Cars can be necessities even if some people may view them as a luxury. If you need to travel to the hospital in the middle of the night, go on a family vacation, or just hang out, you’ll appreciate having a car even more. Mobility is typically made simple and convenient by personal vehicles.
However, due to their poor income, many people may find it challenging to own an automobile. Therefore, getting a car loan is the ideal way to realize your desire of owning a brand-new vehicle.
In Nigeria, a number of banks offer automobile loans that are convenient to repay.
The best vehicle loans in Nigeria are listed below:
- Betacar Financing
Betacar is an online automotive marketplace determined to redefine the process of buying a car in Nigeria. A quality certified Tokunbo car can be purchased through Betacar’s lending program, known as BetaCar Financing, which offers salaried individuals and owners of structured businesses in Nigeria the chance to pay over 12 to 24 months.
The most intriguing aspect of BetaCar financing is that your vehicle should be available for pick-up one week after a complete application package has been submitted. Visit the BetaCar website to get started, then:
- To choose the car of your choice, search the inventory.
- Check the upfront deposit needed, the monthly repayment, and the length of payment using the straightforward car loan calculator on the vehicle you’ve chosen.
- Fill out the pre-approval assessment form by clicking the “Apply for Loan” button.
Within 10 minutes, you will receive an email confirming your approval or rejection.
- Prepare all of your documents now because you will receive an email detailing the required documents if you are authorized.
- Visit the Betacar headquarters office and take a test drive.
- Send a reply email to firstname.lastname@example.org with a scan of each required document.
- When the Betacar team has finished reviewing your application package, they will inform you.
2. UBA Auto Loan
The goal of this loan, a United Bank for Africa product, is to provide you the freedom to drive the car of your dreams while making easy payments.
For this program, certain car manufacturers are authorized. Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Suzuki, Kia, and Volkswagen are among the approved brands.
In order to begin:
- To get a pro-forma invoice (PFI) for favored items, go to any of the authorized auto vendor stores.
- To fill out a loan application, go to a UBA location.
- Execute an offer letter outlining the conditions and terms of the loan after it has been approved.
- Pick up your selected car from the car dealer.
3. Autochek financing
The goal of the automobile technology firm Autochek is to create digital solutions. By enabling you to purchase now and make monthly payments, Autochek financing makes it easier for you to purchase the car of your choosing. In order to begin:
On the Autochek website, fill out a brief form to access a selection of customised vehicles.
– Choose a vehicle and study the finance conditions
-Apply for a loan and get options that are unique to you.
-Accept a financing offer and take your ideal vehicle home
4. FCMB Auto Loan
This is a consumer credit program offered by FCMB that enables qualified people to partially fund the purchase of cars for their own usage.
Customers have the option of purchasing a car and paying over time. Both the FCMB loan online and FCMB branch locations accept applications for this loan. The loan falls within the FCMB Auto loan Alliance and Standard Auto loan categories.
- You can use the FCMB Auto Loan Alliance to access up to #30 million at an interest rate as low as 20c/o per year in order to purchase your ideal Tokunbo vehicle.
- Typical Auto Loan: You may obtain this loan to buy cars from prequalified auto dealers if you have a regular source of income through structured employment or self-employment.
- Finance from Cars45
You can purchase automobiles both online and off-line through the Cars45 brand platform. You can apply for a car loan through Cars45 within 72 hours, and you can pay for it over a period of up to 12 months at an interest rate of 2.5 percent per month.
Either you must be a salary earner or a registered business owner to be eligible for this loan.
In order to begin:
- To start your application, go to buy.cars45.com or any of the Cars45 retail locations.
- Choose a vehicle that can be financed (Grade A, B, or C car with a maximum value of N3,000,000)
- Click “Get Prequalified” after entering your information in the “Get Car Loan” box.
- Answer each question that is asked while adhering to the instruction.
- After clicking “Submit,” and a representative from Cars45 will contact you within 24 hours.
- Stanbic Ibtc Asset and Vehicle Financing
This lending program, a Stanbic IBTC Bank creation, enables you to obtain auto finance with flexible and inexpensive repayment options.
To qualify for the loan, you must:
Filled-out application form
– Evidence of income or pay as proof
-A proforma invoice for your selected car or asset (preferably from a Stanbic IBTC partner dealer)
– You can also call 01 422 2222, go to the nearest StanbicIbtc branch, or send an email to CustomerCareNigeria@stanbicibtc.com.
7. Payday Loans Creditville Auto
This is a product of Creditville Limited, a private lending institution and asset management firm registered in Nigeria with a focus on capital markets, real estate, and consumer finance.
The loan is intended for people with steady work who want to buy a personal vehicle (or vehicles) exclusively for their own use. In order to begin:
- Examine the prerequisites for a car loan carefully, and if you are pleased, fill out the online auto lease application form completely and submit it.
- A Creditville representative will get in touch with you to start the car inspection process.
- The paperwork needed to obtain the car loan is assembled, reviewed by Creditville’s representative, and then hired Car Loan is approved.
- You receive the money needed to purchase the vehicle or the keys to one of the available cars.
- FirstBank Car Lending
The goal of this financing program from FirstBank of Nigeria is to give you quick access to the car of your dreams. This loan is for you if you are an employee who has a job that is paid.
Download the Auto Loan Application Form from the First Bank website to get started. Fill out the form, then deliver it to the nearby FirstBank location. In order to process the loan, additional paperwork would be needed, including:
- Submission letter.
- Proforma Invoice from a Vendor Licensed by FirstBank.
- Pay slip from the previous three months.
- Account Statement.
- Total emolument letter.
- Car Loans from Access Bank
You can choose from a variety of car loan programs offered by Access Bank Plc. to purchase your ideal vehicle. They consist of:
- Access More Mileage: With the help of this product, you may purchase a brand-new vehicle for as little as 170,000 Korean won every month. To get started, fill out the interest form on the Access More Mileage site, and a representative from Access Bank will contact you, or stop by the Access Bank branch that is most convenient for you.
- Easy Buy Finance with GAC Motors: With this program, you can purchase a brand-new GAC GS3 or GAC GA4 at a cheap loan rate. Fill out the form on the Easy Buy Finance Scheme website to get going and become a member of Access.
- Hyundai Auto Loan Promo: If you’re an Access Bank salaried, business, or corporate customer, you can take advantage of this promotion to receive a variety of Hyundai automobile models at an unbelievable interest rate with tons of goodies. Go to the Access Bank location that is the closest to you to get started. You must get a pro forma invoice from Hyundai Motors with the recipient’s name as the “Access Bank.”
- Access AutoClub: This one-stop shop was created to accommodate all of your car-related needs. You can take use of Access Bank’s exclusive auto services, including those for buying, maintaining, using, disposing of, and much more. Fill out the interest form on the AutoClub by Access web or go to the Access Bank branch that is closest to you to get started.
- Opticom Finance Car Loan Lease
This comes from Opticom Finance Limited, a non-bank financial institution that has been around since 1998. Through simple, adaptable, and convenient financing, Opticom Finance seeks to provide consumers with an amazing experience of car ownership. You can get help from Opticom financing secondhand cars as well.
Visit the auto finance lease portal, fill out the form with your information, and then click the calculate option to determine your monthly payments.