How To Get A Car Loan In Nigeria Without Collateral

Are you planning to get a car and your money is not complete, in this post, we have a cover with a lot of pieces of information needed to apply for a car loan in Nigeria.

You are welcome once again to Six9ja News, here we have a lot to offer and you will learn in this guide: How to get a car loan in Nigeria.

You have the chance to own your dream car with a convenient repayment plan. Approved car brands are Ford, Toyota, Mercedes, Honda, Mitsubishi, Hyundai, Nissan, Suzuki, Kia, and Volkswagen whether it is your first car or you want to upgrade to a higher model.

A car loan also known as an automobile loan, or auto loan is a sum of money a person borrows in order to purchase a car. There are different types of auto loans: secured or unsecured.

A secured loan, requires some sort of collateral, such as a car, a home, or another valuable asset, that the lender can seize if the borrower isn’t able to pay for the loan. while unsecured loans require no collateral but do require that the borrower will be creditworthy to credit the loan.

Note: You will have to repay the loan in fixed installments over a set period, and interest will be charged on the money you borrow.

How To Be Eligible For Car Loan

After you have observed all your options, consider the following factors before you proceed with the car loan.

• Interest rates of the car loan

Make sure the interest rates on loans are favorable. Paying for a loan with high-interest rates is a disadvantage.

• How affordable are the monthly payments for the car loan?

The affordability of the monthly payments should interest you because you don’t want changes that would cause a strain on your finances.

•  An upfront deposit is required.

The upfront deposit required helps you determine the percentage of your car loan that will cover you.

Car Loan Without Collateral

Where can I get a car loan in Nigeria? you can get a car loan even without requesting collateral. Here are a few banks and institutions that can offer car loans, and other car financing options in Nigeria are:

• BetaCar.NG
• AccessBank
• Stanbic bank
• Cheki.com.Ng
• FirstBank
• Cars45

Access Bank Group (Vehicle Finance)

Vehicle finance is a product of the Access Bank Group. They design this product to enable their customers to acquire their dream cars in a financially convenient way. To apply for this loan, all you have to do is visit their official website at www.accessbankplc.com. The maximum loan tenure is 48 months, and they finance only vehicles sold by the bank’s accredited dealers.

Eligibility Criteria

Here is everything you need to know about the best car loans in Nigeria.

• Completed application form.
• Pro forma invoice from any of the Bank’s approved vendors addressed “Access Bank/Customer’s name“.
• Credit Checks.
• Blank transfer of ownership Form.
• Vehicle Inspection Report & agreement (Pre-owned vehicles only).
• Duly accepted offer letter & term sheet.

First Bank of Nigeria Auto Loan

The First Bank of Nigeria (FBN) has designed this loan to help you purchase the car of your dream. Also, Businesses registered in Nigeria can also apply for this loan option to acquire vehicles for their day-to-day activities. The FBN Auto loan has a maximum loan amount of #15 million, a maximum tenor of 48 months, and an interest rate of 22%.

To find out about this loan option, visit their official website at www.firstbanknigeria.com

First City Monument Bank ( FCMB Auto Loan)

The FCMB auto loan is a consumer credit scheme. It allows customers of the FCMB to own the dream car of their choice and conveniently spread the payments over a period. With the FCMB auto loan, you have access to about #500,000 to #3 million. The tenor or payment is between 12 to 60 months, depending on the type of car and the amount they borrow from you.

Cars45

This is an online marketplace for people who are looking to sell used cars. Cars45 car loans work like an asset finance scheme that allows you to get a loan approval within 72 hours, receive the car, and pay up over time.

You can repay the loan over a maximum of 12 months and at a 2.5% monthly interest.

Eligibility Criteria

Here is everything you need to know about the best car loans in Nigeria. During your application process, you would need to provide the following:

• A filled copy of the application form was printed from their website.
• Valid ID Card (e.g. voter’s card, driving license, national identity card, international passport).
• Utility bill that is not older than 3 months from your date of application.
• Employment letter for salary earners or CAC document for business owners.
• Six months bank statement for salary earners or one-year bank statement for business owners.

How To Apply For Cars45 Car Loans?

To apply for a car loan, follow the steps below:

• Visit their official website at https://buy.cars45.com.
• Select your preferred type of car financing from an option of Grade A, B, or C car which has a maximum value of N3,000,000.
• Enter your personal details in the section, and request “Get a car loan“.
• Click on “Get Prequalified“.
• Furthermore, follow the prompt and answer the subsequent questions.
• Then, click submit, and a Cars45 representative would reach out to you within 24 hours

You can contact Cars45 concerning car loans on Call: at +234 818 984 0160 and Email address: [email protected].

Creditville

Creditville is one of the notable digital lending platforms in Nigeria. They provide soft loans to their customers to cater to their various needs, they also offer auto loans to their customers. They design this product to enable the purchase of their vehicle of choice easily. Fill out the online car loan form, their agent will contact you if they approve your application.

Note: Creditville auto loan is not available for commercial purposes. Like other lending organizations, this loan option is only available for personal use.

To apply for the Creditville car loan, all you need to do is visit their official website at www.creditville.com.

United Bank of Africa (UBA Auto loan)

UBA is one of the top Nigeria Banking Industries, Over the years through quality customer experience and service, they have risen through the ranks. They design the UBA auto loan option to help customers upgrade their car to a higher model or to purchase a new one. This option provides customers with a maximum loan amount of #15 million and a maximum tenor of 48 months.

Eligibility Criteria

Here is everything you need to know about the best car loans in Nigeria.

• Functional savings or current salary account
• Completed loan application form.
• Valid means of Identification (International Passport, National Driver’s License, National ID Card, and voter’ Card).
• Employer’s undertaking to domicile salary with UBA.
• Duly accepted offer letter or employee inquiry form (The offer letter should contain Name, Job Description/Position; Nature of Employment (Permanent or Contract); Job Status (Confirmed or unconfirmed).
• Copy of the customer’s staff ID.

How To Apply for United Bank Of Africa (UBA Auto Loan)

• Visit any of the approved auto vendor stores to obtain pro-forma invoices (PFI) for preferred items.
• Visit a UBA branch to complete a loan application form.
• Execute an offer letter detailing the loan terms and requirements, following approval of the loan.
• Pick up your preferred automobile from the auto vendor.

Gtb Car Loan

Gtb Car Loan (Vehicle insurance premium financing) is a time loan that enables corporate organizations and salary owners (whose accounts are domiciled with the bank) to pay for their motor insurance premium upfront and spread the repayment over a 12-month period.

Features

• Loan Amount: Individuals – N20,000 – N1,000,000 (Individuals) & N20,000 – N5,000,000 (Corporate)
• Tenor: Maximum of 1 year
• Pricing: Interest Rate is 1.67% per month
• Repayment: Equal monthly repayment comprising principal and interest
• Equity Contribution: 20% of total insurance premium cost
• Fees: 1% one-off flat fee

How To Apply for Gtb Car Loan

You can apply for Vehicle Insurance Premium Financing on Internet Banking or on GAPS

Using Internet Banking

Sign On – Menu- Insurance Loans -Vehicle Insurance.

Using GAPs/GAPs Lite

Sign On – Single Transactions- Collections – Insurance Loans- Vehicle Insurance Leadway.

• A loan is availed immediately
• The Insurance Service provider processes the policy for the customer within 48 hours.
• A copy of the insurance certificate is sent to the customer’s email address.
• The customer repays the loan on a monthly basis.

Thank you for following us on this tutorial guide on How to get a car loan in Nigeria, used car loan in Nigeria, and a car loan without collateral. Stick to the website for more information.