Below is a list of companies in Nigeria that offer automobile loans to qualified clients.
1. CHEKI:
Cheki makes it possible for you to get connected to automobile loan providers in Nigeria. All you need to do is visit their website or Click Here. In the menu option select 'car loan'. Then input the loan amount. For instance if you want to buy a car worth 5 million naira you will key in 50% of this amount in the deposit box which is 2.5million naira. This 2.5million represents your equity contribution. Also key in the repayment period which is the number of months you will repay the loan. Cheki allows a maximum repayment period of 12months only. Click on 'calculate'.
Illustration:
loan amount = N5,000,000
Deposit amount = N2,500,000
Repayment Period = 12 months
Monthly payment in Cheki = N290,073
Monthly payment without interest = N208,333
Monthly Interest = N81,740
2. STANBIC IBTC
To be qualified for a car loan in Stanbic IBTC you need to meet the following requirements.
You will provide a completed application form, a profoma invoice from one of the approved dealers, proof of income or evidence of salary domiciliation etc
New and existing Stanbic IBTC customers can apply. Simply visit one of the branches in Nigeria or website. You may wish to send an email to customercarenigeria@stanbicibtc.com
3. FIRST BANK
In First Bank, automobile loan is open to business owners and employees in paid employment.
The maximum loan amount is 10 million naira, maximum tenor is 48 months, there is also an equity contribution required and salary domiciliation in first bank. Note that the car to be financed (must) be new and from approved first bank vendors.
Required documents include: Application Letter, Auto Loan Application Form, Proforma Invoice from First Bank approved vendors, Current 3 months payslip, Bank Statement, Letter of total emolument.
4. FCMB
FCMB runs a consumer credit scheme which makes it possible for qualified individuals to part-finance acquisition of cars. Vehicles must be purchased from pre-qualified auto dealers that have an agreed SLA in FCMB.
You can borrow as little as 500,000naira up to a maximum of 7.5million naira. Repayment period is from 1 to 4years. The equity contribution is 20%. There will also be a comprehensive insurance on the car for the entire loan period. FCMB does not require any security. They boast of competitive pricing with no hidden charges.
There will be an installation of free tracking device for vehicles that are worth 3 million naira and above but 50,000naira to be paid for vehicles valued at less that 3 million naira. You will be required to pick a car from list of acceptable brands and accredited dealers. Insurance payment is included in the loan repayment amount. There is no residual cost at the end of loan tenure.
This offer is open to individuals in paid employment and self-employed individuals with a steady income.
5. DIAMOND BANK
Diamond Auto-loan is open to salary earners and business owners only. The minimum loan amount is 1 million naira and 20 million naira maximum.The repayment period is up to 48 months. The equity contibution is 30% of vehicle cost. Cars must be purchased from major car dealers across the country. There are no hidden charges. Salary must be domiciled in Diamond Bank. You will be required to complete a retail lending application form and provide means of identification limited to your international passport, driver's license or national identity card. You must provide proof of address, employment letter, confirmation letter or last promotion letter, staff identity card, certificate of registration for business owners.
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