Top 10 Car Loan Companies in Nigeria

Nigeria has amazing and wonderful Car Loan Companies for every of its citizens. In Nigeria, auto loans are viewed as a convenient way to pay for auto expenses. This loan allows an individual or group of individuals to have the money available to pay off the car over time.

Top 10 Car Loan Companies in Nigeria

Car Loan Companies in Nigeria

Interest rates on car loan ranges from 17% to 30% per year in Nigeria for banks. Because of the current circumstances in Nigeria, it is impossible to avoid many of the factors contributing to these high interest rates. There are different car loan companies or also known as auto-financing companies in Nigeria. Here is the list of some car loan companies in Nigeria;

First Bank of Nigeria Auto Loan

Over the years first bank has built a lot of durable bonds, sound corporate governance, and abundant liquidity. And that is why it is Nigeria number one bank brand and even the leading financial services. Additionally, considering it’s a long-term loan, you have a lot of time to repay it.

Features that come with applying for the first bank of Nigeria vehicle loan includes;

  • maximum loan amount of N20 million.
  • tenor of up to 48 months, equity contribution is 30% of invoice value.
  • finance is available for brand new vehicles.
  • Available to those with salaried income who wish to transfer their salary account to First Bank or whose salary is domiciled there (people whose salary is from their place of residence).

Benefits that could be accessed when you apply for first bank automobile loan are a year free car servicing, free fuel card available for one-year, free car registration and three-year manufacturer car warranty.

Who Can Apply for the first bank of Nigeria auto loan

Well not everyone can apply for the first bank auto loan and here are the requirement;

  • Customer account must have been in operation in First bank for at least 6 months.
  • Customer’s account must be linked to a valid BVN.
  • Customer must have updated phone number.
  • Customer must have positive credit record with credit bureaus.
  • Minimum loan amount.

UBA Auto Loan (United Bank of Africa)

Through quality customer experience and service UBA has risen in ranks and they design the auto loan in order to help customers upgrade their cars or even being able to purchase new ones. You can receive up to N1 million with our insurance premium financing to pay for your premiums in full and spread out your payments over a convenient 12-month period.

How to apply for the UBA auto loan;

Applying for the UBA auto loan involves;

  • You would need a functional savings or current salary account.
  • A completed loan application form.
  • Valid means of identification like the voter card, national ID card, national driver’s license and international passport.
  • Employer’s undertaking to domicile salary with UBA.
  • Duly executed executed letter of awareness.
  • A copy of the customer staff ID.
  • To receive a pro-forma invoice (PFI) for the car of your choice, visit any of the bank’s approved auto vendor locations.
  • Fill out a loan application and start the process by going to a UBA branch or getting in touch with your Relationship Officer.
  • Carry out an offer letter shows details of loan terms and requirement after the loan has been approved.
  • Pick up your preferred automobile from the auto vendor.

FCMB Auto Loan

Through this consumer financing programme, eligible people can partially fund the purchase of cars for their own use. Clients are able to purchase a car and spread out the payments.

Features of FCMB auto loan

There are features that make up the FCMB auto loan that makes it profitable for the customers;

  • Contribute as low as 20% towards the purchase.
  • Interest rate as low as 29.5%.
  • Borrow N500,000 to N30,000,000.00
  • Payment over 12 to 60 months.
  • Comprehensive insurance on the car for the entire loan period.
  • Competitive pricing and no hidden charges.

Eligibility for the FCMB Auto loan

In order to be eligible for the FCMB auto loan then you have to;

  • Be a confirmed employee of FCMB rates companies.
  • Salary Domiciliation during the tenor of the loan.
  • Minimum net monthly income of N18,000.00.
  • Before the loan is disbursed, the employee must receive at least one wage payment in FCMB.

Access Bank Group Vehicle Finance

Access bank introduces a seamless and financially convenient vehicle finance by signing in. Features of Access Bank Group Vehicle Finance include;

  • Equity contribution is 10%.
  • Routine maintenance and insurance.
  • Management fee of 1%.
  • 48 Months tenor.
  • Corporation and SME (small to medium enterprise) that are registered with government could register for the program.

Opticom Finance Vehicle Finance Lease

This is a product of the non-bank financial company Opticom Finance Limited, which has been in business since 1998. Through simple, adaptable, and convenient financing, Opticom Finance seeks to provide customers with an outstanding experience as automobile owners. You can also get help from Opticom with used car financing.

