Car loan in Nigeria


Car loan in Nigeria: List of best car loan providers and how to get one for yourself

Car loan in Nigeria – Are you aware you can own a car in Nigeria faster than you ever imagined, what if I tell you that your first car must not necessarily be financed through your long term savings and all that?

To set the record straight, what you are about to learn today is not necessarily tied around buying your first car, you probably may want to add to your fleets with this strategy.

People have always had a wrong notion about owning a car in a contemporary African setting, but against this backdrop, I make it bold to state that buying car is not necessarily a luxury but a necessity in most instance.

How does it feel to always hope on a public transport to convey your family of say “5” to a routine destination, as a working class fellow? You are not too ignorant of the inconveniences that comes with it.

What if your family always get drenched in a rainy season trying to access school and other places of importance, yourself could look miserable going to your place of work so drenched in the morning or whenever, the embarrassment that comes with this so unbearable.

That said, you easily appreciate the fact that buying or owning a car isn’t a luxury as you’ve been made to believe.

Let’s say you decide to live your life on a low, not minding inconveniences, but decides to multiply your income/wealth, it doesn’t appear a bad idea to have an a car on Uber services.

Read also: How to make money with Palmcredit app, also get loan without collateral

That’s an additional income stream to further ease pressure off your finances, it can’t be said any better.

Depending on your savings to buy a car may not materialize handy considering numerous financial responsibilities tied down to your monthly salary or earning.

Why you should consider a car loan in Nigeria

#1. A car loan helps you to buy a car that ordinarily your cash may not afford at that time.

#2. There’s this flexibility to change vehicles if you’re a car freak without necessarily affecting your budget.

#3. The payment plan is flexible, as it’s been spread across months to enable you make a monthly installment payment.

Disadvantages of taking a car loan

Do not be ignorant of the fact that while it seems easy and flexible to own a car through auto financing, there are cons attached to it such as;

#1. The interest rate may be high

#2. While the installment repayment is spread across many months, it attracts high interest rate, in fact you are paying high interest rate for the opportunity afforded.

#3. Pa adventure you default on your monthly payment, it may attract additional fee you will end up paying while servicing the loan.

What you must know before applying for a car loan

  • Consider the total cost of the car loan you are about to take.

It’s not advisable to dwell on how little you’re expected to pay on the loan monthly, do look beyond that and ascertain the total amount the loan is expected to cost you at long run.

Make it right to understand that you may be lured in with long repayment term, while the interests accrued will shoot up the total amount you may not be comfortable paying at long run.

  • Research and compare interest rates across auto loan providers to make your best choice.
  • Can you afford to finance the loan itself?

Loans are always attractive that you may end up signing for what you can’t afford.

What percentage of your monthly salary is expected to go in for the repayment, can what you have left afterwards see you through before the next pay day?

You don’t buy a car and have other departments of your financial responsibility suffer.

  • You need other income source to make up for the loan repayment amount monthly, this is another way to service your loan without stress.
  • Can you afford the upfront deposit required, you’re expected to contribute certain amount into the car purchases, make your review and see if you can afford that.

Having said that, the next question you may need to ask is “Who offers the best car loan in Nigeria?”

To this end, I have carefully handpicked a number of companies in Nigeria with a good track record in this business, it’s duty bound on you to go through them and make your choice appropriately.

Just before that, eligibility as required by these companies are mainly employees of blue chip companies and self-employed individuals with a registered business.

Read also: 24 hour payday loans in Nigeria for your emergency cash needs

Note, the companies in this list were selected in no particular order or hierarchy.

#1. Betacar Financing

Betacar financing affords salary earners and structured business owners in Nigeria the opportunity to buy certified Tokumbo cars, then pay back over a period of 12-24 months.

The upside about betacar financing is that;

  • You choose from the list of your preferred available cars with them
  • You can ascertain your upfront deposit with their simple loan calculator, as well the monthly and period of repayment.
  • After submission of complete package, your car should be ready within one week.
  • Visit to commence the process at once

#2. First bank auto loan

As one of the leading banks in Nigeria, first bank spreads its tentacles across arrays of businesses and has been providing car loan in Nigeria.

An upside to first bank auto loan amongst others are;

  • They have a maximum loan amount of up to N15 million naira
  • Payment can be spread across 4 years
  • You are expected to contribute 20% of the upfront fee/equity contribution
  • With an interest rate of 22%
  • First bank finances only brand new vehicles
  • You must be running a salary account with the bank.

Other benefits are

  • A year free car servicing
  • You receive a free fuel card for 1-year
  • Free car registration
  • 3 years manufacturer car warranty in place

Strictly for employees in paid employment.

Visit this link to apply immediately.

#3. Access bank vehicle finance

Vehicle finance here is Access bank’s lease product designed to help customers acquire desired vehicles in such a financially convenient way.

This product is available for:

  • Employees
  • Self-employed professionals and Corporates

You should have your salary account domiciled with the bank, you are required to make 10% equity contribution to the purchase amount.

You will need a pro forma invoice from any of the bank’s accredited vendors, then submit your application hard copy or online to the bank.

The bank finances only new vehicles exclusively.

#4. Cars45

Cars45 is one of the leading companies that provide car loan in Nigeria.

All things been equal, loan is usually approved within a space of three days.

You can make a repayment within twelve months at a 2.5% monthly interest rate.

Eligibility: All salary earners and registered business owners are eligible to apply.

Call: +234 818 984 0160 to commence your application immediately.

#5. FCMB Auto Loan

Here’s a consumer credit scheme which allows qualified customers to part-finance car acquisition for personal use.

Upside to FCMB auto loan include but not limited to:

  • A loan of N500,000 to N30,000,000
  • Payment is sprayed over 12 to 60 months
  • Equity contribution to the car purchase is 20% of the price
  • A comprehensive insurance covers the car for the period of this loan
  • No collateral is required

Other benefits include

  • Installation of car tracking device
  • The insurance payment is included in the loan repayment which makes it convenient
  • No residual cot at the end of the loan


  • People in structured employment
  • Self-employed individuals with regular income

Visit the nearest FCMB branch to commence application if you’re eligible for this auto loan.

#6. Creditville Car loan

If you are a salary earner this will make a good feet for you. Creditville offers auto car loan to individuals in paid employment.

Upside to this facility include but not limited to:

  • Buy now pay later
  • Extended repayment period of 36 months is allowed
  • Comprehensive insurance and tracking is provided


  • Salary earners who are confirmed staff, it means contract or casual staff are not allowed
  • Your minimum monthly salary should be N200,000

What next, click here to apply now.

#7. UBA auto loan

If you have a salary account domiciled with UBA and wants a car loan, this appears to be the best deal for you.


  • Convenient repayment term of up to 48 months
  • Maximum loan amount of N15 million
  • Equity contribution of 30%
  • Mandatory comprehensive car insurance and tracking

Kindly follow this link to commence your application.

Read also: How to get Access Bank Payday Loan straight into your salary account same day


Accessing car loan in Nigeria may not be as difficult as you might have been made to believe, like I’ve said early, it’s pertinent to weigh your options with different auto loan providers to see who has the best package suitable for your income class.

A package that gives a lengthy repayment interval will likely be far expensive, so try to find out what you will be paying back in total before signing the dotted lines, it’s very paramount.

Are there companies with great track records in business not mentioned here, let’s get to know may be they could make the list of our latest addition.

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