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Car Loans In Nigeria – See How To Access Car Loans



Car Loans In Nigeria - See How To Access Car Loans

Car Loans In Nigeria – See How To Access Car Loans

A car might be a liability for some people but it is also very important to have a car especially for a  family man. We all know how important having a car can be especially when you need to urgently visit a hospital in the middle of the night or need to go on a vacation or hang out with your family.

Although acquiring a car in this part of the world is difficult for many people especially low-income earners, so going for car loans is the best option to get yourself a car in Nigeria which we will be walking you through some companies that offer car loans in Nigeria.

Before we go into top car loans in Nigeria, let’s understand the concept of a Car Loan.


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What is Car Loan

A car loan which is also known as an automobile loan, or auto loan is simply a sum of money an individual/consumer borrows in order to purchase a car which is expected of him to pay back the full loan amount, as well as any interest.

Below are institutions that offer car loans in Nigeria which allows you to easily pay back conveniently.

How To Get Car Loans In Nigeria

1. Autochek financing

The first on our list is Autocheck financing, which is an automotive technology company that aims to build digital solutions. With Autochek financing, buying your choice of car is easy and convenient because they allow you to buy now and pay back monthly. In order to access the Autochek financing car loan follow the below steps:

  • Complete a short form on the Autochek website and get personalized cars to choose from
  • Select a car and review the terms of finance
  • Apply for a loan and receive personalized offers
  • Accept a loan offer and drive home your dream car

2. Betacar Financing

Betacar is another institution that offers car loans in Nigeria. Betacar is an e-commerce automotive platform with the aim of redefining the way car buying should be in Nigeria. Betacar Financing gives salary earners and structured business owners in Nigeria the opportunity to buy quality certified Tokunbo cars and pay over a period of 12-24 months.

What makes BetaCar one of the best car loans in Nigeria is that your car will be ready for pick up one week after submission of a complete application package. To access the Betcar car loan, go to the BetaCar website and follow the steps below

  • Search available cars to select your preferred car.
  • Use the simple car loan calculator on your selected car to check the upfront deposit required, the monthly repayment, and the period of payment.
  • Click on the “Apply for Loan” button and fill the pre-approval assessment form.
  • You will get an approval or rejection email within 10 minutes.
  • If approved, you will get an email listing the documents needed, so start preparing all your documents.
  • Visit Betacar HQ office for inspection and test drive.
  • Scan all required documents and submit them as a reply to the email address ([email protected]).
  • Betacar’s team will review and let you know once your application package is completed.

3. UBA Auto Loan

This loan is a product of the United Bank for Africa to provide you with the opportunity to drive your dream car, while you pay back without hassle.

The approved car brands for this scheme include Approved brands are Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Suzuki, Kia, and Volkswagen.

To get started:

  • Visit any of the approved auto vendor stores to obtain a Pro-forma invoice (PFI) for preferred items.
  • Visit a UBA branch to complete a loan application form.
  • Execute an offer letter detailing the loan terms and requirements, following approval of the loan.
  • Pick up your preferred automobile from the auto vendor.

4. FCMB Auto Loan

The First City Monument Bank (FCMB) auto loan is a consumer credit scheme that allows qualified individuals to the part-finance acquisition of cars for personal use.

Customers can own a car and pay over a period of time. This loan can be applied for on the FCMB loan portal or at FCMB branch locations. The loan is in two categories, namely FCMB Auto loan Alliance and Standard Auto loan.

  • FCMB Auto loan Alliance: With this, you have access to up to #30 million to get your dream Tokunbo car, at an interest rate as low as 20℅ per annum.
  • Standard Auto loan: If you are in structured employment or self-employed with regular income, you can get this loan to purchase vehicles from auto dealers who have been prequalified and have agreed to an SLA with the bank. You can borrow up to #30 million and pay over 12 to 60 months.

5. Cars45 financing

Cars45 brand is a platform that provides you with the opportunity to buy cars online and offline. Cars45 car financing allows you to get a car loan approval within 72 hours and pay for up to 12 months at a 2.5% monthly interest rate.

