Vehicle Finance Calculator South Africa
A vehicle finance calculator for your monthly instalment. Type or slide the price, deposit, balloon, your requested rate and the term. The result updates as you go. No login.
Most vehicle finance rates are linked to prime, so the instalment moves when prime moves.
- Amount to finance
- R 315 000
- Total repayment
- R 440 455
- Total interest
- R 125 455
Indicative only. Your real rate comes from the bank once you apply. The pre-qualification tells you if we can take your application to the banks.
Start with a 2-minute pre-qualificationSoft check, no effect on your credit scoreNCR Approved Finance Broker NCRCP2341
Estimate only
Your actual instalment depends on your approved rate, the lender's fees (initiation and monthly service fee) and the final loan amount. Carfin does not include lender fees in this calculation.
What the Numbers Actually Mean
The instalment is only part of the picture. These three points help you read the rest.
Linked vs fixed rate
A linked rate moves with the South African prime lending rate, so your instalment changes when prime changes. A fixed rate is locked for the full term. Fixed rates are set slightly higher because the bank carries the risk of rates moving. To see what a change in prime would do, move the rate slider up or down.
What the balloon does
Total cost of credit
Balloon Payment Calculator
The balloon slider sets a percentage of the vehicle price to pay at the end of the term. It stops at the amount financed, and at 50%. How high a balloon you can have depends on the bank.
Here is the difference on a R350,000 car with a R35,000 deposit, so R315,000 financed, at an example rate of 11.75% a year over 72 months. Lender fees are not included.
| Structure | Monthly instalment | Total repaid | Total interest |
|---|---|---|---|
| No balloon | R6,117 | R440,455 | R125,455 |
| 20% balloon (R70,000) | R5,443 | R461,926, balloon included | R146,926 |
The balloon lowers the instalment by R674 a month, but you repay R21,471 more in total, because interest runs on the deferred amount for the whole term. When the balloon falls due you pay it, refinance it or trade the car in.
Prime Rate and Your Car Finance Rate
Most car finance in South Africa is priced from the prime lending rate. Prime moves when the South African Reserve Bank changes the repo rate. On a linked rate your instalment moves with it; on a fixed rate it does not.
The rate a bank offers you depends on your credit profile, the car and the deposit, so two people can get different rates on the same car. Carfin sends one application to the top banks and negotiates the offers. The South African Reserve Bank publishes the current prime and repo rates.
How to Use This Calculator
Five inputs, one answer. Here is what each step does.
Enter the vehicle price
Set the asking price of the car you want to finance. This is the full purchase price, before any deposit.
Enter your deposit
Set what you will pay upfront, or leave it at 0 for no deposit. A deposit lowers the amount you borrow and often gets you a better rate.
Set the balloon percentage (optional)
A balloon moves part of the price to the end of the term, which lowers your monthly instalment. Leave it at 0 for a loan with no balloon.
Choose your loan term
Pick the number of months, anything from 12 to 84. A longer term lowers the instalment but you pay more interest in total.
Set your requested interest rate
Set the yearly interest rate you want to work with. Use the current prime lending rate as a guide. Your real rate is confirmed once Carfin submits your application to the banks.
Review your result
You see your monthly instalment, total repayment and total interest straight away. Change any input and the numbers update immediately.
Frequently Asked Questions
Start with the current South African prime lending rate. Most vehicle finance is priced from prime, which is 10.75% today, and the rate a bank offers you depends on your credit profile. The calculator starts on an example rate of 11.75%, prime plus one. Your actual rate is only confirmed once Carfin submits your application to the banks. For a cautious estimate, try a rate a little above prime.
Carfin needs at least R10,000 take-home pay a month before it can take an application to the banks. Above that, each bank decides from your income, your monthly expenses and your credit profile, so there is no single rule. Use the calculator to find an instalment you are comfortable with, then pre-qualify to see if Carfin can take your application further.
A balloon (or residual) is a lump sum moved to the end of your finance term. Set a balloon of, say, 20% and that 20% of the price is left out of your monthly instalment, so you pay less each month. At the end of the term you settle the balloon in cash, refinance it, or trade in the car. A balloon lowers your monthly payment but raises the total cost of credit. Use the calculator to compare the total repayment with and without one, or read balloon payments explained.
In this calculator the balloon is a percentage of the vehicle price, and it can never be more than the amount financed. That amount is left to the end of the term. Your instalment pays off the rest of the loan plus interest on the whole balance, balloon included, for the full term. Example: a R350,000 car with a R35,000 deposit, so R315,000 financed, at an example rate of 11.75% a year over 72 months. With no balloon the instalment is R6,117 a month. With a 20% balloon (R70,000) it is R5,443 a month, but the total repaid rises from R440,455 to R461,926.
A fixed rate stays the same for the whole term, so your instalment is predictable whatever prime does. A linked rate moves with the South African prime lending rate. Fixed rates are usually set slightly higher than the current linked rate, because the bank carries the risk of rates moving. When rates are falling, a linked rate tends to work in your favour. Carfin can show you the monthly difference on your own deal before you choose.
Prime is the base rate South African banks use to price loans, including most vehicle finance. It moves when the South African Reserve Bank changes the repo rate, so a linked car loan instalment goes up or down with it. The South African Reserve Bank publishes the current prime and repo rates on its website.
It uses the standard amortisation formula South African banks use, so it gives an accurate estimate of your instalment for the numbers you enter. Your actual bank offer may differ slightly, depending on the lender's fees (initiation and monthly service fees) and the exact rate offered to you. The Carfin calculator does not include initiation or monthly service fees.
There is no set minimum deposit for vehicle finance in South Africa, and some buyers finance 100% of the price. A deposit of 10% or more lowers the loan compared with the car's value, which improves your chances of approval and often gets you a better rate. For used cars, or if your credit score is lower, banks often ask for a deposit to reduce their risk.
Yes. Enter the settlement amount on your current loan as the vehicle price, set the deposit to 0, and set the term and rate you expect from a refinance offer. That gives you an estimate of your new monthly instalment. The real offer depends on your car's current value, your credit profile and the settlement figure, so do the pre-qualification to see if Carfin can take a refinance to the banks. Our guide explains how to refinance your car.
Know your number? See where you stand.
Carfin submits your application to the top banks at the same time. One consultant handles everything, from application to keys.
Start with a 2-minute pre-qualificationSoft check, no effect on your credit scoreNCR Approved Finance Broker NCRCP2341