Do you want to know where to Buy Car and Pay Installment in Nigeria? If this is what you’re looking for, you’ve have arrived at the right page. I’m here to share some few places where you can buy car and pay on installment in Nigeria.
Buying a new car in Nigeria is a big decision that requires proper budget planning and a bit of legwork in picking the right vehicle. One needs to assess suitable brands from a list of available Tokunbo cars, and also consider the ease of maintenance before buying a car. Nigeria auto mart has grown, different car dealers have sprung up and many of them are ready to sell car to you for you to pay installment.
Where to Buy Car and Pay Installment in Nigeria
One of the places to buy car and pay installmentally in Nigeria is at Cheki Nigeria. Cheki Nigeria is car listing website that offer a product called Cheki Finance.This is a car loan service designed to effectively meet the financing needs of car buyers in Nigeria. This service is being offered by Cheki Nigeria in collaboration with top-rated financial institutions.
Cheki Finance provides car buyers with quick car loans for the purchase of Nigerian used cars, foreign used (tokunbo) cars, or brand-new cars that are listed on Cheki.com.ng.
Loan applications will be processed promptly and car buyers can take possession of their cars within 3 days. Car buyers can pay 50% deposit upfront and spread the balance over a 12-month period. Monthly repayment is less than 40% of monthly salary. Read more at cheki Nigeria Car Listing website.
Another place to buy car and pay installmentally is at Affordable Cars Nigeria.This is a bank financed installment payment arrangement which affords individual and corporate entities opportunity to buy cars of their choice without the need to pay the whole value at once.
This requires a deposit payment of 20% – 30% with the balance being spread over 12-48 months with interest at prevailing lending rate. The designated supporting Banks to help access this scheme are listed below:
- STERLING BANK
- FIDELITY BANK
- FIRST BANK
- DIAMOND BANK
- WEMA BANK
- OTHER APPROVED LEASING COMPANIES
For further information, please contact our “EASYPAY” Hotline:
Innoson Auto Finance Scheme
To make it easier for customers to own their own Innoson car, IVM limited recently partnered with Sterling bank to provide an Auto Finance Scheme. The Sterling bank – IVM partnership is a promotional financing scheme designed to assist customers purchase IVM cars by ‘paying small small’. Innoson will supply the car to your doorstep once you pay the 25% down payment and meet other requirements.
How it works
You will need to make a 25% down payment on the vehicle while the balance is spread across a number of months (max 36 months). For an IVM car priced at ₦3.6million this means you’ll make a down payment of ₦900,000. Please note that interest applies to the final pricing.
Listed are special features of the auto finance scheme;
- Competitive pricing. Pay as low as ₦92,900
- Maximum tenor of 36 months (3 years)
- Equity distribution: 25% minimum
- Pro forma invoice from Innoson
- Comprehensive car insurance
What you will need?
The following will be required when applying for the scheme at Sterling bank;
- Hand written application letter
- Duly executed loan application form (You can get that here)
- At least three months active banking with Sterling bank
- Debt service ratio should not exceed 33.33% (i.e. income must be at least 3 times loan installment)
- Up-front payment of equity contribution, up-front fees and comprehensive insurance premium
- Up-front submission of post-dated cheques for the loan installments, subsequent comprehensive insurance premium(s) renewal and periodic fees throughout the loan tenor
How to apply
- Choose Innoson vehicle of choice
- Visit your closest Sterling bank branch and tell them you will like to apply for the Innoson finance scheme.
- Contact Innoson (details provided below) for a pro forma invoice after Sterling bank confirmation
- Pay 25% down payment and have your vehicle delivered to you anywhere in Nigeria.
To partake in this offer, you can walk into the closest Sterling bank branch or call the Sterling Bank Plc. dedicated numbers for this promo 08033562978 and 08175812222. You can also call Sterling Bank Plc. Consumer Banking on the 08070894106, 08075290644. For your pro forma invoice, call Innoson Motors on 08137075745, 08030889955.
Are you thinking about getting an Innoson car? Then hurry. To Purchase Innoson IVM cars and make further inquiries. Visit www.innosonvehicles.com or contact us via [email protected] or call- 08137075745, 08030889955.
FCMB Standard Auto Loan
This is offered by FCMB. It enables customer purchase vehicles from auto dealers who have been prequalified and have agreed an SLA with the bank
- Borrow N500,000.00 to N7,500,000.00
- Payment over 12 to 48 months
- Contribute as low as 20% towards the purchase
- Comprehensive Insurance on the car for the entire loan period
- No security required
- Competitive pricing and no hidden charges
- Installation of free tracking device for auto valued at N3, 000,000 and above (Free for cars above N3milion otherwise, N50,000.00).
- Buy a car of your choice from our list of acceptable brands and spread payment over a convenient period.
- They have reliable dealers accredited to ensure you buy from a safe source.
- Convenient insurance payment included in the loan repayment amount.
- No residual cost at end of loan tenure
- Individuals in structured employment
- Self-employed individuals with regular income.
There are many more other places to buy car and pay installment in Nigeria but these are few places I can talk about for now.