Instalment Calculator
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Total purchase / cash price
The purchase price refers to the total purchase price of the vehicle, including VAT and optional extras.
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Include optional extras and VAT
Please enter an amount
Deposit
A deposit is an amount paid by the borrower, to reduce the finance or loan amount required. A deposit is not always required when financing a motor vehicle.
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Loan amount
The loan amount is the amount that will be financed by the bank and is the amount used to calculate the basic monthly instalment.
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Interest rate
The percentage annual interest rate applicable to the transaction. The rate can be fixed or linked to the prime interest rate. The default rate is set at Prime +3%
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Interest must be between 1% and 35%
Balloon payment
The balloon percentage is the balloon lump sum payment expressed as a percentage of the finance amount. The Balloon amount is payable at the end of the term of the agreement.
Repayment period
The term refers to the number of months over which the loan will be repaid. The maximum repayment period is 72 months.
Subject to year and model of vehicle
Please select a Payment Period
First payment date
This is the date of your first debit order. The 1st payment date may not exceed 60 days from the day of signing the contract and taking delivery of your vehicle. Maybe - A good practice is for your debit order to go off on your payday.
Please select a First payment date
Compulsory initiation fee
Once off.
Once off.
The initiation fee is a compulsory once-off bank fee that is charged when opening a new account in terms of the National Credit Act. The initiation fee can be financed as part of the loan (this is generally the case), or paid separately.
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Monthly admin fee
The monthly admin fee is a monthly bank fee that is charged for the administration of an account in terms of the National Credit Act.
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Monthly repayments
The basic monthly repayment refers to the amount which is paid to the bank every month, including the admin and initiation fees.
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Disclaimer
All calculations made on calculators supplied on this site, together with rates quoted, are guidelines only and are subject to confirmation at the time of finalising any transactions. Since MFC has no control over the information and variables entered by the user, figures generated by the calculators will not be binding on the bank.
The user indemnifies MFC against any loss or liability, of whatsoever nature that maybe caused or brought about, directly or indirectly which the user may suffer as a result of the use of any calculator. The site and all information provided on this site and the services provided on this site, are provided as is. The information provided on this site should not be treated as professional advice of any kind.
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