Top 10 Car Loan Agencies in Nigeria: Helping You Drive Your Dream Car
If owning your dream car seems out of reach due to limited finances, fret not! Car loan agencies in Nigeria offer a convenient solution to make your aspirations a reality. In this article, we present the top 10 car loan agencies in the country for you to consider:
- First Bank of Nigeria Auto Loan: First Bank of Nigeria provides an Auto Loan option tailored to help you finance a new vehicle. This loan is available to individuals, businesses, and organizations, making it suitable for various purposes, such as delivery companies requiring vehicles for their operations. The maximum loan amount is N15 million, and the repayment period spans up to 4 years with a competitive interest rate of 22%. For more information and to apply, visit www.firstbanknigeria.com.
- BuyCars.NG Auto Financing: Buycars.ng serves as an online vehicle marketplace connecting sellers and buyers, and they also offer a Car Loan provision for buyers with steady income sources. Verified car dealers facilitate the loan application process, and the interest rate ranges from 28% to 48%, depending on the vehicle’s type. The maximum loan tenor is 12-18 months. To learn more or apply, visit www.buycars.ng.
- Stanbic IBTC Auto Loan: Stanbic IBTC’s Car loan is designed to fulfill the dreams of both new and existing customers. The loan covers all types of vehicles and comes with a well-structured repayment plan. With a maximum loan limit of N15 million and a tenor of 48 months, it provides ample flexibility. Access their services and find accredited dealers at www.stanbicibtc.com.
- FCMB Auto Loan: The First City Monument Bank (FCMB) offers a car loan scheme catering to customers who have a stable income source and can commit to timely repayments. Loan amounts range from N500,000 to N3 million, and the tenor varies from 12 to 60 months, depending on the vehicle type and loan terms. For more information and to apply, visit www.fcmb.com.
- Creditville Limited Auto Loan: Creditville Limited is a well-known lending organization in Nigeria, offering asset finance opportunities, including car loans. However, their car loans are strictly for personal use and not commercial purposes. Apply online, and their agents will contact you if your application is approved. For details, visit www.creditville.ng.
- Access Bank Group Vehicle Finance: Access Bank Group provides facility loans for individuals who wish to acquire a vehicle. To apply, you need to be an existing customer of the bank and agree to purchase the vehicle from their accredited auto dealers. The loan tenor extends up to 48 months. For more information, visit www.accessbankplc.com.
- Opticom Finance Limited Car Loan: Opticom Finance is a non-bank financial company licensed by the Central Bank of Nigeria, offering a variety of financial services, including car loans. The application process is straightforward, and loans are granted based on repayment capability rather than collateral. For more information or to apply, visit www.opticomfinance.com.
- United Bank of Africa (UBA Auto Loan): The United Bank of Africa (UBA) provides an efficient Auto Loan option to enable customers to upgrade or change to a new car. With loan amounts of up to N15 million and a tenor of 48 months (4 years), UBA caters to various car buying needs. Existing customers can easily apply through www.ubagroup.com.
- Rosabon Financial Services (Car loan): Rosabon Financial Services offers loans to address various financial needs, including their Car loan scheme. This scheme is open to salary or income earners who wish to skip the long savings process and get their dream car sooner. Eligibility depends on providing a small percentage of the vehicle’s total worth. Learn more at www.rosabon-finance.com.
- Citi Bank Nigeria (Auto Loan): Citi Bank Nigeria PLC offers a wide range of financial products, including the Auto Loan, which is available to both consumers and organizations seeking to purchase a new car. Loan amounts of up to N15 million and a tenor of up to 4 years are available. For application details, visit www.citigroup.com.
Top 10 Car Loan Agencies in Nigeria Consider these top 10 car loan agencies in Nigeria to make your dream of owning a car a reality. Borrowing is a viable option, as long as you adhere to the agreed-upon terms and repay on time. Many have achieved their financial goals through loans, and you can too. While these are trusted agencies, keep in mind that other car loan companies exist in Nigeria as well. We hope this review helps you in your quest to own your new or foreign used car.