Owning a car is one of the most exciting experiences in a person’s life because it makes life much simpler, and you can stop battling with public transportation. Many people believe they must save up money for a long period before buying a car, but there are quick ways to do this by using Nigerian banks that offer car loans.
For most Nigerians, purchasing a new or Tokunbo car is a significant financial choice that frequently necessitates taking out a loan. This is because few Nigerians can easily buy a car without taking out a loan.
You’ve come to the correct page if you’re one of the many Nigerians who need a loan to purchase their ideal car. Some banks in Nigeria offer simple-to-obtain loans, and the application process is not as difficult as you may imagine. This article will thoroughly examine the 5 Nigerian banks that offer car loans.
5 Nigerian banks that offer car loans- Easy to Get Car Loan
Below are the 5 Nigerian banks that offer car loans– Easy to Get Car Loan
Access Bank Group (Vehicle Finance)
Vehicle finance is a product of the Access Bank Group. They design this product to allow their customers to acquire their dream cars financially conveniently. Holders of salary accounts, SMEs, and corporations are all eligible for this deal. The bank also collaborates with many different car manufacturers and models. All you need to do to register for this loan is to go to www.accessbankplc.com, which is their official website. They only finance cars that are bought from dealers who have been approved by the bank, and the maximum loan term is 48 months. Access Bank is one of the best Nigerian banks that offer car loans.
Access Bank car loan features
- Available to people with salaried incomes, SMEs, and corporations.
- A minimum equity contribution of 10% of the invoice’s worth.
- Reasonable cost.
- A duration of up to 48 months.
- A large selection of suppliers to choose from.
First City Monument Bank (FCMB Auto Loan)
First City Monument Bank is one of the best Nigerian banks that offer car loans. An example of a consumer credit scheme is the FCMB auto loan. It enables FCMB customers to conveniently spread out payments over time while owning the dream car of their choice. You can borrow between $500,000 and $30 million with an FCMB car loan. Depending on the type of vehicle and the amount they lend to you, the tenor, or payment, ranges from 12 to 60 months. Go to www.fcmb.com/auto-loan to find out more information about this loan choice.
FCMB car loan features.
- Amount of auto loans: up to $30 million.
- Annual interest rates as low as 20%.
- Equity contributions start at just 30%.
- Maximum 36-month payback period for loans.
United Bank of Africa (UBA Auto loan)
One of the leading banks in the Nigerian banking sector is UBA, one of the best Nigerian banks offering car loans. They have advanced through the ranks by providing excellent customer support and experiences over the years. They created the UBA auto loan choice to assist customers in either upgrading their vehicle to a newer model or purchasing a new vehicle. Customers can choose this for loans up to $15 million with a maximum term of 48 months. Toyota, Honda, Mitsubishi, Mercedes, Hyundai, Ford, Nissan, Suzuki, Volkswagen, and Kia are among the authorized car brands.
UBA car loan features
- Having access to reliable car retailers and dealers.
- Convenient conditions of up to 48 months for repayment.
- Competitive interest rates.
- Compulsory tracking of vehicles and comprehensive insurance.
- Vehicle tracking and minimum comprehensive insurance.
Stanbic IBTC is one of the best Nigerian banks that offer car loans. Car loans are available from Stanbic IBTC Bank for both new and used cars, with a maximum credit amount of $15 million and a term of 48 months. The deal extends to all automobile brands. The bank gives both new and current customers a chance to purchase the car of their desires with a structured, convenient, and affordable repayment plan.
Stanbic IBTC car loan features.
- Competitive interest rates.
- A wide selection of partner dealerships to assist you in finding the best vehicle.
- Flexible payment terms with a tenure of 4 years.
- A monthly electronic statement that shows the payments you’ve made
- First Bank of Nigeria Auto Loan
First Bank of Nigeria is one of the best Nigerian banks that offer car loans. This loan was created by the First Bank of Nigeria (FBN) to assist you in getting the vehicle of your dreams. Additionally, Nigerian-registered businesses can apply for this loan choice to buy vehicles for use in daily operations. The highest loan amount for the FBN Auto Loan is $15 million, and its maximum term is 48 months. Its interest rate is 22%. Visit the company’s official website at www.firstbanknigeria.com to learn more about this loan choice.
A car loan is an easier method to finance a vehicle purchase than making a sizable down payment. More banks are developing convenient and flexible auto financing to make it simpler for their customers to fulfil their desire to own a vehicle. Being a vehicle owner and having the car of your dreams are two experiences that cannot be compared. You can use any of the banks listed in this article if you’re seeking to use auto loans to pay for the purchase of your dream car.
It’s also crucial to understand that obtaining a car loan is one thing, and maintaining the vehicle properly is another, so you don’t have to keep spending money on repairs while paying off the loan.