Hey Guys,

Enough is Enof, pleaaaaaaaaaaaaaaaaaaaaaaase!
Stop oppressing us with these sleek rides for NOTHING. So many Guys would like to buy them but they dont have enof money to afford these cars.

Please,Let these dealers come up with installmental payment plan for these cars. So that guys can afford them.
it could be post-dated cheque thing or monthly salary deduction stuff.

I mean , they can come up with ideas that will make life easier for guys.

Abi guys how una see am? Give us these rides and we pay later.

True Talk

i have often wondered why no one has offered such a wondefful way of helping guys own cars of their own. i am with you jare !!!!!!!!!!!!!!!!!

That is a good topic it will be something good the only problem is what guarantee are we going to give to the car dealer's that the instalment payment will be paid in most develop countries, don't shot me yet I'm not saying Nigeria is not develop but we still have a long way to go.

Until we sort out identity fraud I mean one man one ID card or passport then we can start thinking about such a thing like hire purchase

Tell it to customs guys to collect in installments while clearing duh

tosin1570:

That is a good topic it will be something good the only problem is what guarantee are we going to give to the car dealer's that the instalment payment will be paid in most develop countries, don't shot me yet I'm not saying Nigeria is not develop but we still have a long way to go.

Until we sort out identity fraud I mean one man one ID card or passport then we can start thinking about such a thing like hire purchase

Good talk!

Paying installmentally for your car means you agree to enter a rat race against time and money.

go to your bank and ask for a Car Loan.

@mayrho

In the first place,
How do they bring these cars dat spend a year or more in their car garages
b4 they finally get sold at give-away price lower than the cost of
bring them in?

My friend, business is all about taking risks,
if they av taken a risk to invest and bring these cars into the country then
taking risk to grow your business by givin credit facility will be nothing.

It will be better than leaving the car to deteriorate in their garages before selling at a price lower than the cost price
remember auto market is dynamic.

all they need do is to setup a proper plan to minimize the risk.


You will agree with me that

its easy nw!! cme 2 my bank (any 9ja bank) collect auto mobile acquisition form, attahed wiv ur 6 mths running statement and oda docs, bank wud decide d % of loan amt dey wud give, its bein prcessd and voila, ur brand new car wiv insurance sef!

with enough interest to pay too

yeah wiv a whoopin' 24%!!!

I also don't understand why they don't do that in Nigeria. . .I can say half of the citizens in the country I stay pay for their cars instalmentally. . .

I guess some corrupt Nigerians have made it difficult for others. . .

abeg this talk on installmental payment of cars,na gud talk abeg i get interest,but i no know the interest % whay them dey collect so that if he no plenty make i join.thanks.

you know why i de ask  this question? most of this banks them go tell u say na 5% but b4 u go know watin de sele ,u don pay pass the 5%. and den 4 how long will u pay for it
thanks any way i go find solution when i de ready

@t.deborah

Na true talk! Banks have a lot of hiden charges , u know, i mean, is like, you pay management fee, insurance, and stuffs.
that's why dealers should wake-up.

In my opinion, i'd prefer to pay the dealer 24% interest charges to dealers with no hidden charges
than to pay that amount to bank, rubbish!

i dey craze

hell no!

if i can't buy i straight up, i'm no buying it

last thing i need is some car dealer making my life miserable if something happens and i fall behind on payments

nigerians and the desire to live the life they haven't finished paying for 

theres some dude in my office who i saw driving a 2008 camry. enough flossing. later i heard the dude is still paying for the ride. anywy, diff strokes.

the only thing i can borrow money for is business runs

its instalmental payments that brought about the credit crisis. when will we ever learn ?

tHE FUUNY THIN IS 24% IS FLAT INT RATE NO INCREASE NO DECREASE!!, THEN THEY AV MGT, PROCESS AND COMMITMENT CHARGE ALL NOT ABOVE 2% PAYABLE UP FRONT. SO U SEE, CRAZY CHARGES!!

It would have been a good idea if the following are possible.
trust.
Good database of the buyer { in Nigeria a man can move and no one will know the new address} and who has the time to be chasing someone all over the place.
If the person refuse to pay on a car all cos he/she has had an accident with the ride, then, what is next, no car to repo and nothing to take from the person.
How do i even know the the paper you apply with to get the car are real?
Nigeria is yet to develop to that level and till then, Let banks worry about the wahala of giving the loan.
A place where you tell someone to pay more than the usual price of the car, cos of the investment of the installment payment and the person go dey yab your mama and papa.
In a nation where everyone thinks they sabi it all, and know how much they buy car in the USA and can tell you the streets in NY without leaving the village, how do u deal with such people?

@702 that is a rip off how on hell do you want to charge poor customer 24%   5.5% is the max I can pay for any loan or hire purchase I think you have to keep that loan to your self I know there is a lot of poor my country men that will accept that simply bc they don't have where to go to.

Now tell me, your bank how much do you pay to CBN on interest?

@tosin

seems its 24% for all consumer loans!! get clarification from ur banker pls.
If its still 5.5%, that wud be tait!! i guess the 5.5 % are only for their eligible staffs(bankers)!!

This idea makes sense, however, like Fhemmy rightly said, how do-able is this in nigeria?
Personally, i can do it, i mean, sell rides to pple and make them pay me over a period of one year, but nigerians tell a lot of stories. Even with pre-ordered vehicles where u pay the balance at the arrival of the vehicle, stories still come up.
If there is a way to avoid storytelling and to be able to keep track of your customers e.g references, collaterals etc. then I"m IN!

babeisme:

This idea makes sense, however, like Fhemmy rightly said, how do-able is this in nigeria?
Personally, i can do it, i mean, sell rides to pple and make them pay me over a period of one year, but nigerians tell a lot of stories. Even with pre-ordered vehicles where u pay the balance at the arrival of the vehicle, stories still come up.
If there is a way to avoid storytelling and to be able to keep track of your customers e.g references, collaterals etc. then I"m IN!

Yes oh, i would love to do it too, cos i always like to have money coming into me in Nigeria every month, but people like to talk story and later make it sounds like they are doing u a favor

i feel the reason is the interest rate which the banks charge. if u add up all the interest plus the money u'll return, the amount itself is even more than the cost of the car u bought sef.

klassyguy:

i feel the reason is the interest rate which the banks charge. if u add up all the interest plus the money u'll return, the amount itself is even more than the cost of the car u bought sef.

that interest is the price of convenience and borrowal

Exactly right! The bank has to make some profit too.

it cant work becos its 9ja period ,

There're several payment plans offered by banks to buy cars.

But would any sane person subject themselves to a 19% p.a. rate?

The repayment plans aren't pretty.

But if it's good for you, then just do it.
.

Hey Guys,
d truth is, u gat work and make some real doe before u think of a credit thing, alright? Get that straight,

I dunno but i think the whole idea of credit for a luxury is quite unwise and unnecessary. The problem about anything credit is that it feels like you've been cast into an endless black hole. Suddenly, you find yourself in bondage of a lifetime and the lifestyle you so desperately want to live, evades you fast. For a young man, its not wise to start life paying debts because before you know it, you are paying debts for the rest of your life. Its a whole lot better to start small and live large later. There nothing more hypocritical than living a life you cant afford. A brand new car is not an ASSETT but a LIABILITY, especially if you cant afford it.
Guys, dont be carried away because the guy next door drives an IV TECH he probably hasnt finished paying for. You can get it but ONLY when you can afford it without sweat. Now thats a definition of a BIG BOY!

Give us these rides and we pay later.

Why don't you save money and buy the car instead of living in debt. Nigerians and there materialism sha.