Find out how long vehicle finance approval typically takes in South Africa and how to speed up the car financing process with the right preparation.
29 May 2025 · Fiona Zerbst
Vehicle finance is a specific type of loan that allows you to spread the cost of your vehicle over several months or years, instead of paying for it upfront in one go. It makes the payments for an otherwise unaffordable car more manageable within your monthly budget. Vehicle finance approval timelines vary widely, depending on your credit score, how organised you are, and the lender’s requirements.
This guide explains how long you might typically have to wait for your vehicle finance to be approved, factors that may slow down the process, and ways to fast-track your application and get behind the wheel more quickly.
Tip: JustMoney’s vehicle finance calculator helps you estimate your monthly car repayments and the interest you’ll pay over the loan term.
Once you’ve found the right car, the next question is how long loan approval will take. Several factors can affect the timing, so it’s helpful to know what to expect.
Navigating the finance process at dealerships can vary in speed, largely influenced by the lender’s procedures. While some lenders offer fast approvals within the same day or 24 hours, others may take several working days, particularly if an automated decision isn’t possible.
“Keep in mind that if you apply over a weekend or before a public holiday, your application will only be processed once business hours resume,” says Dumisani Zwane, executive: sales channels at Nedbank’s Motor Finance Corporation (MFC).
Additionally, finance providers might request further information before finalising their decision, potentially prolonging the process. Nonetheless, approval can be quick. According to Lebogang Gaoaketse, head of marketing and communication at WesBank, WesBank customers, for example, typically receive approval notifications within 15 minutes to an hour.
"Because lenders use different systems and processes during the application stage, the feedback time will differ from lender to lender,” explains Gaoaketse.
Factors that affect approval time
Several factors influence the approval time for vehicle financing. Here is what helps speed things up:
Automated systems can quickly approve applications from applicants with strong credit profiles, leading to instant approval.
Where manual approval is necessary, an application may require further review and take longer.
“A manual decision requires a person to review the finance application because an automated decision couldn’t be made. This can occur if a client asks to borrow much more or less than the amount typically approved for a car of a specific value, or in the case of affordability constraints,” Zwane explains.
Not all lenders offer pre-approval. Some may require your most up-to-date information or specific details regarding the vehicle you want to purchase, for example.
Where they do offer pre-approvals, you’ll need to submit financial information so the lender can determine the loan amount you qualify for.
Check if your potential lender has an online application tool. If you qualify, the automated process can provide quick finance approval.
This will help you work out a budget and streamline the purchasing process, says Gaoaketse.
Pre-approval is essentially a lender’s initial assessment of you as a potential client, based on your credit profile and basic financial information. It indicates whether you’re likely to qualify for a vehicle loan.
“Obtaining pre-approval involves submitting your financial information to determine the loan amount you qualify for,” says Gaoaketse.
It’s important to understand that pre-approval isn’t a final loan offer. Instead, it’s a way to know how much you can afford, and it shows a lender you’re a serious buyer ready to purchase.
If your finances have already been reviewed, the final loan process can be quicker, provided nothing has changed since you applied.
The timeline for vehicle loan pre-approval is usually relatively short, especially if your documents are in order.
You could know within 10 minutes whether you’ve been pre-approved, says Gaoaketse.
Once you’ve selected a vehicle, submit the details to your lender so they can finalise the loan offer.
“The transition time can vary, but it’s generally a few hours if all your information is in order,” Gaoaketse points out.
Most South Africans can’t afford to pay cash for a car, which is why you’ll usually need vehicle finance – although getting approved isn’t necessarily automatic. Challenges you may face could include having a low or irregular income, a poor credit score, too much existing debt, missing documents, or no deposit.
The good news? Many lenders offer flexible options and are willing to help, especially if you have worked to improve your credit score, and have the right paperwork ready.
With a bit of preparation, getting car finance should be within your reach, provided you meet the affordability requirements and have a decent credit score.
Register now to check your credit score with JustMoney.
The table below lists South Africa’s main vehicle finance providers, along with key features that can help guide your decision when choosing a lender.
Financial institution |
Interest rate range |
Special features |
Absa vehicle and asset finance |
Personalised to align loan terms with borrower profiles |
Finance terms of 24 to 72 months Islamic banking vehicle finance options Balloon payments available |
Capitec vehicle finance |
Personalised to align loan terms with borrower profiles |
Terms up to 72 months Partner to WeBuyCars and The Car Place Balloon payments available |
Nedbank Motor Finance Corporation (MFC) |
Personalised to align loan terms with borrower profiles |
Terms up to 96 months Step payment plan (a type of financial arrangement in which payments increase or decrease at certain intervals over the life of the plan, which is different from a standard instalment plan). Up to 90 days to first instalment. |
Standard Bank vehicle and asset finance |
Personalised to align loan terms with borrower profiles |
Terms up to 84 months |
WesBank |
Personalised to align loan terms with borrower profiles |
Terms between 12 and 96 months Virtual dealership for ease of car shopping Balloon payments available |
Vehicle finance allows you to buy a car without paying the full amount upfront. Your lender pays the dealer on your behalf, and you repay the finance provider in monthly instalments over an agreed period, typically between 12 and 72 months, although it’s sometimes possible to negotiate longer loan periods.
No, there are no significant differences, although loans for second-hand vehicles tend to have shorter repayment periods.
The process for applying for finance is the same.
Gaoaketse notes the following distinctions:
New vehicles
Used vehicles
Lenders will provide financing options for both new and used vehicles, considering their condition and value.
Various financing options may be available to you. These include:
Here are some steps to follow before you apply for vehicle finance, to improve your chances of approval and potentially secure better loan terms.
Gaoaketse says the following factors will be assessed:
Lenders are most interested in your credit score and affordability, Zwane notes.
“A lender will calculate your discretionary income – your take-home pay minus living expenses and existing debt repayments – to determine if you can afford the new vehicle repayments,” he says.
“High debt levels will impact the lending decision, so make sure you’re not overindebted.”
Both MFC and WesBank, for example, require the following documents from vehicle finance applicants:
These documents help verify your identity and financial status, and the specifics of the vehicle you’re financing.
Boosting your chances of vehicle loan approval is all about proving to lenders that you’re a reliable, low-risk borrower, says Zwane.
Here are some practical tips:
Here are some tips to help you make a considered decision before applying for vehicle finance.
Tip: JustMoney’s vehicle finance calculator helps you determine what vehicle you can afford.
Free tool
info@justmoney.co.za
4th Floor, Mutual Park, Jan Smuts Drive,
Pinelands, Cape Town, 7405
© Copyright 2009 - 2025 · Powered by NCRCB29
Terms & Conditions
·
Privacy Policy
·
PAIA Manual
View your total debt balance and accounts, get a free debt assessment, apply for a personal loan, and receive unlimited access to a coach – all for FREE with JustMoney.