Updated 26.05.2021

Car Finance Calculator in South Africa

Looking to buy a new car? Before you proceed with such a big purchase, it is best to get an estimate of how much you can loan to get the vehicle. 

Here are the top car finance calculators that will help you assess the possible expenses associated with the purchase.

Wesbank Car Finance Calculator

Here are the details you will see on the Wesbank car finance calculator:

  • Vehicle purchase price

Enter the cost of the vehicle you want to purchase. This will unlock the rest of the content and display the complete financing information. 

The minimum Wesbank vehicle finance starts at R30 000. Anything lower than this can be done through a personal loan instead. 

  • Deposit amount

Input how much you are willing to pay straight from your pocket before you can get the loan. The higher the amount you can provide, the lower your estimated monthly repayment will be. You can deposit 

  • Payment term

Choose from 12 to 72 months for your repayment term. The longer the repayment term selected, the lower the monthly repayment amount.

Special treatment is given to vehicles less than 2 years old. Repayment terms for this kind of vehicle can be set up to 96 months.

  • Balloon payment

Balloon payments can help you quickly pay up the rest of the loan. 

  • Interest rate

The interest rate ranges from 7.00% to 17.00%. 

  • Fees and charges

All quotation on the calculator already includes the admin and initiation fees for the vehicle loan.

Once you proceed with the quotation, you will need to fill up the car details, including its model, make, and year of release.

Nedbank Car Finance Calculator

The Nedbank Motor Finance calculator will ask for the following details to show the breakdown of your vehicle finance loan.

  • Total purchase / cash price

Input the total cost of the vehicle, including extras and VAT.

  • Deposit

Enter how much are you willing to deposit as a down payment for the loan. A deposit may not always be required by the bank, depending on several factors.

  • Loan amount

This will show how much the loanable amount will cost you when it is approved.

  • Interest rate

The annual interest rate can either be fixed or linked to the prime rate. The default annual interest rate is set at Prime + 3%. 

  • Repayment period

Determine how long you can repay the loan. The maximum repayment period for Nedbank vehicle finance is 72 months. Special cases may apply with extensions in repayment periods of up to 96 months.

  • Balloon amount

The balloon amount is payable at the end of the loan agreement. It can be set as a percentage of the total approved loan amount.

  • First payment date

You can set when your first payment date will be, so long as it does not exceed 60 days from the date you signed the loan contract.

Once you have filled out all the details, the calculator will display the initiation fee, monthly admin fee, and the total monthly repayments you must deal with when the loan application is approved.

Standard Bank Car Finance Calculator

The Standard Bank car finance calculator will display how much the payment for the car instalment will be.

  • Purchase price

You can set the purchase price for the vehicle to determine how much the monthly instalment will be for the loan.

  • Deposit

The deposit is optional, so you can leave this blank. 

  • Loan term

The regular loan term for Standard Bank vehicle financing is 72 months. However, confirmed requests can extend the term for up to 84 months 

  • Balloon payment

Choose the balloon payment you want to lower your monthly repayments. You can pay up to 40% of the total amount to significantly lower your repayments.

  • Variable interest rate

This changes along with prime interest rates. Set this according to the current rates to determine the cost of monthly repayments. 

Once done, you will see the estimated monthly repayment, as well as the total amount you will pay for the loan.

Capitec Car Finance Calculator

Capitec offers the same personal credit calculator for computing vehicle loan estimates. The maximum loanable amount is R250 000 with a repayment period of up to 84 months.

The calculator defaults to the lowest interest rate that you can qualify for, although there is no guarantee that you will get this when you proceed with the application. Still, it provides a good idea of how much your monthly repayments will be, including service fees and initial fees.

Vehicle finance makes it easier for you to own a car. But like any loan, you should first assess whether you have the capacity to pay it in time without sacrificing your lifestyle or other necessities. 

While the vehicle finance calculators offered by each bank provide only rough estimates of how much you can borrow and repay, they are enough to gauge whether you can handle the loan. Contact your preferred lender when you have decided to proceed with the loan to get the final estimates you can qualify for.

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