Top 10 car loans in Nigeria (2025)

While some may think a car is a luxury, a car can also be a necessity. The importance of owning a car can be felt more when you need to visit the hospital in the middle of the night or you need to go on a family vacation or hang out. Generally, personal cars make mobility easy and convenient.

However, buying a car may seem difficult for many people because of low income. Therefore, car loans are the best solution to make your dream of driving a new car come true.

Several institutions provide car loans in Nigeria, so you can pay them back conveniently.

Top 10 car loans in Nigeria

Here are the top car loans in available in Nigeria:

1. Betacar Financing

Betacar is an e-commerce automotive platform bent on redefining the way car buying should be in Nigeria. Betacar’s loan scheme is referred to as BetaCar Financing – which provides salary earners and structured business owners in Nigeria the opportunity to buy quality certified Tokunbo cars and pay over 12-24 months.

The most interesting fact about BetaCar financing is that your car should be ready for pick up one week after submission of a complete application package. To get started, go to the BetaCar website and:

• Search available cars to select your preferred car.
• Use the simple car loan calculator on your selected car to check the upfront deposit required, the monthly repayment, and the period of payment.
• Click on the “Apply for Loan” button and fill the pre-approval assessment form.
• You will get an approval or rejection email within 10 minutes.
• If approved, you will get an email listing the documents needed, so start preparing all your documents.
• Visit Betacar HQ office for inspection and test drive.
• Scan all required documents and submit them as a reply to the email address ([email protected]).
• Betacar’s team will review and let you know once your application package is completed.

2. UBA Auto Loan

This loan is a product of United Bank for Africa to provide you with the opportunity to drive your dream car, while you pay back without hassle.

The approved car brands for this scheme include Approved brands are Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Suzuki, Kia, and Volkswagen.

To get started:

• Visit any of the approved auto vendor stores to obtain a pro-forma invoice (PFI) for preferred items.
• Visit a UBA branch to complete a loan application form.
• Execute an offer letter detailing the loan terms and requirements, following approval of the loan.
• Pick up your preferred automobile from the auto vendor.

3. Autochek financing

Autochek is an automotive technology company that aims to build digital solutions. Autochek financing makes it buying your choice car convenient for you by allowing you to buy now and pay back monthly. To get started:

• Complete a short form on the Autochek website and get personalized cars to choose from
• Select a car and review the terms of finance
• Apply for a loan and receive personalized offers
• Accept a loan offer and drive home your dream car

4. FCMB Auto Loan

This is FCMB’s consumer credit scheme which allows qualified individuals to the part-finance acquisition of cars for personal use.

Customers can own a car and pay over a period of time. This loan can be applied for on the FCMB loan portal or at FCMB branch locations. The loan is in two categories, namely FCMB Auto loan Alliance and Standard Auto loan.

• FCMB Auto loan Alliance: With this, you have access to up to #30 million to get your dream Tokunbo car, at an interest rate as low as 20℅ per annum.

• Standard Auto loan: If you are in structured employment or self-employed with regular income, you can get this loan to purchase vehicles from auto dealers who have been prequalified and have agreed to an SLA with the bank. You can borrow up to #30 million and pay over 12 to 60 months.

5. Cars45 financing

Cars45 brand is a platform that provides you with the opportunity to buy cars online and offline. Cars45 car financing allows you to get a car loan approval within 72 hours and pay for up to 12 months at a 2.5% monthly interest rate.

To qualify for this loan, you have to either be a salary earner or a registered business owner.

To get started:

• Visit buy.cars45.com or any of Cars45 retail locations to begin your application
• Select a car available for financing (Grade A, B, or C car with a maximum value of N3,000,000)
• Fill in your details in the “Get Car Loan” section, and click “Get Prequalified”
• Follow the prompt and answer all the questions presented
• Click on “Submit” and a Cars45 rep will reach out to you within 24 hours

6. Stanbic Ibtc Vehicle and Asset Finance

This loan scheme is a product of StanbicIbtc bank to allow you to get financing for your car with flexible and affordable repayment terms.

To get the loan, you need:

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

Or you may visit StanbicIbtc’s nearest branch or call 01 422 2222 or email [email protected].

7. Creditville Auto Car Loan

This is a product of Creditville Limited – an asset management company and a private lending institution registered in Nigeria, with business interest in Consumer Finance, Real Estate, And Capital Markets.

The loan is for individuals in paid employment towards the acquisition of a personal vehicle(s), solely for private use. To get started:

• Carefully go through the requirements for a car loan and if satisfied, fill the online auto lease application form adequately and submit your car loan application
• You will be contacted by a Creditville agent to proceed to the vehicle inspection stage
• All the paperwork required to secure the car loan is put together, assessed by Creditville’s agent, and subsequently hire Car Loan is approved.
• The funds for you to buy the car is disbursed or the keys to one of the available vehicles are given to you

8. FirstBank Automobile Loans

This loan scheme is a product of FirstBank of Nigeria to help you own your dream car within a short time frame. If you are an employee in paid employment, then, this loan is for you.

To get started, download the Auto Loan Application Form on the First Bank website. Complete the form and submit it at the nearest FirstBank branch. Other documents that would be required to process the loan include:

• Application letter
• Proforma Invoice from FirstBank-approved vendors
• Payslip for the last three months
• Statement of account
• Letter of total emolument.

9. Access Bank Car Loans

Access Bank Plc. has varieties of car loan schemes you can choose from to own your dream car. They include:

• Access More Mileage: This product provides you the access to get a brand new car for as low as ₦170,000 monthly. To get started, fill the interest form on the Access More Mileage portal and you will be reached by a member of Access Bank’s team, or visit the nearest Access Bank’s branch to you.

• Easy Buy Finance with GAC Motors: You can get a brand new GAC GS3 or GAC GA4 at a low-interest rate with this scheme. To get started, fill the form on the Easy Buy Finance Scheme portal to get started and a member of Access Bank’s team will reach out to you. You can also visit the nearest Access Bank’s branch to you.

• Hyundai Auto Loan Promo: With this, you can get selected Hyundai car models at an unbeatable interest rate with lots of freebies as a salaried, business, or corporate customer of Access Bank. To get started, visit the nearest Access Bank’s branch to you. You will be required to obtain Pro forma invoice from Hyundai Motors addressed “Access Bank/Customer’s name”.

• AutoClub by Access: This is a one-stop-shop designed to meet all your automobile needs. You can access Access Bank’s exclusive auto services from vehicle purchase, maintenance, usage to disposal, and so much more. To get started, fill the interest form on the AutoClub by Access portal or visit the nearest Access Bank’s branch to you.

10. Opticom Finance Vehicle Finance Lease

This is a product of Opticom Finance Limited – a Non-Bank Financial Company operating since 1998. Opticom Finance aims at giving an exceptional car ownership experience to customers through easy, flexible, and convenient financing. Opticom can also assist you in financing pre-used vehicles.

To get started, go to the vehicle finance lease portal, enter your details, and click the calculate button to calculate the monthly payments.