Vehicle Finance South Africa
New or used. Dealer or private seller. Instalment or balloon. Carfin finds the best available rate by submitting your application to top banks at once.
One Application, Submitted to Top Banks Simultaneously
When you walk into a bank, you get one assessment at that bank's rate. Carfin submits your application to top South African banks at the same time and works to bring you the best deal we can get.
- One application, multiple banks assessed in parallel
- A dedicated consultant manages documents, submission, and payout
- New vehicles, used vehicles, and private purchases all accepted
- Instalment sale, balloon/residual, fixed and linked rate options
Choose the Structure That Fits Your Situation
Carfin arranges all major vehicle finance structures. Your consultant will explain the options and recommend the most suitable one for your cash flow and ownership goals.
Instalment Sale
The most common structure. You own the vehicle outright at the end of the term. Monthly repayments cover the full purchase price plus interest, spread over 12 to 72 months. No lump sum at the end.
Balloon / Residual
A portion of the purchase price (typically 10 to 30%) is deferred to the end of the term. Monthly repayments are lower during the term. The balloon can be settled in cash, refinanced, or covered by trading in the vehicle.
Fixed vs Linked Rate
A fixed rate locks your repayment for the full term. A linked rate moves with the prime lending rate, lower when prime falls, higher when it rises. Carfin shows you the cost difference for your specific deal before you decide.
Private Purchase
Buying from a private seller? Carfin manages all payments securely between buyer and seller, title transfers correctly, and both parties are protected. See the private sale finance page for full detail.
From Application to Keys in Four Steps
Apply Online
Complete the Carfin application, which takes about 5 minutes. Tell us the vehicle, the price, and your preferred deposit and term. No documents needed at this stage.
We Submit to Top Banks
Your consultant reviews your application, requests supporting documents, and submits to top South African banks simultaneously. Each bank assesses you independently.
Review and Accept
Carfin works to bring you the best deal we can get. Your consultant explains the rate, terms, and conditions. You decide, with no pressure and no obligation until you sign.
Sign and Drive
Once you accept, the finance agreement is signed and payment is made to the dealer or seller. Your consultant confirms registration and handover, with fast, reliable service throughout.
Who Qualifies for Vehicle Finance
Most South African adults with a regular income qualify. Here is what the banks look for, and what can complicate an application.
What helps your application
- South African citizen or permanent resident with a valid ID
- Regular, provable income (employed, self-employed, or pension)
- Good credit record, no active judgments or accounts in default
- Debt-to-income ratio within acceptable limits (typically under 40%)
- Stable employment (3+ months at current employer)
- A deposit reduces the loan-to-value and can significantly improve approval odds
What makes it harder
- Active judgments or accounts handed over for collection
- Currently under debt review (legally prohibited from receiving new credit)
- No provable income or bank statements showing irregular deposits
- Still in probation at a new employer (some banks will wait)
Low credit score but not blacklisted? See your honest options.
Required Documents
You do not need documents to start. Your consultant will confirm the exact list once you have applied and they have reviewed your profile.
Identity
- Certified copy of your South African ID
- Valid driver's licence (for the vehicle you are financing)
Income
- Latest 3 months' payslips (employed)
- 6 months' bank statements (self-employed)
- Pension letter or annuity statement (pensioners)
Address & Banking
- Proof of residential address (not older than 3 months)
- Latest 3 months' bank statements