Six (6) Car Loans You Can Apply In Nigeria 2022

Six (6) Car Loans You Can Apply In Nigeria 2022

Having a car might seem to be a liability some of which is not wrong but we all know having a car is important 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.

Research has shown that 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 as we will be walking you through some car loans you can apply in Nigeria.

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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.

Six (6) Car Loans You Can Apply In Nigeria 2022

1. Autochek Financing Car Loan

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 at https://autochek.africa/ng 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. 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.

3. 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.

4. 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].

5. 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 out 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 out 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 out the interest form on the AutoClub by Access portal or visit the nearest Access Bank branch to you.

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6. 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.