Owning a car is one of the most exciting times in a person’s life because you no longer have to struggle with public transport and life is so much easier. Many people think they have to save a long time before buying a car, but there are easy ways to do this through the bank.
Some Nigerian banks offer easy-to-obtain car loans and applying for these loans is not as complicated as you might think. In this article, we will see how to get car loans from 4 Nigerian banks – UBA, FCMB, Access Bank and Stanbic IBTC.
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Get a car loan from UBA
Whether it’s your first car or you want to upgrade, the UBA car loan gives you the opportunity to own the car of your dreams with a convenient repayment plan. Approved car brands are Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Suzuki, Kia and Volkswagen.
Features of UBA car loan
- Access to reputable car dealerships/retailers
- Convenient repayment terms; up to 48 months
- Competitive interest rate
- Maximum loan amount of N15 million
- Minimum equity contribution of 30%
- Compulsory all-risk insurance and vehicle tracking
READ: Interest rates of some loan applications in Nigeria
Get a car loan from FCMB
FCMB offers a consumer credit program that allows qualified individuals to acquire cars for personal use. Customers can own a car and pay over a period of time. With an FCMB auto loan, you can easily find your dream car, compare prices, mileage, and also inspect the vehicle to check its condition.
Features of FCMB auto credit
- Auto loan amount: up to ₦30 million
- Interest rate: as low as 20% per year
- Capital contribution: as low as 30%
- Loan repayment term: up to 36 months
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Get a car loan from Access Bank
Access Bank offers a user-friendly platform for customers to acquire new and used vehicles in a financially convenient way. This offer is aimed at salary account holders, SMEs and companies. The bank also partners with a wide range of car dealerships, including Autochek and cars45, so customers can have access to a wide range of vehicle makes and models.
Access the Bank’s auto loan features
- Open to employees, SMEs and Corporates
- Capital contribution as low as 10% of invoice value
- Competitive prices
- Duration up to 48 months
- Wide variety of providers to choose from
READ: How to apply for a micro-finance loan in Nigeria
Get a car loan from Stanbic IBTC
Stanbic IBTC Bank offers car loans for new and used vehicles with a maximum loan limit of N15 million and a term of 48 months. All makes of vehicles are also covered by the offer. The bank offers new and existing customers the opportunity to get their dream car with an affordable, convenient and structured repayment plan.
Stanbic IBTC car loan features
- Competitive interest rates
- A variety of partner dealerships to help you find the best car
- Flexible payment terms with a 4-year term
- A monthly electronic statement to track your repayments
Getting a car loan is an easier way to finance a car purchase than paying a large sum of money up front. More and more banks are creating flexible and convenient auto finance loans to make it easier for their customers to achieve the goal of owning a car.