For most Nigerians, buying a car whether new or Tokunbo is a huge financial decision that often requires getting a loan. This is because only a few Nigerians can purchase a car conveniently without having to take a loan. If you are one of the many Nigerians that need a loan to finance the purchase of your dream vehicle, then you are on the right page. In this article, we have carefully reviewed some car loan companies in Nigeria.
List of car loan companies in Nigeria.
There are different auto-financing companies in Nigeria. The majority of these lending organizations are either independent or affiliated with notable banks in Nigeria. Here is a list of car loan companies in Nigeria.
1. First Bank of Nigeria Auto Loan:
The First Bank of Nigeria (FBN) has designed this loan to help you purchase the car of your dream. Also, Businesses registered in Nigeria can also apply for this loan option to acquire vehicles for their day-to-day activities. The FBN Auto loan has a maximum loan amount of #15 million, a maximum tenor of 48months, and an interest rate of 22%. To find out about this loan option, visit their official website at www.firstbanknigeria.com
2. Access Bank Group (Vehicle Finance)
The vehicle finance is a product of the Access Bank Group. They design this product to enable their customers to acquire their dream cars in a financially convenient way. To apply for this loan, all you have to do is visit their official website at www.accessbankplc.com. The maximum loan tenor is 48 months, and they finance only vehicles sold by the bank’s accredited dealers.
3. First City Monument Bank ( FCMB Auto Loan)
The FCMB auto loan is a consumer credit scheme. It allows customers of the FCMB to own the dream car of their choice and conveniently spread the payments over a period. With the FCMB auto loan, you have access to about #500,000 to #3 million. The tenor or payment is between 12 to 60 months, depending on the type of car and the amount they borrow you. To learn more about this loan option, visit www.fcmb.com/auto-loan
This is an online marketplace for people who are looking to sell used cars. Asides from this, they also have car loan options to help customers finance the purchase of their vehicle of choice. They specifically design this loan option for income earners, who have a proven source of income. Their interest ranges from 28% to 48% depending on the vehicle you are purchasing, and they offer a maximum loan tenor of 18 months. To learn more, visit www.cars45.com.
Creditville is one of the notable digital lending platforms in Nigeria. They provide soft loans to their customers to cater to their various needs. Asides from this, they also offer auto loans to their customers. They design this product to enable the purchase of their vehicle of choice easily. To apply for the Creditville car loan, all you need to do is visit their official website at www.creditville.com. Fill out the online car loan form, their agent will contact you if they approve your application.
Please note, that the Creditville auto loan is not available for commercial purposes. Like other lending organizations, this loan option is only available for personal use.
6. United Bank of Africa (UBA Auto loan)
UBA is one of the top guns in the Nigeria Banking Industry. Over the years through quality customer experience and service, they have risen through the ranks. They design the UBA auto loan option to help customers upgrade their car to a higher model or to purchase a new one. This option provides customers with a maximum loan amount of #15 million and a maximum tenor of 48 months. To learn more, visit www.ubagroup.com.
The joy of having the car of your dream and becoming a car owner is incomparable. If you are looking to finance the purchase of your dream car through auto loans, you can leverage any of the institutions we have listed in this article.
It’s also important to know that getting a car loan is one thing and taking proper care of the car so you don’t have to keep wasting money on fixes while servicing the loan. Educate yourself on DIY tips and other helpful car resources on reputable car blogs so you can be able to save while servicing your loan.