Question 1

What deposit do I need for vehicle finance in South Africa?

Accepted Answer

The deposit on vehicle finance starts from 20% of the car's value. The exact amount depends on the bank and the vehicle model.

Question 2

Can I get vehicle finance for a used car?

Accepted Answer

Yes, a number of South African banks finance the purchase of used vehicles. Use the "Including used" filter to find these offers.

Question 3

What is the maximum term for vehicle finance?

Accepted Answer

Vehicle finance is available for terms of up to 60 months (5 years). A longer term lowers the monthly instalment but increases the total interest paid.

Question 4

Is insurance compulsory for vehicle finance?

Accepted Answer

Most banks require comprehensive cover for the full term of the finance agreement. This protects the vehicle against damage and theft.

Vehicle finance in South Africa

Vehicle Loan