What Does South Africa's Average Car Loan of R431,300 Buy in 2026?
The average new car loan grew again in the second quarter. Here is what it costs a month and what it buys on Dryv this week.
By Alison Snyman · 5 October 2026
The average new vehicle finance loan opened in South Africa in the second quarter of 2026 was R431,300, according to credit bureau data. At a typical rate of 12.75% over 72 months with no deposit, that is R8,694 a month, and on 5 October 2026 it reached 2,804 of the 4,115 vehicles for sale on Dryv.
South Africans borrowed an average of R431,300 for each new vehicle finance loan opened in the second quarter of 2026, according to credit bureau data. That is 5.5% more than a year earlier, while the number of new loans grew by only 1.1%, to 136,600. Buyers are not borrowing much more often. They are borrowing more each time.
What does a R431,300 car loan cost each month?
At a typical rate of 12.75% (prime plus 2) over 72 months with no deposit, a R431,300 loan costs R8,694 a month. That includes the R69 monthly service fee and the R1,207.50 initiation fee, which is added to the loan.
Over six years those instalments add up to R625,985. That is R194,685 more than the car's price, in interest and fees.
Your credit record moves the number. At prime plus 1 (11.75%) the same loan is R8,468 a month, and at prime plus 5 (15.75%) it is R9,391.
Does a deposit really make a difference?
It does, and more than people expect. Put R50,000 down on the same R431,300 car and the instalment drops to R7,697. Over 72 months you would pay R554,192 in instalments, plus the R50,000 up front: R604,192 in total, which is R21,793 less than borrowing the full amount.
My view: if you have a deposit, use it, and keep an emergency fund separate. Every rand you do not borrow is a rand you do not pay interest on for six years.
How many cars on Dryv cost R431,300 or less?
Most of them. On 5 October 2026, 2,804 of the 4,115 vehicles for sale on Dryv asked R431,300 or less: 1,988 used, 698 new and 118 demo. Of the used ones, 767 were SUVs and 642 were hatchbacks. There were 62 hybrids at that price or under, 28 of them used.
You can see them all on Dryv's car listings, where the price filter works the same way.
What does the top of that budget buy?
Between R400,001 and R431,300 there were 79 used vehicles on Dryv. The median one was a 2022 with 67,164 km, and 67 of the 79 were automatic. Forty-four were SUVs.
| Most listed at R400,001 to R431,300 (used) | On Dryv |
|---|---|
| Toyota Hilux | 11 |
| Toyota Corolla Cross | 8 |
| Ford Ranger | 7 |
| Haval H6 | 6 |
Toyota accounted for 24 of the 79. If you are shopping at this level for a bakkie, read our comparison of the used Hilux and Ranger first. The same money buys a very different age of bakkie depending on the badge.
Are South Africans falling behind on car loans?
Fewer are. In the second quarter of 2026, 6.4% of vehicle finance accounts were three or more months in arrears, down 1.15 percentage points on a year earlier, according to the same credit bureau data. There were 2.2 million vehicle finance accounts, with R604.8 billion owed between them, 8.0% more than a year earlier.
Read together: people are keeping up with their car payments, and the loans are getting bigger. The figure to watch is your own. An instalment that fits today has to fit for all 72 months.
Where do these numbers come from?
The loan averages, account numbers and arrears rates are credit bureau figures for the second quarter of 2026 (April to June). The cars are what Dryv listed on 5 October 2026. Monthly figures are Dryv's estimates at a typical rate of 12.75% (prime plus 2) over 72 months, including the R69 monthly service fee and the R1,207.50 initiation fee. They are estimates, not a quote.
Should the average loan be your budget?
No. The average is what other people borrowed, not what you can afford. Start from the monthly figure you can pay without touching your savings, then work back to a price. At the typical rate over 72 months with no deposit, R5,000 a month reaches a car of R246,000, and R8,694 reaches R431,300.
Before you sign, ask the dealer's finance office for the rate you have actually been approved at, the total you will repay, and whether there is a balloon. A balloon lowers the instalment by leaving a lump sum owing at the end.
Frequently Asked Questions
What is the average car loan in South Africa in 2026?
The average new vehicle finance loan opened in the second quarter of 2026 was R431,300, according to credit bureau data. That is 5.5% more than a year earlier.
How much is the monthly instalment on a R431,300 car loan?
At 12.75% over 72 months with no deposit it is R8,694 a month, including a R69 monthly fee and a R1,207.50 initiation fee added to the loan. It ranges from R8,468 at 11.75% to R9,391 at 15.75%.
How much does a R50,000 deposit save on a R431,300 car?
It brings the instalment down from R8,694 to R7,697 a month over 72 months at 12.75%, and cuts the total you pay by R21,793.
How many South Africans are behind on car payments?
In the second quarter of 2026, 6.4% of vehicle finance accounts were three or more months in arrears, down 1.15 percentage points on a year earlier, according to credit bureau data.
What cars can I buy for R431,300 on Dryv?
On 5 October 2026, 2,804 of the 4,115 vehicles on Dryv asked R431,300 or less, including 1,988 used vehicles. The most common used models between R400,001 and R431,300 were the Toyota Hilux and Corolla Cross.
