Vehicle Finance

A car loan online offers same-day approval for up to R500,000 at an affordable low-interest rate starting from 16.95% and a convenient repayment term up to 5 years – no deposit required, bad credit considered.

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No Deposit Car Finance – Blacklisted welcome

Whether you’re looking for the most budget friendly vehicle finance option or the one that will cost you least over the term of the loan, these lenders have you covered.

Frequently Asked Questions

I'm ready to buy a car, but first – I need to qualify for Vehicle finance

There is a wide range of available car finance in South Africa for you to choose from – almost as many as the vehicle makers and dealers! When it comes to financing your vehicle, the options are endless and this can often can be overwhelming. It’s, therefore, a great idea to start with how much you can afford in monthly repayments and take it from there.

If you plan to use a car loan to finance the purchase of your vehicle, you should be well versed on what options are available to you and what the pros and cons of each option are.

Plan & prepare for your Car finance application

The most effective strategy is to plan and prepare everything in advance. You should be fully prepared for your car finance application before you even go out and start test driving vehicles.

Preparation will help you save both time and money and may ensure you are able to buy the car you want.

1) Boost your Credit score

The first thing which you need to do is obtain a copy of your credit report. You have the right to obtain a free credit report on an annual basis so you should not hesitate to take advantage of this opportunity. Go over the information carefully and watch out for errors and fraudulent activity.

If you find any, you should request to have them fixed immediately. If you find any blemishes like late or missed payments, you should do what it takes to resolve the situation. All of these efforts will help to improve your credit score so that you can secure a lower interest rate on all forms of credit.

2) Calculate affordability for buying a car

The most important thing which you need to decide on is how much you are prepared to spend on a car overall and on a monthly basis. You need to determine your budget range or set a fixed budget for the purchase of the vehicle to ensure you don’t over extend yourself.

You should have a precise idea of the down payment which you are able to make based on available savings. Then you have to calculate what chunk of your monthly income will go towards the repayment of the loan. Use the car finance calculator to calculate how much you will need to borrow.

3) Common mistakes car buyers make

You should watch out for the emotional element associated with buying a car. If you are totally swept off your feet by a vehicle, but it is way over your budget, the dealer may try to give you a deal which seems affordable, but is actually quote costly.

One of the main tricks which dealers use is to offer a larger loan amount over a longer repayment term. That way, the monthly instalments become smaller, but since interest is charged for a longer period of time, the loan becomes very expensive. You should also be careful about upside down loans and secured short-term loans. The vehicle loses value at a faster pace than the pace at which the outstanding loan balance decreases

4) Calculating interest on your Car finance

What seems like a great deal now may actually turn out to be a costly mistake in the coming years. That is why you should plan ahead. You need to calculate the total loan amount precisely based on the down payment and on the term of the loan.

It is certainly easier to place a smaller down payment now and to take out a bigger loan. However, the larger principal amount will make the loan more expensive. In this way, you can end up owing more on your vehicle than its actual value given the high rate of depreciation on new vehicles.

You should use a loan calculation tool like a spreadsheet or a loan calculator to find out exactly what you will pay in the form of interest and what you will pay towards the principal amount every month. This will give you an idea of how much equity you will be gaining in your vehicle as the time passes.

5) Consider using insurance to save on your Car finance

It is possible to secure a lower interest rate on vehicle finance if you have life insurance or disability insurance. This is because lenders take into account the risk of you becoming unable to repay your loan due to death or disability.

When you have insurance, it can be used for paying back your debt. This lowers the risk for the lender and this will result in lower interest. Most lenders do not require that you have insurance, but it is quite helpful to be covered.

6) Compare Vehicle Finance offers

Car loans in South Africa are available not only from car dealers, but from banks, asset finance houses, online lenders and peer to peer lending platforms. The more options you compare the more likely you are to find the best deal. When you compare vehicle loans offered by different lenders, you should pay attention to the interest rate, fees, monthly payments and the total loan cost.

Comparing various car and personal loans and offers will give you better information of the current market. You can use this information as a powerful tool for negotiation with dealers.

7) Repay your Car Finance earlier

You would want your vehicle loan to have a flexible repayment structure so that you can pay it off more quickly if you have the means to do so. You should be able to make additional payments without incurring extra fees. You should watch out for early repayment penalties as well. If you have poor credit you may still be able to apply for a bad credit loan with a lender that deals with blacklisted people.

Read the terms and conditions of the loan very carefully as such charges are not usually explained straightforwardly by dealers and finance providers on your online loan application. Follow these steps to get in the know and ideally obtain one of the best car loans in South Africa without undue stress and hassle!

