Check your vehicle loan affordability on Avo Auto

Avo Auto has changed the way South Africans can buy cars. Whether new or used, from a dealership or a private seller, you can find whatever you need on this digital platform, right there on your smart device. Choose from a wide range of vehicles with something to suit all budgets, sold by trusted dealerships that have been carefully vetted by Avo Auto. Save yourself the time, effort and expense of driving from dealership to dealership.

Affordability will be a key factor when you apply for vehicle finance. You don’t want to find your dream car online, set your heart on making it yours, and then discover that you can’t afford the monthly loan payments. Happily, Avo Auto allows you to work out affordability before you even start browsing the huge range of vehicles in stock.

The costs of owning a car go beyond loan payments, of course. You will also face running costs such as insurance, fuel and maintenance. You need to factor those costs into your monthly budget as well as your loan instalments to get an accurate picture of what you can afford. That’s why Avo Auto offers 2 dynamic calculators to help you calculate affordability more accurately, using a holistic assessment of your credit report and all your income and expenses.


Optimise your car purchase with the Avo Auto finance calculator

The 2 calculators on Avo Auto are the affordability calculator and the instalment calculator.


Affordability calculator

This calculator estimates how much you can afford to pay towards a vehicle every month, based on your specific financial circumstances. You enter your personal information, including your total income and total expenses, and give MFC, a division of Nedbank, permission to do a background check on your credit report and credit score with a credit bureau. The calculator then works out how much you can afford to pay towards a car loan every month. ‘This helps us tell the client that there is a good chance of them getting finance for the deal, should they do the full application,’ says Johannes O’Kelly, Avo Auto Product Manager.


When you find a set of wheels you want to buy, you can even apply for MFC vehicle finance directly through Avo Auto


Instalment calculator

Along with the car’s purchase price and the size of the deposit you can pay, this calculator applies factors like the loan term and interest rate, to give you an estimate of the monthly instalment on the vehicle loan. It’s a handy tool to use with the affordability calculator, because it will help you identify cars listed on Avo Auto that are within your budget. You can also adjust factors like the loan term on the calculator – to check, for example, whether the instalments on your dream car will be more manageable if you take a loan over a longer term.

If you’re in the market to buy a car, the Avo Auto calculators will make it easy for you to determine affordability. And when you find a set of wheels you want to buy, you can even apply for MFC vehicle finance directly through Avo Auto.

Did you know that if you take out MFC vehicle finance and open a Nedbank MiGoals Plus or MiGoals Premium account, you can get R200 a month cashback for the duration of your loan? For an affordable car loan suited to your circumstances and value-added extras like cashback, choose the bank that’s best for your money.