How to Get a Car loan in Ghana

    Purchasing a brand new car is a dream for everyone. However, not many people buy their dream car because of money. But do not panic, you can buy your dreamed car without waiting to save up for many years.

    The interesting thing is that there are some financial institutions in Ghana that make it easier for anyone who wishes to buy a car,  they are giving people access to car loan, with a car loan anyone can buy a car of their choice and payback the loan systemically

    ADVANTAGES OF GETTING CAR LOAN IN GHANA

    You’re given the privilege to borrow money from these institutions and payback after a certain period of time. The time for payback ranges from 5 to 8 years depending on the terms and conditions for the payback.

    1. NO COLLATERAL NEEDED

    Technically, you don’t need any collateral before applying for car loan. This is because once you buy the car; the car automatically is collateral. However, failure to pay back the money after a period of time may lead to seizure of your car.

    1. OPPORTUNITY TO PAY INSTALLMENTALLY

    One of the main benefits of car loan is that you will be given the opportunity to pay at your convenience; there is no stress of horridness and panic for payback.

    1. INTEREST RATE CAN NE NEGOTIATED

    You can as well negotiate the interest rate for car loaning. Once you are satisfied with the interest rate, then you can get the loan and buy your dreamed car.

    THINGS TO CONSIDER BEFORE GETTING CAR LOAN IN GHANA

    You might be wondering about the interest rate on the loan repayment, probably it’s going to come huge, but relax! It is not. The terms and conditions of these financial institutions are affordable and dependable.

    1. CHECK THE INTEREST RATE

    Getting car loan is very easier, but of the things you need to consider is to compare the loan rate of different financial institution. The interest rate of different financial institution are not always the same. Once you are sure of the payback interest, then you can decide on which financial institution to apply.

    1. CHOOSE AFFORDABLE PAYMENT METHOD

    Sometimes the joy of buying banner car through loan could make you to unnotice what good and affordable method to choose for payback.

    Take time to study the payment method, some financial institution may give you 7 years but it depends on the institution. Make sure you choose the payment method wisely so as to ease you from burden when it’s time to pay back.

    1. GET YOUR DOCUMENTS READY

    Before applying for car loan, you must make sure all necessary are prepared. Such documents includes, bank records, identify card, valid address proof and such more. All those important documents are going be verified by the financial institutions you wants to apply.

    Other things to understand before applying for car loan include.

    1. Taxation
    2. Credit Store
    3. Foreclosure penalty

    Car Loan companies in Ghana

    1. CHEKI GHANA

    Cheki Ghana have made it easier for anyone who dreamed of buying car the opportunity to get loan to buy their dreamed car and pay at agreed conditions.

    Cheki Ghana has been In partnership with top leading financial to finance both SMES/CORPORATE BODIES and as well as Individual the opportunities to apply for car loan.

    ELIGIBILITY AND REQUIREMENTS

    FOR INDIVIDUALS

    1. The person must be employed for at least in the last 12 months.
    2. Letter of Undertaking from employer
    3. Two recent color passport
    4. Photocopies of passport, driving license, Voters ID/National
    5. Proof of regular source of income
    6. Copy of utility bills for proof of address or any other proof e.g. rental agreement.
    7. Pro Formal Invoice from dealership

    FOR SMES/ CORPORATE ORGANIZATIONS

    1. Lack six months bank payment
    2. Proof of ID utility bills etc.
    3. Surety ship of Guarantors
    4. Pro Forma Invoice from dealership
    5. Copy of utility bills for reproof of address or any other proof e.g. rental agreement.
    6. Two recent passport size picture

    Visit CHEKI GHANA website for more information.

    1. FBN GHANA

    FBN Ghana has an auto loan service which is designed for acquisition of vehicles through auto loan.

    FBN GHANA auto loan service can maximum amount that can be requested is GH¢150,000.00 and the maximum tenor facility is 48 months.

    ELIGIBILITY AND REQUIREMENTS

    1. The person applying must be a confirmed salary worker
    2. Copies of most recent 6 months’ pay slips
    3. One passport picture and copy of a national identification.
    4. Customer letter of request duly signed and dated.

    Visit FBN website for more information.

    1. STANBIC BANK

    Stanbic bank is one of the top financial institutions that provide opportunity to buy car through loan.

    One thing that makes Stanbic bank standout is there no maximum limit of what you can borrow. The minimum Loan amount is USD 10, 000 and also interest applies only portion of overdraft used each month.

    ELIGIBILITY AND REQUIREMENTS

    1. The person must be a customer with Stanbic bank
    2. Pay slips for the last three months
    3. Possession of basic documents

    Visit STANBIC BANK for more information

    1. CALBANK

    Calbank auto loan service is designed for clients to buy their desired car. The auto service is available to professionals, consultants, individuals and recognized workers in reputable institutions.

    Calbank auto loan payment is annually or monthly and offered their customers the easiest payback by making them to choose payback options through flexible payments.

    ELIGIBILITY AND REQUIREMENTS

    1. The person must be a confirmed salary worker with a minimum salary of GH¢500.00 with a 6 months employment records from the manager.
    2. The age range is between 18-53 years
    3. 6 months bank statement
    4. Possession of necessary documents and a proof of identification.

    Visit CALBANK for more information

    1. IZWE SAVINGS AND LOAN GHANA

    IZWE GHANA has a service called CAR 4 CASH service which offers solution to buying a new car without stress.

    The CAR 4CASH service offers financial assistance up to GH¢100,000 with      affordable and flexible monthly repayments and once you applied, your requests will be processed within 72 hours.

    Visit IZWE SAVINGS AND LOAN website for more information.

    Other financial institution that offers car loan includes.

    1. Republic bank
    2. Fidelity Bank
    3. Access Bank
    4. Zenith Bank
    5. UMB Bank

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