Important disclosure

Used Vehicle Finance

Used vehicle finance is easy to obtain from South African lenders. Our easy to use loan calculator will help you to compare these loan options by budgeting for the expected monthly repayment.

Once you input the loan amount that you are considering, use the filter to adjust the loan term then click calculate. You will then get an idea of what your expected monthly payment will be like. Go ahead and 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

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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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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.

What type of car loan are you looking for?

Get an affordable car loan with used vehicle finance

Buying a used car doesn’t mean you have to settle for an old model that needs repairs several times a week. You can easily get a used car in good or mint condition but at a much lower price.

The simple reason for this is that a new car loses its value quickly once someone starts driving it. If you’re looking to finance your car purchase, used vehicle finance is one of the best deals you can get. To help you choose the most suitable option, let’s see how this type of loan works.

How does used vehicle finance work?

  • Calculate your monthly payment amount and the total cost of your loan

Before you start visiting car sales in person or online, you need to come up with a monthly budget. Our used vehicle finance calculator is a great tool that can help you choose a monthly repayment amount that will neatly fit into your budget, along with your other expenses.

  • Go shopping for your car

You can find a suitable used car through auctions, dealerships, online adverts, or a private party. Make sure that the price you’re quoted is fair based on the market value of that particular model. If all is in order, obtain a purchase agreement from the seller.

  • Compare used car loans and pick a lender

Use the following comparison points when choosing a loan to buy a used car:

  • Interest rate. To save money, get the best low-interest-rate car loan you can find.
  • Loan term and amount. Find out if the loan amount you want falls within the maximum and minimum range the lender has set. Typically, loan amounts range from R2000 to R250 000 while loan terms are between 1 and 5 years.
  • Loan charges and fees. These range from initiation and monthly service fees to late payment fees and early payment fees. To keep the loan affordable, stick with a loan that has minimal charges.
  • Repayment flexibility. You should be able to speed up your repayments without getting charged extra for it.
  • Submit your application

To apply for your second-hand car loan, use the “Go to Site” link in the comparison tables for the lender you want.

  • Accept the loan offer and finalise the agreement

Once you have accepted the terms and conditions outlined in your loan agreement, you can sign the necessary paperwork. The lender will pay the required amount so you can collect your car or have it delivered.

Types of second-hand vehicle finance in South Africa

  • Secured car loans. You use the used vehicle you’re purchasing as security for the loan. Because of this, these loans usually feature lower interest rates.
  • Dealership financing. Many car dealerships in South Africa also offer in-house financing for second-hand vehicles. The loans are usually secured, and in most instances, they have less strict qualifying requirements. However, dealer finance can be more expensive than traditional car finance.
  • Unsecured car loans. These types of loans are generally given to people who have an excellent credit score. Due to their high-risk nature, they will also come with higher interest rates. Since the financial institutions cannot repossess anything if you fail to pay back the loan, the qualifying requirements are usually strict.
  • Financial lease. With this option, you rent a car. When the lease expires, you can return the car, renew the lease, or pay the residual value to get ownership of the vehicle (lease buyout).

Try our used vehicle finance calculator to get the best monthly payment

A used car loan calculator is one of the best tools to use when planning to take out a loan. That’s because the most crucial factor when taking out a loan is finding one with the best terms and costs for your budget. This can prevent situations where you take out a loan that will cause you problems later.

When using the used vehicle finance calculator from CompareLoans, simply enter the loan amount you need and the length of your term. Click calculate, and you will be supplied with an estimated monthly repayment amount.

Used car loan interest rate

Before going out to choose a vehicle, it is essential to compare interest rates on the second-hand car loan options available. The interest rate you choose can either have a fixed rate or a variable rate.

Interest rate is how lenders benefit from giving you a loan. This money becomes part of your monthly instalment as you repay the loan. A higher interest rate means a more expensive loan.

It is, therefore, quite crucial that you get the lowest interest rate possible.

Requirements when applying for used car finance

To apply for a used car loan. You should meet the following requirements.

  • Be 18 years old or older;
  • Be permanently employed;
  • Regular, monthly income (usually minimum is R6500);
  • Valid South African ID;
  • Valid South African or International driving license (no endorsements);
  • Bank statements and payslips for proof of income;
  • A clean credit history; and
  • Proof of residence.

What are the advantages of using a bank loan to buy a car?

  • You can get a loan that covers 100% of the vehicle’s purchase price.
  • Car finance can be tax-deductible, which saves you money.
  • You get to drive the car while paying affordable instalments that leave you with some cash flow.
  • Helps you establish credit if your payments are affordable and made on time.

How to get the lowest used car loan rates

  • To get the lowest used car loan rates, research and compare available loan options. In doing so, you can end up finding a lender that offers competitive rates.
  • You can also opt for a secured car loan. Since the lender can repossess the car, they don’t have to charge you a lot in interest.
  • Maintaining a good credit rating can also go a long way in making sure that you get a loan with low rates. This is because having an acceptable credit score indicates that a person pays back their loans and makes their monthly payments on time.

Frequently asked questions

What kind of used car can I buy?

Usually, lenders insist that the car must not be a stolen, rebuilt or recovered vehicle. It should also be roadworthy with all the documents required by authorities. In some cases, lenders will limit the age of your car.

Can I get second-hand vehicle finance with bad credit?

Bad credit can discourage lenders and financial services providers from giving you loans. They can also limit your loan amount and increase the interest rate if you manage to qualify.

Should I make a deposit or choose a balloon payment?

It is always best to put down a lump sum of cash from your savings as this reduces the loan amount, your monthly repayments, and most importantly, the total cost of your loan.

Are you also interested in new vehicle finance? Learn about it here.

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