Getting around in Nigeria often requires a car, but buying one outright can be tough on the wallet. That’s where car loan companies come in, offering financing options to make car ownership more affordable. With so many companies out there, finding the right one can be tricky.
Luckily, there are several trustworthy car loan companies in Nigeria known for their fair rates and helpful service. In this article, we’ll look at the top 10 car loan companies in Nigeria that make it easier for people to get the wheels they need. Join us as we explore what makes these companies stand out and why they’re popular choices for car financing in Nigeria.
Stanbic IBTC Auto Loan
The Stanbic IBTC Car Loan is an amazing opportunity for both new and existing customers to get the car of their dreams. With this loan scheme, customers can acquire any vehicle of their choice with the convenience of a well-structured and affordable repayment plan.
The loan offers a maximum limit of N15 million and a tenor of up to 48 months. The payment tenor is flexible, giving customers about four years to repay the loan. Also, an electronic statement is available to help customers keep track of their repayments.
With the Stanbic IBTC Car Loan, customers can access a variety of accredited car dealers to help them find their preferred car. To learn more about the loan scheme, visit their website at www.stanbicibtc.com.
First Bank of Nigeria Auto Loan
First Bank of Nigeria offers an Auto Loan option to assist you with financing a new vehicle. This vehicle loan is available to anyone, as long as they are not bankrupt and agree to the bank’s policies. The car loan is also available for businesses and organizations that require vehicles for their day-to-day operations, such as a delivery company that needs vehicles to deliver goods to their customers. The Auto loan has a maximum loan amount of N15 million and a maximum loan period of 4 years. The interest rate for the loan is 22%. For more information on the First Bank Auto loan or to apply, please visit their website www.firstbanknigeria.com.
Access Bank Group Vehicle Finance
Access Bank Group offers facility loans to help individuals acquire a vehicle of their choice. However, you need to be an existing customer of the bank to be eligible for the loan. This loan facility makes it easy for applicants to purchase their dream cars.
The loan duration is a maximum of 48 months, and you can only apply if you accept to buy the vehicle from the bank’s accredited auto dealers. For more details on this vehicle loan, and the application process, you can visit www.accessbankplc.com.
Citi Bank Nigeria (Auto Loan)
Citi Bank Nigeria PLC offers a wide range of financial products and services to both commercial and public sector customers. One of their loan schemes is the Auto Loan, which is created for individuals or organizations interested in purchasing a new car. Depending on the selected plan, customers can access up to N15 million and a loan tenor of up to 4 years. To learn more about how to apply for this loan, please visit www.citigroup.com.
United Bank of Africa (UBA Auto Loan)
United Bank of Africa offers an Auto Loan to customers who wish to upgrade or purchase a new car. Customers can access up to N15 million as a loan, with a maximum tenor of 48 months (i.e., 4 years). To find out more about the interest rates or to apply for a loan, please visit the bank’s webpage at www.ubagroup.com. If you are already a customer of the bank, you can also inquire about the Auto Loan at any of their branches.
Creditville Limited Auto Loan
This lending organization is well-known in Nigeria for its digital lending platforms. They offer asset finance opportunities to customers based on their needs, and one of those needs is car loans. However, it’s important to note that their car loans are strictly for personal use and not for commercial purposes. You can apply for the loan online and one of their agents will contact you if your application is approved. For more information or to apply, please visit www.creditville.ng.
Opticom Finance Limited Car Loan
Opticom Finance is a licensed non-bank financial institution authorized by the Central Bank of Nigeria to provide a variety of financial services, including car loans. Their loan application process is straightforward, and the loans themselves are flexible. Collateral may not be required, as long as the borrower can demonstrate their ability to repay the loan. If you would like to apply for this loan or obtain further information, please visit www.opticomfinance.com.
Rosabon Financial Services (Car loan)
Rosabon Financial Services offers loans to help people with various financial issues, including a car loan scheme. This scheme is available to people who earn a salary or income, allowing them to avoid waiting too long before being able to purchase their dream car.
To benefit from the fast loan service, you only need to provide a small percentage of the total value of the car you want to buy. This will make you eligible to get your dream car. For more information, please visit www.rosabon-finance.com.
FCMB Auto Loan
FCMB Auto Loan offers a loan scheme that allows its customers to purchase or upgrade their dream cars. However, the borrower must have a stable source of income and be able to repay the loan within the specified repayment period.
With FCMB Auto Loan, you can access between N500 and N3 million, with a repayment period of 12 to 60 months, depending on the type of car and loan applied for. For more information or to apply, please visit www.fcmb.com.
BuyCars.NG Auto Financing
Buycars.ng is an online vehicle marketplace that connects buyers and sellers of used cars. In addition to facilitating transactions, they also offer a loan option for car buyers who may not have the financial means to purchase their dream car upfront. However, this loan option is only available to those with a proven steady source of income, such as from business or salary wages, as verified by car dealers. Buycars.ng charges an interest rate that ranges from 28% to 48%, depending on the type of vehicle being purchased, and the maximum loan tenure is 12 to 18 months. For more information or to apply, please visit www.buycars.ng.
