Buying cars in Nigeria, whether new or used ones, comes at a high cost. Today, only a few Nigerians can purchase a car effortlessly without having to take a loan.
This is where auto financing companies as well as banks come in to help many Nigerians, particularly the working class, who need a loan to finance the purchase of their dream vehicles.
Here are some of the car loan companies in Nigeria:
Autochek is an auto financing firm that gives car loans to Nigerians to buy cars of their choice, whether foreign used cars or brand-new cars. For brand-new cars, Autochek partners with renowned auto companies to offer loans to customers.
Here, customers of these auto companies can have access to digital financing solutions with repayment tenures of up to 60 months at low-interest rates.
Autochek car financing, which can be processed within 24 hours, comes from partners including Ecobank, Access Bank, Stanbic, and other banks with unique financing solutions tailored specially for brand-new vehicles with up to 90 percent financing.
Its auto loan service platform offers a variety of financing options from over 70 banks, with attractive terms that include a 15 percent interest rate that is repayable for between four and five years.
FirstBank auto loan
The First Bank of Nigeria has designed a car financing loan to help Nigerians purchase the car of their dreams. Also, businesses registered in Nigeria can also apply for this loan option to buy vehicles for their day-to-day activities.
The FBN Auto loan has a maximum loan amount of N15 million, a maximum tenor of 48 months, and an interest rate of 22 percent.
Access Bank vehicle finance
Vehicle finance is a product of the Access Bank Group designed to enable their customers to buy their dream cars in a financially convenient way.
Access Bank finance vehicles sold by its accredited dealers and offer car loans of a maximum tenor of 48 months.
FCMB auto loan
The First City Monument Bank (FCMB) auto loan is a consumer credit scheme that allows customers of the FCMB to own a car of their choice and conveniently spread the payments over a period.
With the FCMB auto loan, Nigerians can get access to about N500,000 to N3 million with a repayment tenor of between 12 to 60 months, depending on the type of car and the amount the person borrowed.
Cars45/Jiji Cars auto loan
This is an online marketplace for people who are looking to sell used cars. In addition, the company also has car loan options to help customers finance the purchase of their vehicle of choice.
Car45, which is now known as Jiji Cars, specifically designed the car loan option for those who have a proven source of income, with an interest that ranges from 28 percent to 48 percent, depending on the vehicle of choice.
They offer a maximum loan tenure of 18 months.
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Creditville is one of the digital lending platforms in Nigeria. It provides soft loans to their customers to cater to their various needs.
They also offer auto loans to their customers and it is designed to enable the purchase of a vehicle of choice easily. Creditville auto loan is not available for commercial purposes but for only personal use.
UBA auto loan
The United Bank of Africa (UBA) is one of the top financial institutions that offers auto loans to its customers.
The UBA auto loan option is designed 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 N15 million and a maximum repayment tenure of 48 months.