List of Banks in Nigeria that offer easy-to-get Auto loans

Last Updated on March 3, 2023 by admin

Buying or leasing any kind of automobile is a big investment. In Nigeria getting a car loan is not as easy when compare to other nations,in most case Nigerians are known for the outright purchase mentality.In other part of the world,to finance a car you have three options: an auto loan, an auto lease, or a refinance.

A Car Loan will bring that dream of owning a vehicle within your reach as More banks continue to create flexible and convenient auto finance loans to make it easier for their customers to achieve the goal of owning a car.This article will solve the challenge on Nigerian banks that offer easy-to-get car loans.

Read: Things consider before applying for a Car loan

1. FCMB Auto Loan

First city monument bank Car loan is a consumer credit scheme which allows qualified individuals to part-finance acquisition of cars for personal use. Customers can own a car and pay over a period of time.

Customers can either buy their Dream Tokunbo Car or purchase vehicles from auto dealers who have been pre-qualified and have agreed an SLA with FCMB bank.

FCMB Tokunbo Car Loan features

1. Auto-loan amount: Up to ₦30 million
2. Interest Rate: As low as 20% per annum
3. Equity Contribution: As low as 30%
4. Loan repayment tenure: up to 36 months


1.Easily find your dream car brands
2.View car images from different angles
3.Compare prices, mileage, and features
4.Estimate repayments using the online calculator
5.Thorough vehicle inspection to ascertain condition

How to apply for FCMB Tokunbo Car Loan

1. To apply for fcmb Tokunbo Car Loan simply visit Autochek car financing Complete a short form and get personalized cars to choose from.

2.Select a car and review the terms of finance
3.Apply for a loan and receive personalized offers
4.Accept a loan offer and drive home your dream car

Please note: Autochek has partner with First city monument bank for car auto loan.


This enables customer purchase vehicles from auto dealers who have been prequalified and have agreed an SLA with the bank. it has the following features.


1. Borrow N500,000.00 to N30,000,000.00
2. Payment over 12 to 60 months
3. Contribute as low as 20% towards the purchase
4. Comprehensive Insurance on the car for the entire loan period
5. No security required
6. Competitive pricing and no hidden charges


1. Installation of free tracking device for auto valued at N3, 000,000 and above
2. Buy a car of your choice from our list of acceptable brands and spread payment over a convenient period
3. We have reliable dealers accredited to ensure you buy from a safe source
4. Convenient insurance payment included in the loan repayment amount
5. No residual cost at end of loan


1.Individuals in structured employment
2. Self-employed individuals with regular income.


You can also read: USSD Code to get Loans in Nigeria


2. Vehicle Finance – Access Bank

This offer is available to salary account holders, SMEs, and corporates.They partners with a wide range of car dealers including Autochek, cars45 and Hyundai so that customers can have access to a wide range of vehicle brands and models.

Customers can get select Hyundai car models at an unbeatable interest rate with lots of freebies as a salaried, business or corporate customer!

Services Offered when apply for Hyundai Auto Loan Promo

1. Flexible payment plan for up to 3 years, with monthly repayment as low NGN180,000
2. Free vehicle registration
3. Free vehicle delivery PAN Nigeria
4. 5-year warranty or 100,000 kms (whichever comes earlier)
5. First three (3) services labour FREE

Who can Apply for Access bank Vehicle Finance?

1. If you are Employees of reputable organization,
2. Self Employed Professionals
3. Corporates can apply when the need arise.

Please note: Requests shall be assessed in line with the eligibility requirements and risk acceptance criteria as defined by the Bank.

Approval is subject to positive verification of all documents submitted by the customer.
The customer is required to irrevocably domicile salaries, allowances and other emoluments with Access Bank throughout the tenor of the facility.

In the case of Self-Employed Persons and Corporates their sales proceeds/receivables must be domiciled with the bank.

Monthly repayment shall not exceed not 33.3% of applicant’s monthly income.
Ownership of the vehicle and original title documents shall reside with the Bank until expiration and completion of payment.

Customer is required to provide a minimum of 10% equity contribution and repay the facility within a maximum tenor of 48 months.

The Bank shall appoint an insurance company to insure the leased vehicle throughout the tenor of the facility and noting its interest as first loss payee at a cost to be borne by the customer.

The customer shall be responsible for negotiating price, registration cost, colour, delivery terms etc. with the automobile dealer.

What type of Vehicles does the FCMB Bank Finance?

The bank Only finance new vehicles sold and serviced by the bank’s accredited dealers.

Also read: 6 Different Types of Mortgage Loans you need to understand

3. Stanbic IBTC Car loan

Stanbic IBTC offer both new and used vehicles with a maximum loan limit of N15m and tenor of 48 months.The bank offers new and existing customers the opportunity to get the car of their dreams with an affordable, convenient and structured repayment plan.

Stanbic IBTC Vehicle and Asset Finance has a Competitive interest rates with fixed repayments. Customers can get a variety of Partner dealerships to help them find the best car

How to apply for Stanbic IBTC bank Car loan:

1. A completed application form
2. Proof of income/evidence of salary
4. A proforma invoice for your vehicle or asset of choice (preferably from a Stanbic IBTC partner dealer)

Or you may: Visit our nearest branch
Call 01 422 2222


Read: What to consider before applying for a home Mortgage loan

4, UBA Car Loan

Whether it’s your first car or you want to upgrade to a higher model, the UBA Auto Loan product enables customers to drive your dream car, while they repay conveniently. Approved brands are Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Suzuki, Kia and Volkswagen.

Features & benefits of UBA Auto Loan

1. Access to reputable auto dealers/retailers
2. Convenient repayment terms; up to 48 months
3. Competitive interest rate
4. Maximum loan amount of N15m
5. Minimum equity contribution of 30%
5. Mandatory comprehensive insurance and vehicle tracking

Eligibility Criteria for UBA Auto Loan

1.Functional savings or current salary account
2.Duly completed loan application form.
3.Valid means of Identification (International Passport, National Driver’s License, 4.National ID Card and Voters’ Card).
5.Employer’s undertaking to domicile salary with UBA.
6.Duly accepted offer letter or employee inquiry form (The offer letter should contain 7.Employee Name, Employee Job Description/Position; Nature of Employment (Permanent or Contract); Employee Job Status (Confirmed or unconfirmed).
8.Copy of the customer’s staff ID.

How to apply UBA Auto Loan

1. Visit any of the approved auto vendor stores to obtain pro-forma invoice (PFI) for preferred items.

2. Visit a UBA branch to complete a loan application form.

3. Execute an offer letter detailing the loan terms and requirements, following approval of the loan.

4. Pick up your preferred automobile from the auto vendor.




Meet Ogbeide Frank, popularly known as perere, a blogger who loves writing about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies

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Ogbeide Frank loves writing and research about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies For Advertisement, Content marketing and sponsored post: contact :
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