1. What is the FNB Vehicle Repayment Calculator?

The FNB Vehicle Repayment Calculator helps you estimate your monthly car loan payments using the standard amortization formula. It calculates your monthly installment based on the loan amount, interest rate, and loan term.

2. How Does the Calculator Work?

The calculator uses the vehicle repayment formula:

Where:

• \( M \) — Monthly payment (ZAR)
• \( P \) — Principal loan amount (ZAR)
• \( r \) — Monthly interest rate (decimal)
• \( n \) — Loan term in months

Explanation: This formula calculates the fixed monthly payment required to fully amortize a loan over its term, accounting for both principal and interest.

3. Importance of Vehicle Loan Calculation

Details: Accurate vehicle loan calculations help you budget effectively, compare financing options, and understand the total cost of vehicle ownership before making a purchase decision.

4. Using the Calculator

Tips: Enter the loan amount in ZAR, annual interest rate as a percentage, and loan term in months (typically 12-84 months for vehicle loans).

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for vehicle loans?
A: Interest rates vary based on credit score, loan term, and vehicle type, but typically range from 7% to 15% in South Africa.

Q2: What loan terms are available for vehicle financing?
A: Most lenders offer terms from 12 to 84 months (1 to 7 years), with 60 months being common.

Q3: Does this include insurance and other fees?
A: This calculator shows only the principal and interest. Additional costs like insurance, registration, and maintenance are separate.

Q4: Can I calculate with a balloon payment?
A: This calculator assumes standard amortization. For balloon payment calculations, specialized tools are needed.

Q5: How accurate is this calculator compared to bank quotes?
A: This provides a close estimate, but actual bank quotes may include additional fees and specific terms.