How to get Car Loan in Nigeria

Car Loan in Nigeria

Loan are not only meant for businesses, and this is a fact which most people should already be familiar with. In Nigeria, most people consider it unwise to get loan for business averagely to speak more of getting loan facility for a car. Nevertheless, it is acceptable and allowed for one to get loan for car. This post is to take you through the process of how to get a car loan in Nigeria.

If you are looking forward to getting a car, and you don’t have the complete fund to buy one, then there is no harm in seeking a loan alternative to get a car.

When you really need that car to help you in escaping the delay of public buses and their congestion, you won’t let lack of funds weigh you down. You can easily get access to loan to get a car and no need to inconvenience yourself with public transport because of lack of funds.

We will be taking you through the doable steps on how to get a car loan. These steps are quite easy to scale through and follow. They will help you in a quick way of how to get car loan in Nigeria.

Criteria for Assessing Car Loan

You have to first of all make up your mind on your desire to get a car, and that need to get a car loan in case the fund you have to get that car isn’t enough. First, you must note that for you to have access to car loan or feel the need and desire to get a car loan, then you need to have an income, at least, and some savings. It is necessary to have an amount of money already in place before venturing out to buy a car. This is an important step of how to get car loan in Nigeria.

Savings

To decide to get a car loan in Nigeria, then you must have an amount in your savings account or anywhere as part of the fund in purchasing your car. It should about 50% or even 30% of the amount of the car. It is safer if the fund you have already is about 70% of the amount of the vehicle.

You should note that it is not good if you have nothing in place, unaccepted by some loan facilitators, if you have no money at that moment and want to request for 100% loan support. Most likely, your loan appeal will be ignored.

Steady Source of Income

To apply for a car loan in Nigeria, then you should have a steady source of income. Car loan institutions ask about your source of income and even go as far as asking for your statement of bank account. They want to be certain you’ll be able to repay the loan provided to you. Before applying for a car loan in Nigeria, you should have a steady source of income, and most likely, a bank statement.

Your Acceptance of the Terms of the Loan

You have to be accepting of the terms of the loan offered to you before the loan will become successful. While applying for the car loan, you should get to understand in totality the terms and clauses. You also have to agree with loan facilitators on a repayment plan that would be suitable to all the parties concerned. Some of these are the terms:

  1. There will be a fixed interest rate of the car loan. You should note this and discuss it properly with the facilitator.
  • We have discussed having an amount ready for payment. In most cases to assess car loans, you must make upfront payment. You have to discuss with them the percentage you are willing to pay.
  • You should also be accepting of the payment plan. Is it monthly or quarterly in a year? You have to come to terms with it and have a discussion with the loan facilitator.

Providers of Car Loan

  1. Banks: Stanbic IBTC

         Union Bank

         UBA

         Access Bank

         First Bank

Concluding on How to Get Car Loan in Nigeria

You have to note that to get a successful car loan in Nigeria you should have the process labelled out in your mind first before embarking on them. When you embark on them, endeavor to follow the steps stated here to the last. There is no way your application for car loan will not be successful with these steps. Make a good repayment plan, then you see getting loan is not as hard as you think.

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