The Opticom finance vehicle lease is available to salary earners, businessmen, small to medium enterprise and corporates, this vehicle loan requires the payment of a minimum-security deposits of 30% of the value of the vehicle, the loan has a tenor of 24 months, and the rates are competitive.

Requirement for the Opticom Finance vehicle Finance Lease

The requirement that makes up the Opticom finance vehicle finance lease are;

  • Submitting a car lease application that has been completely filled out
  • Proforma invoice issued by a licensed car dealer
  • You need to have a spotless credit history.

Specifically, the requirement for salary earners includes letter of introduction from your employer, 6 months pay slips or bank statements, you must be above the age of 18 years with a proof of identity and address.

While the requirement for small to medium and corporates include

  • The profile of the company or business enterprise;
  • The most recent audited financial statement.
  • Bank statement of the company and enterprise.
  • Personal guarantee of the directors of the company.
  • If the business is a limited liability corporation, the application for automobile financing should be approved by a board resolution.

Stanbic Ibtc Vehicle and Asset Finance

We can provide your ideal vehicle! Applying for a car loan is quick and simple. You can purchase assets for your own use, such as new and used cars, petrol and diesel generators and solar-powered inverters, using our Vehicle and Asset Finance for Retail Clients (salaried and non-salaried consumers).

You get to enjoy flexible payment terms with up to 4 years tenor, an access to competitive interest rates and an access to our comprehensive dealer and partner network to help you find your dream car.

Eligibility or what makes you eligible for the Stanbic IBTC vehicle and asset finance involves;

  • A completed application form.
  • A proof of income or evidence of salary.
  • A proforma invoice for your vehicle or asset of choice (preferably from a Stanbic IBTC partner dealer)

Autochek Financing

After only a few months of operation in Africa, AutoChek, an automotive technology firm that uses technology to replicate the buying, maintaining, and selling experience of autos in the continent, has received a large number of applications.

For the autochek financing you would be required a refundable deposit equal to 1% of the car’s total cost must be made. This is to keep the car safe while your loan is being processed. If you receive an offer, you will need to put down a 30% portion of the car’s cost. The car’s price will be reduced by this thirty percent.


Cars45 is an online marketplace where used cars are bought, sold, valued, and condition-rated. Owners of Cars45 start the process online by entering details about their vehicle to receive a free quote. After that, they can make an appointment to visit one of the 13 inspection centres operated by the firm in Nigeria.

With the help of the Cars45 auto finance service, you can get approved for a car loan in as little as 72 hours and pay it back over a maximum of 12 months at a 2.5% monthly interest rate. You must be a salaried individual or a registered business owner in order to be eligible for this loan.

To be able to apply for the cars45 loan you;

  • Go to any of their retail locations or their official website, to get started.
  • Choose the vehicle finance option of your choice from a Grade A, B, or C vehicle, with a maximum value of N3,000,000.
  • Enter the information they ask for in the “get a car loan” box, then select “Get Prequalified.”
  • Additionally, respond to the prompt and the following questions.
  • When you finally hit submit, a Cars45 representative will get in touch with you within a day.

Betacar Financing

Salary earners and registered business owners in Nigeria can purchase high-quality, certified used cars with Betacar Financing and spread out the payments over a 12- to 24-month period.

How to get started with the Betacar financing

Here are the following ways to get started with the Betacar financing;

  • To choose the car of your choice, search the available vehicles.
  • Check the required down payment, the monthly payment amount, and the length of the loan by using the straightforward car loan calculator for the vehicle of your choice.
  • After selecting the “Apply for Loan” option, complete the pre-approval evaluation form.
  • In ten minutes, you will receive an email confirming your approval or rejection.
  • If accepted, you will receive an email outlining the required documentation, so get all of your paperwork ready.
  • For a test drive and inspection, stop by the Betacar headquarters.
  • Scan and submit any necessary paperwork.
  • After reviewing your application packet, our staff will notify you. And you’re ready to go!

The requirement for the Betacar financing involves an ID which can be a driver license, passport or national ID card, A valid BVN, A required down payment of 30% or more for the car of your choice and also an introduction letter from your employer.

Conclusion on Car Loan Companies in Nigeria

In conclusion, several financial institutions that serve the various demands of people wishing to acquire a car make auto loans available in Nigeria. The top ten auto loan providers listed in this article provide a variety of choices, each with unique terms, conditions, and requirements for qualification.

It’s critical for customers to perform in-depth research, evaluate the whole affordability of the loan, compare interest rates, and take repayment conditions into account as they investigate various possibilities.

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