Car Loan Repayment Calculator –
Use our calculator to estimate monthly repayments from R20,000 to R350,000 over 12 to 72 months, and compare traditional asset-backed vehicle finance against an unsecured personal loan when buying a used car.
- ✓Compare loan costs from R5,000 to R350,000 over 1–6 years
- ✓Full NCA fee breakdown (initiation & R69/mo service fees)
- ✓100% free & non-binding – no impact on your credit score
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Illustrative Monthly Repayments & Total Cost (NCA Example)
The table below illustrates how the repayment term affects your monthly instalment and total credit cost for this loan amount, based on our representative NCA interest rate and statutory fees.
| Term | Monthly Instalment | Illustrative APR | Total Interest & Fees | Total Repayment |
|---|---|---|---|---|
| 1 yr | R 11 085 | 23,65 % | R 14 226 | R 134 226 |
| 2 yr | R 6 074 | 22,53 % | R 26 993 | R 146 993 |
| 3 yr | R 4 422 | 22,09 % | R 40 412 | R 160 412 |
| 4 yr | R 3 610 | 21,84 % | R 54 472 | R 174 472 |
Calculated using a nominal interest rate of 18.25% p.a., R1,207 initiation fee, and R69/month service fee. Your actual quote will be issued by the lender following an NCA affordability assessment.
Vehicle Finance vs. Personal Loan for Buying a Car in South Africa
Asset-backed vehicle finance (instalment sale agreements) generally offers a lower interest rate because the vehicle serves as security, but imposes strict rules on vehicle age, mileage, roadworthy inspection, and mandatory comprehensive car insurance.
For older used vehicles, private-to-private sales, or deposits under R100,000, some buyers use an unsecured personal loan so they own the vehicle outright from day one without balloon payments—though you should always compare the higher unsecured interest rate carefully.
Frequently Asked Questions
What is the danger of a balloon payment on car finance?
A balloon (residual) payment lowers your monthly instalment by deferring 20%–35% of the car’s price to a lump sum at the end of the term, which significantly increases total interest paid and can leave you owing more than the car is worth.