The Ultimate Guide to Car Loans in Nigeria

Car Loans in Nigeria

If you are looking for a way to Get a Car Loans in Nigeria, you might be interested in getting a car loan from a bank or a car finance company. A car loan is a type of credit that allows you to pay for a car in installments over a period of time, usually with interest. Car loan can make car ownership more affordable and convenient, especially if you have a steady income and a good credit history. However, before you apply for a Car Loan in Nigeria, there are some things you need to know and do. Here are some steps to guide you:

However, before you apply for a car loan in Nigeria, there are some requirements and procedures that you need to know.

First of all, you need to meet the eligibility criteria for a car loan in Nigeria.

Requirements of getting a Car Loans in Nigeria

– Being a Nigerian citizen with a valid means of identification, such as an international passport, national driver’s license, national ID card or voter’s card.

– Being at least 18 years old.

– Having a functional savings or current salary account with the lender or another bank.

– Having a consistent and verifiable source of income, either from paid employment or entrepreneurship.

– Having a minimum monthly income of N150,000 to N250,000, depending on the type and price of the car you want to buy.

– Having a good credit history and no outstanding debts or defaults.

Things you need to know and how to get Car Loan in Nigeria

Car Loans in Nigeria

1. Determine your budget and needs. The first step is to decide how much you can afford to spend on a car and what kind of car you need. You should consider factors such as your income, expenses, savings, lifestyle, family size, and purpose of the car. You should also compare different car models and brands to find the one that suits your preferences and needs.

2. Choose a lender and a car dealer. The next step is to find a reputable lender that offers car loans in Nigeria and a car dealer that sells the car you want. You can do some research online or ask for recommendations from friends and family. You should compare different lenders and dealers based on their interest rates, repayment terms, fees, requirements, incentives, and customer service.

3. Get a pro-forma invoice and apply for a loan. Once you have chosen a lender and a dealer, you need to get a pro-forma invoice from the dealer that shows the details and price of the car you want to buy. You then need to fill out a loan application form from the lender and submit it along with the pro-forma invoice and other required documents, such as your identification, proof of income, bank statements, etc.

4. Wait for approval and sign the loan agreement. After submitting your loan application, you need to wait for the lender to review it and approve or reject it. This may take from a few hours to a few days, depending on the lender and your credit profile. If your loan is approved, you will receive an offer letter that outlines the loan terms and conditions. You need to read it carefully and sign it if you agree.

5. Pick up your car and start repaying your loan. The final step is to pick up your car from the dealer and start enjoying it. You also need to start repaying your loan according to the agreed schedule. You should make sure you pay on time and in full every month to avoid penalties and maintain your credit score.

See also: How to Apply for a Car Loan From GTBank

Where to get car loan in Nigeria

If you are looking for a Car Loans in Nigeria, you have many options to choose from. Car loans are a convenient way to finance your dream car and pay back in installments over a period of time.

The Top 3 Car loans in Nigeria

Betacar Financing

Betacar Financing is a company that provides salary earners and structured business owners the opportunity to buy quality certified Tokunbo cars and pay over 12-24 months. Betacar Financing has a simple application process and a fast approval time. You can search for available cars on their website, use their car loan calculator to check the deposit and repayment terms, and fill out a pre-approval assessment form. If approved, you will need to submit some documents and visit their office for inspection and test drive.

UBA Auto Loan

UBA Auto Loan, is a product of United Bank for Africa. UBA Auto Loan enables you to drive your dream car from a range of approved brands, such as Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Suzuki, Kia, and Volkswagen. To apply for UBA Auto Loan, you need to visit any of the approved auto vendor stores to obtain a pro-forma invoice for your preferred car. Then, you need to visit a UBA branch to complete a loan application form and execute an offer letter detailing the loan terms and requirements. After approval, you can pick up your car from the auto vendor.

Autochek Car loan in Nigeria

Autochek Financing is an automotive technology company that aims to build digital solutions for car buyers and sellers. Autochek Financing makes it easy for you to buy new or used cars from trusted dealers and sellers in Nigeria. You can apply for car loans and get offers in 24 hours on their website. You just need to complete a short form and get personalized cars to choose from. Then, you can select a car and review the terms of finance. You will also need to provide some documents and information for verification.


Cars45 is a platform that allows you to buy and sell used cars in Nigeria. You can find a variety of models and prices on, from Toyota to Mercedes-Benz. Cars45 also offers inspection services, valuation reports, and financing options for car buyers and sellers. You can apply for car loans and get offers in 24 hours on their website. You just need to complete a short form and get personalized cars to choose from. Then, you can select a car and review the terms of finance. You will also need to provide some documents and information for verification.


Car loans in Nigeria can be a convenient and affordable way to buy your dream car. However, you need to be careful and responsible when applying for and repaying a car loan. You should only borrow what you can afford to repay and avoid defaulting on your loan. You should also compare different lenders and their offers before choosing one that suits your needs and preferences.

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Ayodeji Kolawole

My name is Ayodeji Kolawole. Please note that I am not in any way affiliated with any company you read about on this blog. For more info email me on

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