting to make a balloon payment at the end of the rental period

Overview

Initiation feeR1,207.50

Minimum loan amountR10,000

Maximum loan amountR250,000

Minimum term (months)24 months

Maximum term (months)72 months

Vehicle Finance interest rates (base)12.50%

Vehicle finance APR12.50%

Monthly repayments (approx)R2,320

Total repayments (approx)R139,200

Total interest repayments (approx)R39,200

Rate typeFixed

Secured or unsecuredSecured

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Missed payment feeUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Exit / early repayment fee

For used vehiclesYes

SponsoredNo

Telephone0860 100 372

Data accurate as of18.01.2020

Minimum monthly incomeR2,000

GO TO Absa

Hide info -

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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.

What type of car loan are you looking for?

Buy your dream car with MFC vehicle finance in South Africa

Get that dream car you need with quick help from MFC car finance today. MFC vehicle finance is a division of Nedbank and a trusted financial institution that offers first-class lending resources for South Africans looking to buy a car. When you approach MFC for a car loan, you can look forward to flexible loan terms, competitive interest rates, affordable repayments, plus more. Read about how using MFC’s trusted services can increase your buying power so you can have the lifestyle you want.

How does MFC vehicle finance work?

MFC car finance pays for the vehicle of your choice and, in turn, you have to repay the loan in instalments. There are several repayment options available:

Instalment-only option

This option spreads out your payments into fixed monthly payments that you make until the car is fully paid off. In addition to the loan amount used to pay for the vehicle, you also have to pay interest which is how MFC benefits from lending you the money.

Balloon payment option

This option gives you a lower and more affordable monthly repayment. However, you have to then pay a lump sum at the end of your loan contract. The lump sum that you pay at the end is what’s known as a balloon payment. You can also choose to refinance the balloon payment if you can not manage to pay it all at once. That means you take out a new loan to cover the balloon payment and you start paying it back in instalments.

Deposit option

If you have future plans to buy a new or used car, you might have already started saving for it. You can use these savings to place a deposit for the car. That means you’ll have to borrow a smaller amount which automatically reduces your monthly payments.

With all options, once you finish making payments, MFC will transfer the ownership of the vehicle to you. However, since this is a secured car loan, if you fail to make the payments as agreed, MFC can take the car away from you.

What is the MFC vehicle finance interest rate?

The National Credit Act (NCA) regulates the maximum interest rates that can be charged by lenders. Since MFC is fully registered, they will always charge you market-related rates. In addition, you can receive a lower interest rate on your loan if you have a good credit score. You have two rate options to choose from when it comes to MFC vehicle finance:

  • Linked-rate – With this option, you get to take advantage of changing interest rates. If the interest rates are lowered, this means that your monthly payment also gets reduced and you pay less. On the other hand, if the rates increase, your monthly payment will go up, and you pay more.
  • Fixed-rate – With this option, your interest rate doesn’t change. The starting rate that you agreed on when you signed the loan contract remains the same throughout the life of your loan. The rates will not be affected if the current interest rates start fluctuating.

What are the requirements for MFC motor finance?

Before making an MFC vehicle finance application check to see that you meet the following requirements:

Requirements for the car

  • Second-hand cars should not be older than 10 years;
  • When buying through a dealer, financing starts at R50 000 and above; and
  • The car should not be stolen, recovered, or rebuilt.

Required documents

  • Copy of your valid government-issued South African ID;
  • A copy of your driver’s licence;
  • Proof of Income – 3 latest salary slips or bank statements; and
  • Your proof of residence.

Basic requirements

  • Minimum age of 18 years;
  • Be permanently employed and receiving a regular, monthly salary;
  • Earn a minimum of R6500 per month;
  • Holder of a valid South African drivers licence without endorsements;
  • Be a citizen of South Africa or permanent resident; and
  • Have a good credit score since MFC will check your credit to make sure you’re able to make repayments.

Choose a loan you can afford with the MFC vehicle finance calculator

The MFC vehicle finance calculator is a valuable tool that allows you to shop for the right car using an affordable budget. Simply enter your loan amount and term to find out what the monthly instalments for your chosen car loan are expected to look like. There are many benefits to using this loan repayment calculator. For starters, it helps improve the chances that your loan application is approved since you’ll be able to see the loan plan that suits your income. In the long run, your credit score will also improve because you will be able to afford your monthly repayments.

How to make an MFC vehicle finance application

The application process is easy! In the comparison tables above, click the “Go to Site” link for MFC vehicle finance. This redirects you to their application page where you can complete an online application form. You also have to mail the required documents to MFC after you submit the application form.

What happens if the loan is approved?

If the loan is approved, MFC will make the car payment after which you can collect your car or have it delivered. Before you start driving, you will have to sign confirmation documents indicating that the car has been handed to you and all is in order.

How to pay back an MFC vehicle finance loan

The loan repayment period ranges from a minimum of 12 months up to 72 months or 96 months in special cases. If you choose a shorter repayment period, it means your monthly instalments will be higher, but you will pay a lesser total amount in interest. You can also choose to settle your loan earlier than the agreed period since there are no fees associated with an earlier payment.

What are the benefits of MFC car finance?

  • The online application is easy, fast, and convenient;
  • You can get financing for a new or used car;
  • MFC offers flexible payment options since you can choose between the instalment option and the balloon payment option;
  • You can also get financing without having to make a deposit;
  • MFC is partnered with a lot of dealerships, so you have a lot of choices when it comes to which dealership you can buy from;
  • MFC private vehicle finance also covers you if you do not wish to buy from a dealer;
  • When you deal with MFC, you can rest easy knowing that the agreement is backed by one of the top reputable banks in South Africa, Nedbank.

What else should you know about MFC vehicle finance?

  • MFC requires you to insure the vehicle, so they can still recover the loan if the car is damaged or lost. You can use the insurance provided by MFC or any insurance of your choice as long as it meets the requirements set by MFC.
  • If you buy a second-hand car through MFC private vehicle finance or dealership finance, the car has to be a maximum of 10 years old. However, you can still apply for special financing for vintage or classic cars.
  • MFC vehicle finance for the blacklisted might be difficult to obtain since MFC carries out a credit check before approving your loan.

If you already have a car loan with a different lender, you can still move your account to MFC. You can then start making your monthly payments to MFC.

More about MFC private vehicle finance

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