Where Can I Get A Car Loan in Nigeria – 4 Banks That Offer Quick Car Loan in Nigeria

Where can I get a car loan in Nigeria? There are different ways you can get a car loan in Nigeria; you can get from banks, loan companies, and co-operative. If you’re in Nigeria and you need information on where can I get a car loan in Nigeria? This is the right post for you; this post will contain information on 4 banks that offer quick car loans in Nigeria.

Owning a car is one of the most exciting moments in life as you no longer have to struggle with public transport and life is much easier. Many people think that they have to save a long time before they can buy a car, but there are easy ways to do it through the bank.

Some Nigerian banks offer easy-to-obtain car loans and applying for these loans is not as complicated as you might think. In this article, we take a look at how to get car loans from 4 Nigerian banks – UBA, FCMB, Access Bank, and Stanbic IBTC.

Where Can I Get A Car Loan in Nigeria – 4 Banks That Offer Quick Car Loan in Nigeria

1. Get a car loan from UBA

Whether it is your first car or you want to upgrade to a higher model, the UBA car loan offers you the chance to own your dream car with a convenient installment. Eligible car brands are Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Suzuki, Kia, and Volkswagen.

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Features of the UBA car loan

  • Access to reputable car dealers/retailers
  • Convenient refund policy; up to 48 months
  • Competitive interest
  • Maximum loan amount of n15m
  • Own contribution of at least 30%
  • Mandatory fully comprehensive insurance and vehicle tracking

Requirements for the UBA car loan:

  • Functional savings or checking account
  • Duly completed credit application form.
  • Valid IDs (international passport, national driving license, 4th national ID card, and voter card).
  • Employer’s obligation to payroll accounting with the UBA.
  • Duly accepted offer letter or employee application form (offer letter must include:
  • Employee name, employee job description/position; type of employment (permanent or contract); Employee’s job status (confirmed or unconfirmed).
  • Copy of the customer’s identity card.

How to apply for a UBA car loan?

  1. Visit one of the authorized car dealers to receive a Pro Forma Invoice (PFI) for preferred items.
  2. Visit a UBA office to fill out a loan application.
  3. After credit approval, complete an offer letter detailing the credit terms and requirements.
  4. Pick up your favorite car from the dealership.

2. Get a car loan from FCMB

FCMB offers a consumer credit program that allows qualified individuals to purchase automobiles for personal use. Customers can own a car and pay for it for a certain amount of time. With an FCMB car loan, you can easily find your dream car, compare prices and mileage, and also inspect the vehicle to see its condition.

FCMB car loan features

  • Car loan amount: up to ₦ 30 million
  • Interest rate: as low as 20% per year
  • Share contribution: as low as 30%
  • Term of the loan: up to 36 months
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  1. Installation of a free car tracker worth N3,000,000 and up
  2. Buy a car of your choice from our list of acceptable brands and spread the payment over a reasonable period
  3. We have trusted retailers who are accredited to ensure you are buying from a safe source
  4. Convenient insurance payment included in loan repayment amount
  5. No residual fees at the end of the loan


  1. People with structured work
  2. Self-employed with regular income.

3. Get a car loan from Access Bank

Access Bank offers a user-friendly platform for customers to buy new and used vehicles financially cheaply. This offer is aimed at salary account holders, SMEs, and corporates. The bank also works with a variety of car dealerships, including Autochek and cars45, to give customers access to a variety of car makes and models.

Access Bank auto loan features

  • Open to salary earners, SMEs, and corporations
  • Equity from 10% of the invoice value
  • competitive prices
  • Term up to 48 months
  • Large selection of providers

Services offered when applying for Hyundai Auto Loan Promo

  1. Flexible payment plan for up to 3 years with monthly repayments from NGN 180,000
  2. Free vehicle registration
  3. Free Vehicle Delivery PAN Nigeria
  4. 5-year warranty or 100,000 miles (whichever comes first)
  5. The first three (3) shifts are FREE

Who can apply for Access bank vehicle financing?

  1. If you are an employee of a reputable organization,
  2. Freelancer
  3. Companies can apply if necessary.

Please note: that applications will be assessed according to the eligibility requirements and risk acceptance criteria set by the bank.

Approval is subject to the positive examination of all documents submitted by the customer.

The customer is obliged to irrevocably settle salaries, allowances, and other remuneration with Access Bank during the term of the facility.

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In the case of the self-employed and companies, the sales proceeds/receivables must be domiciled at the bank.

The monthly repayment cannot exceed 33.3% of the applicant’s monthly income.

The title to the vehicle and the original title documents will remain with the bank until the payment has expired and been completed.

The customer is obliged to contribute at least 10% equity and to repay the facility within a maximum term of 48 months.

The bank engages an insurance company to insure the leased vehicle for the term of the facility and declares its share as the beneficiary of the initial loss at the customer’s expense.

The customer is responsible for negotiating the price, registration fees, color, delivery terms, etc. with the car dealer.

4. Get a car loan from Stanbic IBTC

Stanbic IBTC Bank offers car loans for new and used cars with a maximum credit limit of N15 million and a term of 48 months. All car brands are also covered. The bank offers new and existing customers the opportunity to get their dream car with an affordable, convenient and structured repayment plan.

Stanbic IBTC car loan features

  • Competitive interest rates
  • A variety of partner dealers will help you find the best car
  • Flexible payment terms with a term of 4 years
  • A monthly electronic statement to track your repayments

How to apply for a car loan from Stanbic IBTC Bank:

  1. A completed application form
  2. Proof of Income/Salary Statement
  3. A proforma invoice for your vehicle or asset of choice (preferably from a Stanbic IBTC partner dealer)

Or you can: Visit our nearest branch

Call 01 422 2222

Email CustomerCareNigeria@stanbicibtc.com

Conclusion – Where Can I Get A Car Loan in Nigeria – 4 Banks That Offer Quick Car Loan in Nigeria

Taking out a car loan is an easier way to fund a car purchase than paying a large sum of money upfront. More and more banks are creating flexible and convenient car financing to make it easier for their customers to achieve their goal of owning a car.