10 Best Car Loan companies in Nigeria 2021

If you asking where can you get a car loan in Nigeria, then you have to the right page for answers. Gone are the days when buying cars were made for the rich and wealthy class. You can own a car today irrespective of your financial status, occupation, or education.

In this period, having a car has become a necessity, it can ease your mobility to places and reduce the stress encountered when using public transport channels. A car loan will provide you with finance to purchase automobiles and vehicles. You don’t have to go through the hassle of jumping from one commercial vehicle to another when you can own a vehicle by getting a car loan.

Also, if your old car is giving your too many problems, demanding constant maintenance, requires frequent servicing, etc, it is high time you ditch that vehicle for a newer one.

Buying a car is not a child’s play, you need to plan carefully before buying a car, there are lots of factors to consider before purchasing a new or used car in Nigeria. Apart from this, the cost of buying high-quality vehicles isn’t cheap at all, you will definitely need the services of a financial institution to cover the purchase on your behalf.

There are lots of financial institutions where you can get access to car loans in Nigeria. Some of these institutions have automobile packages that will finance part or full purchase of the vehicle and there are plans to cover part of the purchase.

As an individual, a car will help to quicken your movement and help you carry your family and household to religious gatherings, events, ceremonies, etc. As a company or business, you will need vehicles for your staff or to deliver your products and goods to customers.

You need a car, but if the financial requirements are heavy on you, you have to look out to get an auto loan. An auto loan will provide you with finance to purchase a car or to get a fleet of vehicles in your garage.

Where to Get Car Loans in Nigeria

The following are some of the best car loans and financing facilities in Nigeria. If you are looking for where to get the best car loan, you can consider these financial institutions mentioned here.

Cheki Finance

Cheki Finance is a leading car loan service in Nigeria developed to meet the financial needs of car buyers in Nigeria. Cheki is a renowned Nigerian company that sells cars and provides consultancy in automobile matters to people in Nigeria, Kenya, Ghana, Zambia, Uganda, Tanzania and Zimbabwe.

Cheki partnered with various financial institutions to ensure swift and effective provision of vehicle loans. Loan applications are processed quickly and applicants can get the cars within 3 days after their loan application is approved. Cheki Finance covers the purchase of brand new cars, Nigerian used cars, foreign used or Tokunbo cars on Cheki.com.ng.

Cars45.com

Cars45.com is a marketplace where you can find used cars for sale in Nigeria. Apart from the trading of used vehicles, this online platform gives you access to purchase cars quickly.

Their loan product is specifically designed for steady income earners who are interested in purchasing cars on a flexible repayment plan. They give car loans at low-interest rates (specifically at 25% to 48%) and you can spread out your payment from a period of 3 to 18 months.

You will be required to make an upfront payment of at least 30% of the cost of the vehicle. Simply visit their website to apply.

Polaris Bank

Polaris Bank, formerly known as Skye Bank, makes it possible for you to get your dream car through their auto loan scheme. They provide loans with competitive interest rates with no additional collateral attached.

The minimum loan amount is N1 million and it is open to all who are staff in paid employment either in the public or private sector. Furthermore, the applicants must have a salary account with Polaris Bank. The vehicle to be purchased must be for personal use only. Visit any Polaris Bank around you to apply.

FCMB Auto Loan

The First City Monument Bank (FCMB) allows eligible customers to own a car of their own and pay back over a period of time. This consumer credit scheme gives you finance to get a car for personal use.

Applicants must have a steady income and they must be in structured employment. The loan amount varies from N500,000 to N30,000,000 with a repayment period of 12 to 60 months.

Creditville

Creditville is a digital lender that provides quick loans for various purposes. Apart from their quick online loans, they also provide vehicle loan for you to own a vehicle easily.

Visit the website to fill and submit the auto lease application form. After the approval of your application, you’ll be contacted by their agent and you will be taken to the vehicle inspection stage to scrutinize their vehicles and choose the one that meets your standard.

After selecting your ideal vehicle, the next stage will be the documentation stage where you have to do the necessary paperwork. Then, the funds are disbursed and made available for you to purchase the car.

Just like other financial institutions, the car is strictly for private or personal use. Your loan application will not be approved if the loan is made to buy vehicles for commercial purposes.

GTBank

GTB’s Vehicle Insurance Premium Financing enables salary earners, SMEs and corporate brands to make payment for their motor insurance premium.

You are eligible for this service if you have an account with them. The repayment for the vehicle insurance premium spread out for a period of over twelve months. The minimum loan amount is N20,000 while the maximum loan amount is N1 million for individuals and N5 million for SMEs and corporate organizations.

Stanbic IBTC Bank

The Stanbic IBTC gives you the ample opportunity of getting the car you dream to own. Their loans are convenient, affordable with structured repayment periods.

You can get any car brand of your choice as a new or existing customer of the bank. Another thing to know is that the repayment loan tenor stretches out to 4 years. Visit any Stanbic IBTC bank around you to apply for their vehicle loans.

First Bank

You can own a car if you get an auto loan from the First Bank of Nigeria. Individuals and businesses can apply for this loan so as to purchase their dream cars faster.

This car financial facility has a maximum tenor of 48 months (4 years) and it offers you with a maximum loan amount of N15 million. It is open to all employees in paid employment, visit the bank to apply.

They also have an Operational Vehicle Loan which offers part-funding for the purchase of brand new vehicles for registered business organizations.

Access/Diamond Bank

Access Bank has a vehicle finance service that allows their customers to acquire brand new vehicles in a convenient manner. This loan service stretches up to 48 months and it is open to salaried income individuals, SMEs and corporates. Visit any Access Bank near you to get the requirements on how to apply for their vehicle loans.

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