To qualify for this loan, you have to either be a salary earner or a registered business owner.

To get started:

  • Visit or any of Cars45 retail locations to begin your application
  • Select a car available for financing (Grade A, B, or C car with a maximum value of N3,000,000)
  • Fill in your details in the “Get Car Loan” section, and click “Get Prequalified”
  • Follow the prompt and answer all the questions presented
  • Click on “Submit” and a Cars45 rep will reach out to you within 24 hours

6. Stanbic Ibtc Vehicle and Asset Finance

This loan scheme is a product of StanbicIbtc bank to allow you to get financing for your car with flexible and affordable repayment terms.

To get the loan, you need:

  • A completed application form
  • Proof of income/evidence of salary
  • A proforma invoice for your vehicle or asset of choice (preferably from a Stanbic IBTC partner dealer)

Or you may visit StanbicIbtc’s nearest branch or call 01 422 2222 or email [email protected]

7. Access Bank Car Loans

Access Bank Plc. has varieties of car loan schemes you can choose from to own your dream car. They include:

  • Access More Mileage: This product provides you the access to get a brand new car for as low as ₦170,000 monthly. To get started, fill the interest form on the Access More Mileage portal and you will be reached by a member of Access Bank’s team, or visit the nearest Access Bank branch to you.
  • Easy Buy Finance with GAC Motors: You can get a brand new GAC GS3 or GAC GA4 at a low-interest rate with this scheme. To get started, fill the form on the Easy Buy Finance Scheme portal to get started and a member of Access Bank’s team will reach out to you. You can also visit the nearest Access Bank branch to you.
  • Hyundai Auto Loan Promo: With this, you can get selected Hyundai car models at an unbeatable interest rate with lots of freebies as a salaried, business, or corporate customer of Access Bank. To get started, visit the nearest Access Bank branch. You will be required to obtain a Pro forma invoice from Hyundai Motors addressed “Access Bank/Customer’s name”.
  • AutoClub by Access: This is a one-stop shop designed to meet all your automobile needs. You can access Access Bank’s exclusive auto services from vehicle purchase, maintenance, usage to disposal, and so much more. To get started, fill the interest form on the AutoClub by Access portal or visit the nearest Access Bank branch to you.

8. Creditville Auto Car Loan

This is a product of Creditville Limited – an asset management company and a private lending institution registered in Nigeria, with business interest in Consumer Finance, Real Estate, And Capital Markets.

The loan is for individuals in paid employment towards the acquisition of a personal vehicle(s), solely for private use. To get started:

  • Carefully go through the requirements for a car loan and if satisfied, fill the online auto lease application form adequately and submit your car loan application
  • You will be contacted by a Creditville agent to proceed to the vehicle inspection stage
  • All the paperwork required to secure the car loan is put together, assessed by Creditville’s agent, and subsequently hire Car Loan is approved.
  • The funds for you to buy the car is disbursed or the keys to one of the available vehicles are given to you

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9. FirstBank Automobile Loans

This loan scheme is a product of FirstBank of Nigeria to help you own your dream car within a short time frame. If you are an employee in paid employment, then, this loan is for you.

To get started, download the Auto Loan Application Form on the First Bank website. Complete the form and submit it at the nearest FirstBank branch. Other documents that would be required to process the loan include:

  • Application letter
  • Proforma Invoice from FirstBank-approved vendors
  • Payslip for the last three months
  • Statement of account
  • Letter of total emolument.

10. Opticom Finance Vehicle Finance Lease

This is a product of Opticom Finance Limited – a Non-Bank Financial Company operating since 1998. Opticom Finance aims at giving an exceptional car ownership experience to customers through easy, flexible, and convenient financing. Opticom can also assist you in financing pre-used vehicles.

To get started, go to the vehicle finance lease portal, enter your details, and click the calculate button to calculate the monthly payments.

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