Frequently Asked Questions
Have questions about your car loan calculation? We have answers.
Yes! It uses standard financial formulas used by South African banks. However, remember that this is an estimate. Your final monthly premium will depend on your personal credit score and the specific bank's offer.
A balloon payment (also known as a residual) is a large lump sum that you pay at the end of the loan term. By deferring this amount to the end, your monthly repayments become cheaper. However, you will need to pay this lump sum (or refinance it) when your contract finishes.
Banks typically charge a monthly service fee (around R69). We display the "Monthly Repayment" as the pure loan cost, but we often mention the admin fee separately in the results so you can budget for the total cost.
Interest rates depend on your credit profile and the current Prime Lending Rate.
- Excellent Credit: You might get Prime or Prime - 1%.
- Average Credit: Try calculating with Prime + 2% or 3%.
Absolutely. Putting down a deposit reduces the total amount you need to borrow. This lowers your monthly repayment AND reduces the total interest you pay over the life of the loan.
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