Vehicle Finance

With a no-deposit car loan of up to R300,000 that can be repaid over up to 7 years at low rates starting from 9.25%, you can buy your dream car with ease – get your pre-approved vehicle finance within minutes.

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Affordable Vehicle Finance in SA – Check Out our Car Loan Calculator

With a wide range of vehicle financing options available and an easy-to-use online car finance calculator at your disposal, you can easily get pre-approval on a car loan today!

Pre-approved vehicle financing with 0% deposit options available just became easier.

Frequently Asked Questions

Vehicle finance that suits your personality, lifestyle and budget 

Owning a car is one of the most important things for a South African - particularly with a limited public transport system, not to mention expensive costs and sometimes dangerous conditions, long distances and numerous safety and security problems.

Whether you're looking to buy your very first car or looking for your third trade-in opportunity, conducting research and knowing what you're getting yourself into is critical to getting a good deal and making the expense worth it.

When it comes to financing, along with debt consolidation loans, car loans are probably the most complex and challenging forms of finance. If not researched, considered and done wisely not only will you risk experiencing financial hardship but you could pay more than you really have to and even lose your vehicle through repossession - a situation that you'll undoubtedly want to avoid.

This guide to car loans in South Africa will take a completely unbiased look at vehicle finance and will help you consider all your options, understand what to look for and what to avoid when buying a new or used vehicle.

Where and how to begin car shopping

You can begin looking for your ideal motor vehicle by conducting research online, visiting dealerships or by checking out auction houses among many other options. It's always a good idea to check and compare the prices of various cars online before going out to view and test drive any particular model of car or any specific vehicle - in the case of used or pre-owned cars.

If you want to use a particular lender or bank then you may want to contact them and find out where their authorized dealerships are or if they have a partnership with one.

This would be a good place for you to start your car search but, we don’t recommend that you choose one dealership or lender before doing a little bit of research.

This will ensure that you know the current market value of the vehicle you're looking for as well as ensure you get a good overall deal from vehicle to finance and all the way to insurance.

You can buy your car privately by contacting an owner or private seller, through a used or new dealership and from an auction house. Whichever method you choose to use it's important to make sure that you know exactly how much you can afford, how you're going to finance the vehicle and from where.

Securing a good finance deal that is appropriate for your financial status, budget and needs is just as critical as choosing the right car. We are passionate about empowering you to understand, research, find and get the right vehicle finance and it all starts with a simple definition of what car finance is and where you could get it.

Understanding Car finance and where you can get them

Vehicle finance is simply a form of secured credit that is lent for the specific purpose of facilitating the purchase of a motor vehicle. Although the word vehicle can be used to describe bikes, boats, caravans, trucks and so on, in this guide we will consider the term to refer to a passenger vehicle - whether sedan, hatchback, single or double-cab.

We will also assume that the vehicle finance will be used to purchase a car that will be used privately and not for business purposes. Car loans are typically - if not always secured against the vehicle being purchased.

Essentially, you will borrow a sum of money from a lender to purchase a car - you will then repay the sum borrowed (called the capital loan amount), plus interest in instalments for a pre-determined period of time (called the loan term).

You can get a vehicle loan from a bank, a private lender, an alternative lender or a dealership. Although a bank is likely to offer you the lowest interest rates and fees, banks have very stringent eligibility requirements and you will have to have a very good credit record and a decent disposable income to be considered.

Personal loans versus Car loans

Many lenders do not offer specific car loans but they state in their advertising and promotional materials that their personal loans are ideal for financing the purchase of a vehicle. Although all lenders on the South African market will offer some form of personal loan - we recommend that you choose to research and consider only lenders who specifically offer vehicle finance or a car loan product.

This is because personal loans are generally unsecured - which means you will end up paying a higher interest rate than you would with a regular, secured car loan. Another factor to consider is that those offering personal loans are not specialists in vehicle finance and will be unlikely to offer you critical advice such as what the market price for the car you are looking to buy is.

This advice could save you thousands of Rands - especially if you're considering using a private dealership or buying from a private seller. Finally, many personal loans will not allow you to finance a brand new vehicle as they rarely exceed R150,000 with most lenders.

Getting pre-approved for a loan

Prior to making any online loan applications or even looking for a car loan, you must always use a loan calculator to find out how much you can afford to borrow. This will give you a good idea of your price range and will help you make better decisions moving forward.

You also may want to obtain a copy of your credit report to validate the information therein and ensure your credit score is up to standard. The next step when considering buying a car is to secure pre-approval on your car finance. This not only confirms you will get the finance you need but, it gives you an exact budget and also gives you a whole lot of bargaining power with dealers and sellers.

Most dealerships will offer you in house finance and you should never accept this blindly. Always obtain multiple offers from at least 3 lenders before making a formal application for a car loan. Another thing that you certainly want to avoid is opting for a balloon payment at the end of your loan term.

