Owning a car is one of the exciting times in a person’s life as you no longer have to struggle with public transport and life is 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 auto loans and applying for these loans is not as complicated as you might think. In this article, we will see how to get auto loans from 4 Nigerian banks – UBA, FCMB, Access Bank and Stanbic IBTC.
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Getting a car loan from UBA
Whether it’s your first car or you want to upgrade, UBA Auto Loan gives you the chance to own your dream car with a convenient repayment plan. The approved car brands are Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Suzuki, Kia and Volkswagen.
Features of UBA car loan
- Access to reputable auto dealers / retailers
- Practical reimbursement conditions; up to 48 months
- Competitive interest rate
- Maximum loan amount of N15 million
- Minimum equity contribution of 30%
- Compulsory casco insurance and vehicle tracking
READ: Interest rates on some loan applications in Nigeria
Obtain a car loan from FCMB
FCMB offers a consumer credit scheme that allows qualified people to acquire cars for their personal use. Customers can own a car and pay over a period of time. With an FCMB auto loan, you can easily find the car of your dreams, compare prices, mileage and also inspect the vehicle for condition.
Characteristics of the FCMB auto loan
- Automatic loan amount: up to 30 million euros
- Interest rate: as low as 20% per year
- Equity contribution: as little as 30%
- Loan repayment term: up to 36 months
READ: Nigerians will soon use their gold as collateral for loans – Minister
Obtain a car loan from Access bank
Access banking offers a user-friendly platform for customers to acquire new and used vehicles in a financially convenient way. This offer is intended for holders of a salary account, SMEs and businesses. The bank also partners with a wide range of car dealers, including Autochek and cars45, so that customers can access a wide range of makes and models of vehicles.
Access the Bank’s car loan features
- Open to employees, SMEs and companies
- Equity contribution as low as 10% of the invoice value
- Competitive prices
- Tenor up to 48 months
- Wide variety of vendors to choose from
READ: How to Apply for a Microfinance Loan in Nigeria
Obtain a car loan from Stanbic IBTC
Stanbic IBTC Bank offers auto loans for new and used vehicles with a maximum loan limit of N15 million and a term of 48 months. All vehicle brands are also covered in the offer. The bank offers new and existing customers the opportunity to get the car of their dreams with an affordable, convenient and structured repayment plan.
Features of the Stanbic IBTC auto loan
- Competitive interest rates
- A variety of partner dealers to help you find the best car
- Flexible payment terms with a term of 4 years
- A monthly electronic statement to track your repayments
Final result
Getting a car loan is an easier way to finance the purchase of a car than paying a large amount 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.
