Car Loans
Before choosing your next car, explore your finance options. Compare available offers in a few minutes, at no cost and without committing to a lender.
Put your car finance options in perspective with Finvo
Competitive rates
Compare rates from several lenders and find the best deal for your car finance.
New and used cars
Finance a new or a used car – we help you find the right loan for your situation.
Fast approval
Get answers from several lenders, often the same day, and drive away sooner.
No hidden costs
100% free to compare. No fees and no hidden costs from us.
How does car finance work?
In South Africa, most cars are bought with vehicle finance: the lender pays for the car and you repay it in fixed monthly instalments, usually over 12 to 72 months. The car serves as security, and the lender remains the title holder until the loan is paid off.
Because the car is security, the interest rate is often lower than on an unsecured personal loan. Lenders usually require comprehensive insurance on a financed car. Alternatively, you can use a personal loan – for example to buy a used car from a private seller, or to pay the deposit.
With Finvo you can compare offers in a few minutes and find the solution that fits your budget.
Different types of car finance
Vehicle finance
The most common way to buy a car: fixed monthly instalments over a term of up to 72 months.
- ✓Predictable instalments
- ✓The car is yours after the last payment
Balloon payment
A lower monthly instalment, with a larger lump sum (the balloon) due at the end of the term.
- ✓Lower monthly instalment
- ✓Settle, refinance or trade in at the end
Refinancing
Already paying off a car? Refinance to a better deal with a lower rate and save money.
- ✓Potentially lower interest rate
- ✓Lower monthly instalment
Tips before you apply for car finance
1. Know your budget
Work out what you can afford every month – including comprehensive insurance, fuel, a tracking device, services and your licence renewal.
2. Compare the total cost
Look at the total cost of credit, not just the instalment. Check the initiation fee, monthly service fee and the size of any balloon payment.
3. Consider a deposit
A bigger deposit lowers the amount you finance, which can get you better terms and a lower monthly instalment.
4. Check your credit record
A good credit record gives you access to better rates. You can get a free credit report once a year from each credit bureau.