This may lower your monthly instalments but, since the vehicle isn't legally yours until the entire loan - and the interest, is repaid if you miss this balloon payment you may lose your vehicle.

Important things to consider about Vehicle finance

  • Most lenders will not finance vehicles older than 10 years
  • You can get 100% finance, however, most lenders will require you to put up a deposit to secure the loan and this can be anything from 10% onwards depending on the loan amount and credit history
  • All banks and mainstream lenders will require a good credit history when considering your loan application
  • You can apply for a car loan online or in a lenders branch however, applying online saves time and in certain cases fees
  • Balloon payments are very dangerous and should be avoided at all costs
  • Always use a loan calculator to determine how much you can afford to repay in monthly instalments as well as the total cost of your car loan
  • Always get pre-approved for a loan as this will give you the necessary bargaining power to bring down the sale price of a car.

Car loan calculator

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The interest rate of a loan will vary based on your credit score and risk profile.
This loan calculator is for illustration purposes only.
The use of this quick loans calculator is subject to our terms of use.

List of direct lenders offering Car finance

  1. Auto Trader Car loan

    Auto Trader

    • Loans up to R250,000
    • Term up to 72 months
    • Interest from 7.25%
  2. Cars.co.za Car loan

    Cars.co.za

    • Loans up to R100,000
    • Term up to 72 months
    • Interest from 10.25%
  3. Investec Car loan

    Investec

    • Loans up to R200,000
    • Term up to 60 months
    • Interest from 10%
  4. Bidvest Bank Car loan

    Bidvest Bank

    • Affordable car loans
    • Low interest rates
    • Easy repayments
  5. Liquid Capital Car loan

    Liquid Capital

    • Loans up to R800,000
    • Term up to 72 months
    • Interest from 6%
  6. WP Motors Car loan

    WP Motors

    • Quality cars
    • Delivery nationwide
    • Low cost loans
  7. Imperial Select Car loan

    Imperial Select

    • Drive away today
    • Fast approval
    • Competitive rates
  8. Wesbank Car Finance Car loan

    Wesbank Car Fin...

    • Loans up to R150,000
    • Term up to 72 months
    • Interest from 22.5%
  9. Absa Car Finance Car loan

    Absa Car Financ...

    • Loans up to R350,000
    • Term up to 60 months
    • Interest up to 14%
  10. Hippo Car loan

    Hippo

    • Loans up to R200,000
    • Term up to 72 months
    • Interest from 24.75%
  11. Nedbank Car loan

    Nedbank

    • Compare loan options
    • Term up to 96 months
    • Interest from 7.25%
  12. Fincheck Car loan

    Fincheck

    • Loans up to R250,000
    • Term up to 72 months
    • Interest from 16%
  13. Earn a Car Car loan

    Earn a Car

    • Online pre-approval
    • Apply 100% online
    • Fast loan payout
  14. FNB Bank Car loan

    FNB Bank

    • Loans up to R200,000
    • Term up to 72 months
    • Interest from 10.25%
  15. Carfin Car loan

    Carfin

    • Loans up to R100,000
    • Term up to 60 months
    • Interest from 23%
  16. Alphera Car loan

    Alphera

    • Starting from R50,000
    • Term up to 72 months
    • Affordable interest rates
  17. Auto Refin SA Car loan

    Auto Refin SA

    • Asset finance
    • Quick online loans
    • Apply today!
  18. Easy Car Finance Car loan

    Easy Car Financ...

    • Loans up to R400,000
    • Term up to 72 months
    • Interest from 28%
  19. Motorlease Car loan

    Motorlease

    • Loans up to R300,000
    • Term up to 72 months
    • Interest from 11%
  20. Lamna Car loan

    Lamna

    • Loans up to R20,000
    • Term up to 24 months
    • Interest from 36%
  21. Xcelsior Loans Car loan

    Xcelsior Loans

    • Loans up to R500,000
    • Term up to 60 months
    • Interest from 27%
  22. Focus On Finance Car loan

    Focus On Financ...

    • Fast car loans
    • Compare loan benefits
    • Affordable repayments
  23. SA Motor Loans Car loan

    SA Motor Loans

    • Loans up to R250,000
    • Low interest rates
    • Fast loan approval
  24. Gallardo Finance Corporation Car loan

    Gallardo Financ...

    • Loans up to R180,000
    • Competitive rates
    • No deposit
  25. Justmoney.co.za Car loan

    Justmoney.co.za

    • Loans up to R250,000
    • Term up to 72 months
    • Interest from 9.5%
  26. The Car Finance Company Car loan

    The Car Finance...

    • Asset finance
    • Reliable car loans
    • Low interest rates
  27. TransACTdirect Car loan

    TransACTdirect

    • Leading vehicle finance
    • Affordable repayments
    • Apply online
  28. Car Mag Car loan

    Car Mag

    • Compare car options
    • Term up to 60 months
    • Interest from 27%
  29. Finance Quotes Car loan