Buying a new or Tokunbo car for the majority of Nigerians frequently involves taking out a loan. This is due to the fact that only a small number of Nigerians can afford to buy a car without taking out a loan. This article is for you if you are one of the numerous Nigerians who need a loan to finance the purchase of their dream vehicle. In this post, we’ve taken a close look at some of Nigeria’s vehicle loan providers. This article takes a look at the list of car loan companies in Nigeria.
List of Car Loan Companies in Nigeria
Automobile financing is available in Nigeria from a number of different companies. They are either independent or linked with famous Nigerian banks. The following is a list of vehicle lending companies in Nigeria, organised alphabetically. You can read How to Obtain Autocheck Car Loan in Nigeria
1. First Bank of Nigeria Car Loan
Your dream car can now be purchased with this loan from the First Bank of Nigeria (FBN). In addition, businesses registered in Nigeria can apply for this type of financing to purchase automobiles for their daily needs. Loan amount is limited to #15 million, with a 48-month repayment period and an interest rate of 22%. Go to www.firstbanknigeria.com to find out more about this loan.
Apply For: CBN Non-Interest Loan 2023
2. Access Bank Group (Vehicle Finance)
Access Bank Group offers automobile financing. Customers can purchase their dream cars in a cost-effective manner with the help of this offering. To apply for this loan, all you have to do is go to www.accessbankplc.com, which is their official website. In addition, they only finance vehicles offered by bank-approved dealers for a maximum loan term of 48 months.
3. First City Monument Bank (FCMB Auto Loan)
Auto loans from FCMB are consumer lending products. Customer can own a dream car and pay for it over time with FCMB. Using the FCMB auto loan, you have access to anywhere from #500,000 to #3million in financing options. According on the type of car and amount borrowed from you, the tenor or payment ranges from 12 to 60 months. Visit www.fcmb.com/auto-loan to discover more about this lending option.
You can sell secondhand automobiles on this online marketplace. On top of all of this, they also provide auto financing options to help consumers pay for the car they want to buy. Those with a confirmed source of income are the only ones eligible for this type of loan. You can get a loan for as long as 18 months, with an interest rate ranging from 28 to 48 percent. Visit www.cars45.com to find out more about the company.
Creditville is one of Nigeria’s most prominent internet lending sites. They provide their customers low-interest loans to help them meet their diverse needs. Apart from that, they also provide auto loans to its clients. They created this product to make it easier for people to buy the automobile of their choosing. To apply for a Creditville vehicle loan, simply visit their official website at www.creditville.com and fill out the application. Their agent will contact you if your application is approved.
There is no commercial use for the Creditville auto loan programme. These loans are solely available for personal use, just like those offered by other lending firms.
6. United Bank of Africa (UBA Auto loan)
UBA is one of Nigeria’s leading banks. As a result of excellent customer service and exceptional client experience, they have advanced through the rankings. In order to help customers upgrade their automobile or acquire a new one, UBA offers auto loan options that can be used to update their car or purchase a new one. Using this option, consumers can borrow a maximum of $15 million for a maximum loan term of 48 months. Visit www.ubagroup.com for additional information.
Finding the car of your dreams and owning one is unparalleled. This page contains a list of institutions that can help you fund the purchase of your dream car through auto loans.
Apply For: CBN Non-Interest Loan 2023