Car payment calculator
Your instalment, the interest you will pay, and what the car really costs. Updates as you type.
Typical SA vehicle finance runs prime plus a margin. Prime is 10.75 percent, so 11.75 is a fair starting guess if you have decent credit. Bank fees are not included.
Where the money goes
A straight deal: after 72 payments of R 6 117 the car is fully yours, with no lump sum waiting at the end.
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How vehicle finance instalments are calculated
Your instalment comes from four numbers: the amount financed (price minus deposit), the interest rate, the term, and any balloon. The bank charges interest monthly on the outstanding balance, so early payments are mostly interest and the capital only falls properly in the second half of the term.
The deposit is the cheapest lever. Ten percent down on a R350 000 car saves you more than R10 000 in interest on a typical 72-month deal, and it keeps you out of negative equity for longer. The balloon is the opposite lever: it trims the instalment now and sends you the bill later, with interest charged on the full balloon amount for the whole term.
The fees the calculator cannot see
A South African finance quote adds an initiation fee of roughly R1 200, a monthly service fee around R69, and often credit life insurance. Dealers may also load extras like tracking units and warranties into the financed amount. Always ask for the pre-agreement statement, which must show the all-in cost of credit, and compare it with the clean number here.
Common questions
What interest rate should I use?
South African vehicle finance prices off prime, currently 10.75 percent. Good credit gets prime or slightly below, average credit prime plus 1 to 3. If you have not been quoted yet, 11.75 percent is a realistic middle. The calculator lets you test any rate.
Why is my quoted instalment higher than this?
Banks add an initiation fee (usually financed into the loan) and a monthly service fee of around R69. Insurance products added at the dealer also inflate the debit order. This calculator shows the clean finance maths so you can spot the padding.
Is a longer term cheaper?
The instalment falls but total interest rises, and you stay underwater on the car for longer. 72 months is now the SA norm; 54 to 60 months is the sweet spot if you can carry the higher instalment.