Top 10 Car Loan Companies In Nigeria (2023)

Sometimes, we might compulsorily need to take a look whether we like it or not. Imagine a sales manager who for example lives in Ikeja Lagos but has his business located in Ibadan, how much do you think he’d be spending on a daily basis on transport?

Most times, the transport fee could be more than N2,000 to and fro. This is not fictional but something someone closer to me had once experienced.

And to save yourself from the mess, you may need to get a loan to ease the amount of money wasted on transport.

Getting a car loan can definitely go a long way. 

Still, thinking about the company that can get you a car loan?

Don’t worry again, you’re on the right page already. This article will show you the top 10 car loan companies in Nigeria in 2023

What is a Car Loan?

A car loan is a type of loan that is used to finance the purchase of a vehicle. It is a secured loan in which the car itself serves as collateral for the loan. This means that if you default on the loan, the lender can repossess the car to recover their losses.

Also, when someone takes out a car loan, they borrow a set amount of money from a lender, which they then use to purchase the vehicle.

The borrower then pays back the loan over a set period of time, usually with interest. Car loans usually have a fixed interest rate, which means that the interest rate remains the same throughout the life of the loan.

Car loans are available from a variety of sources, e.g banks, credit unions, and car dealerships. 

The terms and conditions of the loan, including the interest rate and repayment period, will depend on the lender and the borrower’s credit history and financial situation.

Top 10 Car Loan Companies In Nigeria

Below are the top 10 car loan companies in Nigeria along with their details:

1. First Bank Nigeria

The first on the list of top 10 car loan companies in Nigeria that I want you to know is First Bank Nigeria.

The First Bank Nigeria is one of the leading and not just the leading oldest and best banks in Nigeria. 

At First Bank, they offer car loans to their amiable customers. The bank offers car loans with flexible repayment terms of up to 48 months and competitive interest rates.

 The maximum loan amount offered is dependent on the borrower’s income and the value of the car being purchased.

If you desire to buy a car up to 10 million, the interest rate will be based on the total borrowed amount.

2. Stanbic IBTC Bank

 Stanbic IBTC Bank is yet another financial bank that is a subsidiary of Standard Bank Group. They offer car loans to their customers. 

The bank offers car loans with repayment terms of up to 60 months and likewise competitive interest rates. 

The maximum loan amount offered is dependent on your income and the value of the car you want to purchase.

3. Access Bank Nigeria

Access bank is also one of the best and most successful banks in Nigeria, they are the merger with Diamond bank and since merged, access bank has been experiencing tremendous growth.

 That aside, Access Bank offers car loans to its customers. 

The bank offers car loans with repayment terms which are up to 48 months and at the same time, they offer competitive interest rates.

 However, the maximum loan amount offered will solely depend on your income and the value of the kind of car you want to buy with the loan.

4. Zenith Bank Nigeria

Zenith bank is yet one of the lists of top 10 car loan companies in Nigeria today.

Zenith Bank Nigeria is one of the top banks in Nigeria and offers car loans to customers who are able to meet the compulsory requirement.

Just like some other banks mentioned earlier, Zenith bank also offers a car loan with repayment terms of up to forty-eight (48) years.

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Also, the maximum loan amount offered will be limited by the price of the particular car you want to purchase.

For example, if the car you aim at purchasing is 10 million naira, the loan that will be accrued to you will not be less than 10 million naira.

5. GTBank Nigeria

If you’re looking for banks that have the most customers, GTBank is actually one of them.

GTBank is a financial institution that also provides car loans to its active customers. 

However, you’re to meet all the requirements before you can get a car loan or loan of any kind from the bank.

For you to apply for a car loan from Gtbank, kindly visit the nearest GTBank to apply for the car loan.

6. Sterling Bank Nigeria

Sterling Bank Nigeria is another leading bank in Nigeria and offers car loans to its customers. The bank offers car loans with repayment terms of up to 48 months and competitive interest rates.

Read Also: How To Get A Loan From Fidelity Bank In Nigeria With Or Without Collateral in 2023

However, the following requirements are to be met for individuals who want to take a car loan from the company:

Eligibility

• You must not be more than 18 and not more than 65 years old.

• Your Monthly amortization of the vehicle to be financed should not exceed 30% of the gross monthly income of the borrower.

For Employed:

• At least 2 years of continuous employment with the current employer.

• Employers must be operating for at least 3 consecutive years.

For Self-employed:

• You must be engaged in the business or profession for at least 3 years.

• Your business or profession must be profitable at least in the immediately preceding year

For Corporate:

Must be at least operating profitably for at least 2 yrs.

Note: Those are the basic requirements, you need to visit the nearest Sterling bank to apply for the loan.

7. UBA Nigeria

UBA is the acronym for the United Bank of Africa and one of the top 10 car loan companies in Nigeria.

UBA Nigeria is one of the top banks in Nigeria and offers car loans to its customers with absolutely flexible repayment.

Taking a car loan from UBA can last for as long as 48 months just like that of other banks in Nigeria.

8. FCMB Nigeria

FCMB is also one of the best banks we can’t overlook in this article. It is one of the top 10 car loan companies in Nigeria. 

This bank enables borrowers to get a car of their choice on a loan with flexible requirements and repayment terms.

To get a car loan from FCMB bank, kindly apply through their official website or go to the nearest FCMB bank near you to apply for the loan.

8. Wema Bank Nigeria

 Wema Bank Nigeria is an outstanding bank in Nigeria and offers car loans to its customers individually.

 The bank offers car loans with repayment terms of up to 48 months and competitive interest rates. 

The maximum loan amount offered is dependent on the borrower’s income and the value of the car being purchased.

9. Keystone Bank Nigeria

 Keystone Bank Nigeria is a bank in Nigeria that offers car loans to its customers. 

The bank offers car loans with repayment terms of up to 60 months and competitive interest rates.

 The maximum loan amount offered is dependent on your income and the value of the car you purchased.

10. Fidelity Bank Nigeria

Here’s the last on the list of the top 10 car loan companies in Nigeria.

 Fidelity Bank Nigeria is a leading financial institution in Nigeria that offers car loans to its customers. 

The bank offers car loans with repayment terms of up to 60 months as well as competitive interest rates with flexible repayment options. 

The maximum loan amount offered is dependent on your income likewise the value of the car being purchased.

Frequently Asked Questions On Top 10 Car Loan Companies In Nigeria

Here are some frequently asked questions about the top 10 car loan companies in Nigeria:

What are the requirements to obtain a car loan in Nigeria?

The requirements for obtaining a car loan in Nigeria vary from lender to lender but generally include proof of income, proof of employment, valid identification, and a down payment on the vehicle.

What is the interest rate for car loans in Nigeria?

The interest rate for car loans in Nigeria varies depending on the lender and the borrower’s credit score. Generally, interest rates range from 8% to 15%.

How much can I borrow for a car loan in Nigeria?

The amount you can borrow for a car loan in Nigeria depends on your income, credit score, and the value of the car you are purchasing. Generally, lenders offer car loans up to 80% of the car’s value.

Can I apply for a car loan online?

Yes, many car loan companies in Nigeria offer online application processes. 

You can apply for a car loan online by filling out an application form and submitting the necessary documentation but note that you’ll still be required to visit any of the bank branches you choose for further steps.