How to apply for Cars45 car loans

Aug 25th, 2021

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Cars45 car loans work like an asset finance scheme that allows you to get a loan approval within 72 hours, receive the car, and pay up over time. Basically, as things stand, you can repay the loan over a maximum of 12 months and at a 2.5% monthly interest. Here is everything you need to know about one of the best car loans in Nigeria.

Cars45 Car Loans
Cars45 Car Loans

Who is eligible for the Cars45 car loans?

There are certain requirements that you must meet to apply for the Cars45 car loans. Basically, it is the fact that you must have a stable source of income, with proof from your past few bank statements. Therefore, only salary earners and registered business owners are eligible to apply. All unstable and non-income earners cannot apply. For more inquiries, you can call +234 818 984 0160. You can also read more on how to get car loans in Nigeria.

How do I Apply for Cars45 Car Loans?

To apply for a car loan, follow the steps below:

  1. Visit their official website at https://buy.cars45.com or any of their retail locations to begin
  2. Select your preferred type of car financing from an option of a Grade A, B, or C car which has a maximum value of N3,000,000
  3. Supply your details they request for in the “get a car loan” section and click on “Get Prequalified”
  4. Furthermore, follow the prompt and answer the subsequent questions
  5. Finally, click submit, and a Cars45 representative would reach out to you within 24 hours

Get a loan up to N100,000 at the best affordable rates in Nigeria

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What documents do I need for Cars45 car loans?

During your application process, you would need to provide the following:

  1. A filled copy of the application form printed from their website
  2. Valid ID Card (e.g. voter’s card, driving license, national identity card, international passport)
  3. Utility bill that is not older than 3 months from your date of application
  4. Employment letter for salary earners or CAC document for business owners
  5. Six months bank statement for salary earners or one-year bank statement for business owners

What cars are available under the Cars 45 car loans?

The Cars45 car loans are split into three major categories according to the grade of the car. Basically, each car either has a grade, A, B, or C rating, depending on its quality. The better the grade, the more expensive the car. However, the categories have a maximum value of N3,000,000.

Do I need to pay any contribution to finance the Cars45 car loans?

Yes, you do. The loan requires an equity contribution of at least 30% of the car’s cost. Without this, they would not grant your loan application. Also, you can only receive your car after paying the equity contribution and not before.

You can obtain a comprehensive loan, tailored to your specific needs by using this platform. Basically, it allows you to compare loans from different lenders across Africa, ensuring the best option doesn’t slip through. 

What is the loan tenor and interest rate for Cars45 Car loans?

At the moment, the loan tenor stands at 12 months, while the interest rate is at 2.5%. Therefore, you can receive the car upfront, and split payment across the next 12 months. However, keep in mind that you are going to be paying 2.5% more than what they borrowed from you to purchase the car.

How can I contact Cars45 concerning car loans?

You can reach out through any of the following:

Call: +234 818 984 0160

Email: help@cars45.com

Bottom line

Cars 45 loans is an amazing asset finance scheme that makes it possible for you to own a car within a short while. It takes away the stress of 100% upfront payment at a little expense of 2.5% interest within 12 months. 

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