How to Buy a Car on Loan in Nigeria

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A car loan can afford you the ability to own a car in Nigeria. To buy a car on loan in Nigeria, you need to take the following steps:

how to buy a car on loan in Nigeria

Choose the car you want to buy

The first step in buying a car on loan in Nigeria is to choose the type and brand of car you want. You need to ask yourself the following questions:

  • Which type of car do I want?
  • Which year and make of car do I want?
  • Do I want a brand new car or a fairly used car?
  • What colour of car do I want?

Choose a car vendor or car dealer

You need to look around for the car dealer you will buy the car from. Ask questions about car dealers around you. You can also use the internet to search for good car dealers around you. Some car dealers have physical offices, some sell cars only through their website. Some good car dealers in Nigeria include Cars45 and Jiji.

Research on where you can get a car loan

You also need to research on where you will get a car loan. Do you want to get a car loan from a commercial bank? Do you want to take a car loan from online lenders? Do you want to take a car loan from a microfinance bank? These are some of the questions you need to ask yourself.

Apply for the Loan

After getting where to get the car loan, you need to apply for the loan. You need to satisfy all the requirements of the lender before you will be offered a car loan. The lender will ask you for your personal information, employment details, income level, type of car you want to buy, credit score and other details.

Provide a security for the car loan

Some lenders will ask you for a collateral security if you want a car loan. However, some lenders may not ask for a collateral security.

Pay the car dealer

If your car loan application is successful, the lender may decide to pay the car dealer directly instead of crediting your account.

Take ownership of the car

After paying the car dealer for the car, the final step is for you to take ownership of the car.

Do you need a car loan in Nigeria? If yes, kindly contact us so that we can refer you to a lender with affordable rates and conditions.

Read about salary advance loans

Personal loans in Nigeria

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