Car finance 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. Absa Car finance

    Absa

    • Drive your dream car
    • Term up to 72 months
    • Interest from 9.25%
  2. Wesbank Car finance

    Wesbank

    • Loans up to R150,000
    • Term up to 72 months
    • Interest from 22.5%
  3. Imperial Select Car finance

    Imperial Select

    • FIND your dream car
    • Vehicle testing
    • Quick and easy vehicle finance
  4. Hippo Car finance

    Hippo

    • Loans up to R200,000
    • Term up to 72 months
    • Interest from 24.75%
  5. FNB Car finance

    FNB

    • Loans up to R200,000
    • Term up to 72 months
    • Interest from 10.25%
  6. Cars.co.za Car finance

    Cars.co.za

    • Affordable vehicle finance
    • Term up to 72 months
    • Interest from 10.25%
  7. Fincheck Car finance

    Fincheck

    • Loans up to R250,000
    • Term up to 72 months
    • Interest from 16%
  8. Investec Car finance

    Investec

    • Loans up to R200,000
    • Term up to 60 months
    • Interest from 10%
  9. AutoTrader Car finance

    AutoTrader

    • Get finance today
    • Term up to 72 months
    • Interest from 7.25%
  10. Nedbank Car finance

    Nedbank

    • No deposit car finance
    • Term up to 96 months
    • Interest from 7.25%
  11. Liquid Capital Car finance

    Liquid Capital

    • Loans up to R800,000
    • Term up to 72 months
    • Interest from 6%
  12. Carfin Car finance

    Carfin

    • SA’s #1 vehicle finance
    • Refinance your vehicle
    • Pre-approved in 5 seconds
  13. Motorlease Loans Car finance

    Motorlease Loan...

    • Private Vehicle Finance
    • Buy or sell a vehicle
    • Comprehensive vehicle insurance
  14. JustMoney Car finance

    JustMoney

    • Finance your dream car
    • Term up to 72 months
    • Interest from 9.5%
  15. CARmag.co.za Car finance

    CARmag.co.za

    • Driveaway TODAY
    • Term up to 60 months
    • Interest up to 27%
  16. ALPHERA Car finance

    ALPHERA

    • Innovative Car Loans
    • Term up to 72 months
    • Tailored Finance Solutions
  17. transACTdirect Car finance

    transACTdirect

    • Private to private finance
    • Safe and secure
    • Buy or sell you vehicle
  18. Easy Car Finance Car finance

    Easy Car Financ...

    • Loans up to R2,000,000
    • Term up to 72 months
    • HIGH approval rate
  19. CARdealer.co.za Car finance

    CARdealer.co.za

    • Making life easier
    • Term up to 60 months
    • Interest up to 27%
  20. The Car Finance Company Car finance

    The Car Finance...

    • Hassle-free Finance
    • Insurance Services
    • Warranties
  21. Auto Finance Solutions Car finance

    Auto Finance So...

    • Leading vehicle finance
    • Compare finance deals
    • Trusted & Reliable
  22. Car-Finance.co.za Car finance

    Car-Finance.co....

    • Loans up to R150,000
    • Finance your dream car
    • Vehicle testing
  23. SA Motor Loans Car finance

    SA Motor Loans

    • Loans up to R250,000
    • Blacklisted Finance Welcomed
    • Private Vehicle Finance
  24. Lamna Car finance

    Lamna

    • Starting from R20,000
    • Asset based bridging finance
    • Interest up to 60%
  25. Bidvest Bank Car finance

    Bidvest Bank

    • Full maintenance leasing
    • Flexible investment options
    • Finance your fleet
  26. AutoRefin Car finance

    AutoRefin

    • Vehicle Refinance
    • Term up to 72 months
    • Lower interest rates
  27. Vehicle Finance Car finance

    Vehicle Finance

    • PRIVATE Car Finance
    • Quick and easy
    • Finance in minutes
  28. Earn a Car Car finance

    Earn a Car

    • INSTANT online approval
    • Affordable car finance
    • Get approved instantly
  29. Xcelsior Loans Car finance

    Xcelsior Loans

    • Loans up to R500,000
    • Get cash in 30 minutes
    • Interest from 27%
  30. WP Motors Car finance

    WP Motors

    • NO Deposit Finance
    • Nationwide delivery
    • Insurance cover
  31. Focus on Finance Car finance

    Focus on Financ...

    • Blacklisted Car Finance
    • Debt management
    • Quick and easy funding
  32. Gallardo Finance Car finance

    Gallardo Financ...

    • Loans up to R180,000
    • No deposit loans
    • Blacklisted Loans
  33. Motor Loans Car finance
  34. Tiara' s Cars Loans And Property Car finance
  35. Finance Quotes Car finance