Owning a car is one of the exciting moments in a person’s life because you no longer have to struggle with public transportation and life is a lot easier. Many people think that they have to save up for a long time before acquiring a car but there are easy ways to achieve this through the bank.

Some Nigerian banks provide easy-to-get car loans and applying for these loans is not as complicated as you may think. In this article, we will look at how to get car loans from 4 Nigerian banks – UBA, FCMB, Access Bank and Stanbic IBTC.

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Getting a car loan from UBA 

Whether it is your first car or you want to upgrade to a higher model, UBA auto loan offers you the chance to own your dream car with a convenient repayment plan. Approved car brands are Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Suzuki, Kia, and Volkswagen.

UBA car loan features

• Access to reputable auto dealers/retailers
• Convenient repayment terms; up to 48 months
• Competitive interest rate
• Maximum loan amount of N15m
• Minimum equity contribution of 30%
• Mandatory comprehensive insurance and vehicle tracking

READ: Interest rates of some loan apps in Nigeria

Getting a car loan from FCMB

FCMB offers a consumer credit scheme that allows qualified individuals 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 dream, compare prices, mileage and also inspect the vehicle to ascertain the condition.

FCMB car loan features

• Auto-loan amount: Up to ₦30 million
• Interest Rate: As low as 20% per annum
• Equity Contribution: As low as 30%
• Loan repayment tenure: up to 36 months

READ: Nigerians will soon use their gold as collateral for loans – Minister

Getting a car loan from Access Bank

Access bank offers a user-friendly platform for customers to acquire new and pre-owned vehicles in a financially convenient manner. This offer is available to salary account holders, SMEs, and corporates. The bank also partners with a wide range of car dealers including Autochek and cars45 so that customers can have access to a wide range of vehicle brands and models.

Access Bank car loan features

• Open to salaried income persons, SMEs and Corporates
• Equity contribution as low as 10% of the invoice value
• Competitive pricing
• Up to 48 months tenor
• Wide variety of vendors to choose from

READ: How to apply for a micro-finance loan in Nigeria

Getting a car loan from Stanbic IBTC

Stanbic IBTC Bank offers car loans for both new and used vehicles with a maximum loan limit of N15m and tenor 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.

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 tenure
• A monthly electronic statement to track your repayments

Bottom Line

Getting a car loan is an easier way to finance the purchase of a car than paying a large sum of money upfront. 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.