Car Loan Calculator South Africa

Welcome to Swift Banker’s complete guide on using a car loan calculator in South Africa. Buying your first car, upgrading your current model to a different make, or just planning when to replace your vehicle in the future? Well, no matter the scenario, you must understand how you will finance your car.
In this guide, we will walk you through the process of understanding how a car loan works and how using a car finance calculator can benefit you.
R +
months +
% +
?For example service fees and account management fee
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R 2100.19
60 months
R 26011.17
R 0.00
R 126011.17
9.93 %
Show repayment plan

Find a loan most suitable for you

*Representative example: Estimated repayments of a loan of R30,000 over 36 months at a maximum interest rate including fees of 27,5% APR would be R1,232.82 per month. Swift Banker is an online loan broker and not a lender. Our service is free, and we work with NCR licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicants' credit score and other factors at the lender's discretion.

Loan amount R100 - R250,000. Repayment terms can range from 3 - 72 months. Minimum APR is 5% and maximum APR is 60%.

Vehicle Loans in South Africa: An Overview

With a growing number of vehicles purchased in South Africa today, we see more and more car loans to help people afford the cars of their dreams. Whether you are purchasing your first car or upgrading to a nicer brand/model, it is important to know the available loan types and requirements.

There are two kinds of car loans: secured and unsecured. A secured car loan uses a car as collateral. If you fail to repay the loan on time, the lender can take possession of the car. A secured car can be cheaper than an unsecured car because it signifies less risk to the lender.

An unsecured car loan is one in which a car is not used as collateral. These kinds of loans can be expensive because the lender is exposed to more risk.

To obtain a vehicle loan in South Africa, you typically need:
  • Proof of Identity: Valid South African ID or passport.
  • Proof of Income: Recent payslips or bank statements.
  • Credit Check: A credit report to assess your creditworthiness.
  • Proof of Residence: A utility bill or lease agreement.
  • Vehicle Information: Details about the car, including make, model, and price.
Financing a car is a complicated process. However, understanding your loan options and requirements will help you navigate it.

What is a Vehicle Loan Calculator?

An online car loan repayment calculator is used by a potential car buyer to calculate their monthly car loan instalments when they plan to buy a car. This online tool helps by computing the monthly payment amount based on various inputs on a car loan such as loan amount, interest rate, and loan term.

Benefits of Using a Car Loan Calculator:

  • Financial Transparency: A car purchase calculator clearly shows how much you will pay each month to avoid any shocks when you lift the hood. 
  • Loan Comparison: To compare loans from various lenders to see which one best fits your needs.
  • Interest Calculator Insight: This car buying calculator allows you to input the interest rates you are considering, and the total repayment amount varies accordingly so that you can select a loan that is affordable from a cost perspective. 
  • Flexibility in Planning: You can run various scenarios by playing with loan amounts and terms to match your payment plan. 
  • Time-Saving: A car loan calculator can quickly calculate the repayments required in a certain period of time, so you can definitely use the car cost calculator to save time.

Factors to Consider When Using a Car Loan Calculator

Making the best use of a vehicle finance calculator needs to go along with a basic understanding of simple maths and loan calculations. Some considerations are as follows:
  • Loan Amount: This is how much money you intend to borrow. Select an amount that’s realistic for how much you want to spend on the car, taking into account taxes and fees.
  • Interest Rate: Your monthly payments and the total cost of the loan depend on this figure. Your car loan interest rate will depend on the lender as well as your credit score and changing market conditions.
  • Loan Term: This is how long you will pay off your loan, typically between 12 and 72 months. The longer the term, the lower the monthly payments will be, but the overall interest amount will be higher.
  • Down Payment: The amount you pay when you take out the loan reduces its size. The more you pay upfront, the lower the monthly payments and the total interest.
  • Other Charges: Some loans have origination or documentation fees or an early repayment penalty. Consider these costs when you run your numbers.

The Importance of Accuracy

Cardinal rule number one: make sure the information you enter into a car calculator South Africa is spot on. If not, you might experience that sinking feeling of having misunderstood your financial obligations towards your lender. Run through the inputs a few times, paying particular attention to the interest rate and loan length, which often confuse readers.

How to Use the Swift Banker Car Loan Calculator

Using a car financing calculator is straightforward. Here’s a step-by-step guide:
  • Enter Loan Amount: Input the total amount you plan to borrow.
  • Set Interest Rate: Specify the vehicle loan interest rate offered by your lender.
  • Choose Loan Term: Select the duration over which you will repay the loan.
  • Add Deposit: If you are making an initial deposit, enter the amount.
  • Calculate: Hit the calculate button to see your estimated monthly repayments.

Example Calculation:

Assume that you like the car of your choice and wish to purchase it for R300,000 with a 10% interest rate charged for 60 months and a down payment of R50,000. This is the Swift Banker car vehicle finance calculator.
  • Loan Amount: R250,000 (R300,000 – R50,000)
  • Interest Rate: 10%
  • Loan Term: 60 months
Enter these values and the loan calculator car will show you your estimated monthly payment, the total interest paid, and the total amount repaid.

Common Mistakes to Avoid When Using a Vehicle Loan Calculator

FAQs About Car Loans Calculator

The interest rate at car finance companies in South Africa is usually between 9 percent and 14 percent (depending on your credit rating, loan term, etc., and sometimes on the lender’s daily policy). Shop around to find a lender with the best vehicle finance rates South Africa.

You can get a car loan with a bad credit score, but it will probably be harder to get such a loan than if you had a good score. A lender might demand a larger down payment and charge a higher interest rate. Your score can go a long way toward determining what kind of terms you are offered. 

While not always required, a deposit is generally advisable. It will lower the cost of fees on your loan, secure you a better interest rate, lower your monthly repayments, and lower your risk to lenders.

Yes, of course, you can negotiate the interest rates on automobile loans. Educate yourself on where your credit stands and, if you can, car-shop a lot of lenders to see where the market is at any given time. Use that information to secure the best rates possible. Knowledge is power when it comes to your financing.

With most car loans you will have the option to repay part or all of your loan early but check your loan agreement first as some lenders do charge fees for early repayment. Getting a loan over a shorter period will have higher repayments each month, so if you have the spare cash available, paying it off early can help you to save money in interest payments.

Yes. Based on your income, you can borrow and buy a used car in South Africa. A lot of banks give you options to buy new or used vehicles with financing, although terms and interest rates may vary sometimes. 


Anyone planning to purchase a vehicle in South Africa will find this vehicle loan repayment calculator a helpful tool. It provides upfront, transparent estimates of all loan payments, saving you from financial traps and allowing you to plan a smart budget.
Swift Banker helps you finance your car like a pro. Wondering about car loan repayments? Looking to afford a dream car? Our vehicle calculator South Africa brings you all the insights to get your hands on your dream car.
Ready for a drive? Use the Swift Banker car loan calculator to plan your car-buying trip today.