CAR LOANS IN NIGERIA
Having a car is one of the average Nigerian dreams. A possession that helps to convey movements from one place to the other. Recently, traveling from one part of the country or state to another can be safer if one has a personal car.
Some families are faced with the challenge of having to transport their wards to school and easy movement from home to work daily. Though, different people have several reasons for owning a car as a possession. While some intend to commercialize it, others might prefer to have it for personal or family use.
Car Loans Explained – How to get a Car Loan in Nigeria
Restrictions of having a car by most Nigerians is lack of finance to get one. Many people may make more money to acquire a car in six months, but might not be able to save such an amount to buy a car at once.
In this light, Nigerians do opine to go for a car loan from organisations that offer it and pay it gradually till they complete the loan payment.
This is a list of the top institutions that grant car loans in Nigeria.
CAR LOANS IN NIGERIA
UNITED BANK OF AFRICA (UBA) AUTO LOAN.
United Bank of Africa is ranked one of the best commercial banks in Nigeria and Africa. They can easily land you your dream car on a loan request. They provide car loans to individuals interested in achieving it with them.
The bank works with some specific auto brands. This includes Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Kia, Volkswagen, and Suzuki.
To get a car loan from UBA, you are too;
- Approach any of the aforementioned vendor stores to collect a Pro-forma invoice (PFI) for the kind of car you wish to purchase.
- Go to any UBA branch to complete a loan application form.
- If your loan is approved, you would be given an offer letter by the bank. The offer letter would include the requirement and terms of the loan.
- You can go ahead to receive the car from the automobile store.
By that, you are now an owner of a car, and you will be asked to pay back during a period.
FCMB is also another financial bank that offers car loans to individuals that meet their criteria. They have the FCMB Auto loan Alliance and Standard Auto loan. These two portals on the FCMB platform can be gotten if you visit any FCMB branch.
The FCMB Auto alliance will grant you up to #30 million worth of car loan. You can purchase a car of your dream even if it is worth up to #30 million naira. The interest rate is 20% per year. The total amount would be spread across the months in the year of payment.
The standard Loan is provided for the self-employed business of those who are employed. The essence of your job is to confirm a stable income for the individual. You will be asked to sign an SLA with the bank. You can also get up to #30 million from the bank and can make repayment from 12 months to 60 months.
STANBIC IBTC VEHICLE AND ASSET FINANCE
Stanbic Bank also grants loans especially for the purchase of cars. You will be allowed to pay conveniently in months. You can start using the car you desire before full payment is made.
You just have to:
- Complete an application form from the bank.
- Documents or any proof of your income or salary.
- Proforma invoice received from the auto dealer you approached. Stanbic IBCT also has preferred dealers, which will make it easy for you.
Visit an IBTC branch to get more information on a car loan or reach their customer car on 01422222. You can also send a mail to customerCareNigeria@stanbicibtc.com
ACCESS BANK CAR LOANS
Access bank have numerous options for customers who want to obtain a car loan. You can choose from the four schemes provided by the car in acquiring your car.
Easy Buy Finance with GAC Motors
The Easy Buy Scheme Portal will give you a form to fill out. After this step, an agent from Access bank would take it from there and contact you on your request. You can get a new car from GAC GAC3 or GAC GA4. The loan term and repayment will be discussed by the bank. The interest rate is a little different from the price the car is worth.
Access More Milage
Access bank through this medium allows you to pay as low as #170,000 monthly to cover your car loan. Getting started requires you to fill an interest loan and expect a response from the bank soon enough. Visit an access bank to initiate the process.
Hyundai Auto Loan Promo
If you are a customer of Access bank, and you have a source of income, you can visit Hyundai Motors and obtain the Pro forma invoice. The invoice would be addressed to the bank with your bank account name. Other benefits come with this loan that is given by Hyundai. The loan interest is low and not negotiable.
Access bank provides this platform for people to be able to get loans on several automobile needs. Including purchasing a new car and auto services. Go to the nearest Access bank, fill the interest form, and get started.
Betacar platform is a scheme that focuses on getting cars for those who require it but can’t afford to get in a single payment. Betacar financing allows car loans to be paid within 12month-24months. Business owners and salary earners with a well-structured account can have access to a car loan and make payments monthly.
You can have access to your car within the next five working days if your application is approved. Follow the procedures below to submit Your application on Betacar official website.
- Look for cars available on the website and choose your favourite.
- Check the details about purchasing the car. This includes the initial deposit that would be made before taking the car, the monthly payment, and the span of the payment.
- You will need to fill the pre-approval assessment form. Click “Apply for a loan” to open the page.
- The result of your approval or rejection would be sent to you within 15minutes.
- On approval, you would be sent an email on documents that would be needed from you.
- You can visit the HQ of Betacar and test the car you applied for.
- Send all the documents required to email@example.com. You will have to scan the documents.
- After the review of the document, Betacar agents will let you know. You can then have access to your new ride.
CREDITVILLE AUTO CAR
This asset management company gives car loans to individuals in paid employment. They grant car loans for personal use only. They are involved in private assets, as such, they don’t give loans to cars meant to be used for commercial purposes. The procedure to acquiring a car from Creditville are;
- Fill auto lease application form after you have found a soothing car of your choice. Apply for a review.
- Creditville agent will get in touch with you if you are qualified for the inspection of the car.
- A review of every necessary document is done by Creditville. If the documents are intact, your application can be approved.
- In a case where they have the car, they hand over the key to you. In other cases, you can be given the fund to purchase the car.
No doubt, it’s an easy process if the right documentation is in place.
This organization works online and offline. Their approval doesn’t take long before your application is accepted. The interest rate is just 2.5% per month. A very comfortable and convenient measure to take. Only business owners that are registered and salary earners can have access to Car45 car loans. It’s to ensure the payback effectiveness.
To request a loan on Cars45 you should;
- Go to their physical office or visit their official website buy.cars45.com
- You can only get a car no more than 3million naira. So while selecting a car, you should consider Grade A, B, or C.
- Click on “Get Car Loan” and fill in your details. After that, you can click “Get Prequalified.”
- Answer all necessary questions.
- Submit your information and the company would get across to you if you are qualified for the car loan.