ELIZADE TOYOTA ACQUISITION PLAN ETAP AUTO FINANCING
By: Paschal Okafor
In: Vehicles
Last Updated: 12th May 2016
Elizade Toyota Acquisition Plan ETAP offers you a flexible way of purchasing a Toyota Vehicle. ETAP from Elizade makes Toyota purchase easy, pay 10% to 30% of the value of the Toyota car of your choice. The balance will be spread over a period of 12 to 48 months. ETAP is a partnership between Elizade and a number of banks in Nigeria.

Elizade is an authorised Toyota dealer in Nigeria. Elizade offers excellent Toyota sales and after sales services. You can also buy genuine Toyota spare parts from Elizade.

Elizade offers 3 years warranty or 100,000km on all Toyota vehicles, which ever come first. Also included in the Elizade Toyota Acquisition plan are:

Free 1 year or 10,000km Toyota Service which ever comes first
Free registration/licensing
Free accessories like Foot mat and C Caution
Elizade Toyota Acquisition plan is simple as most paper work is handled by Elizade.

Read more about Elizade Toyota Acquisition Plan, ETAP at the Elizade website www.elizade.net

Financing for ETAP comes from UBA, ECOBANK, Skye Bank, etb, access Bank, Stanbic IBTC Bank, and Bank PHB. You can also visit any Elizade outlet in Nigeria for your Toyota financing. Scroll down for Elizade locations.

KIA Motors Nigeria prides itself on its deep understanding of customers’ needs across the country and has continuously aligned itself with their aspirations by making its vehicles affordable and accessible. Keying into this, the company has sealed an alliance with First City Monument Bank (FCMB) to offer an auto loan to teeming customers.

More often than not, KIA Motors Nigeria has revolutionized the way people buy automobiles in Nigeria. For a decade, KIA Motors Nigeria has ensured discerning consumers in Nigeria have access to the Worlds latest and best automotive technology. As one stop shops for the best in automotive technology, KIA has ensured “The Power to Surprise” slogan holds true every single day.

With this collaboration, KIA Motors Nigeria and FCMB are looking forward to developing financing options that will help customers own KIA brand from as low as N47,400 monthly repayment plan. The customers are presented with flexible payment plan options, free insurance, FCMB goody bag, and free vehicle registration. Weaved into this auto finance scheme is the standard 5 year warranty on all KIA vehicles.

The new alliance with FCMB is an integral pillar of KIA’s business strategy to make it possible for the public to own a KIA brand with the best auto financing schemes. Speaking at the media launch, the Deputy Marketing Manager, KIA Motors Nigeria, Peter Ayewoh said ‘the alliance with FCMB has gone through a rigorous perusal aiming at giving the very best in auto financing scheme to customers. He further stated that the scheme will be able to strengthen KIA’s foothold in the country and consolidate its leadership position in the automobile retail industry.

The Executive Director, Lagos and South West, FCMB, Mr. Olufemi Bakre explained that the partnership was borne out of an alliance between the two institutions.
He further said: “FCMB has been a well acclaimed industry leader in consumer loan offering and this finance scheme is a viable alliance aimed at furthering the frontiers of delivering an exceptional customer experience”.

By unifying its efforts towards delivering quality automobile technology and making it affordable to esteemed customers with the partnership with FCMB, KIA will be able to provide its uniquely built vehicles via the auto financing loan to the customers of FCMB and other teeming publics.

Rooted in the stylishly sophisticated technology and affordability of its products, KIA is profoundly committed to realizing advanced technology capable of emerging as the best auto manufacturing company in the world over. By mobilizing its proven strengths in the domain of auto manufacturing, KIA will continue to supply quality vehicles to align with the aspirations of customers and exceed their expectations.

Globe Motors Union Bank Easy Car Acquisition Scheme
By: Paschal Okafor
In: Vehicles
Last Updated: 15th April 2016
Thinking of buying a Toyota, Mercedes Benz, or Honda Vehicle? That thought came up just at the right time as Globe Motors is collaborating with Union bank to provide Auto financing for your Toyota, Honda or Mercedes Benz purchase.
The Auto financing scheme called Globe motors/Union Bank Easy Car Acquisition Scheme, allows a customer to take delivery of any choice car with a 10% down payment. The balance will be spread over monthly instalments for four years. Qualified customers also get a three months grace period before monthly instalments begin.

Globe Motors/Union Bank Easy Car Acquisition Scheme is financed by Union Bank in collaboration with Union Assurance and comes at an interest rate of 15%.

Globe Motors/Union Bank Easy Car Acquisition Scheme adds free vehicle tracking and free medical insurance as part of the package. You drive any car of your choice home once you pay a 10% down payment.

Globe Motors is an accredited dealer and offer excellent sales and after sales services for your Honda, Toyota, and Mercedes Benz cars. You get warranty on any product you buy. You can also rely on globe motors for you genuine spare parts and body.

Union Bank Hotlines: 01-2644344, 07085673303, 08023103354
Globe Motors Hotlines: 01-7758339, 08034016298, 08056069828

Ever wanted to own a car/vehicle but did not have enough money to complete the purchase or wanted to pay monthly for it due to cash constraints?
Do you have a regular paying job with regular monthly income Wwith an established institution?
You must be in paid employment to access this scheme. Below are the requirements:-


REQUIREMENTS FOR INDIVIDUAL LEASE

- FILL APPLICATION FORM
- ViperAutos Proforma Invoice
- Your Current Account(Salary) statement - 6 months
- Salary Payslips - 6 months
- Employment letter - copy
- Staff ID-card with National/Drivers license ID - copy
- Electricity bill of residence - copy
- 1 passport photograph.

----------------------------- ----------------------------- ------------------------------------

REQUIREMENTS FOR CORPORATE/BUSINESS OWNERS LEASE

- Letter of intent
- ViperAutos Proforma Invoice
- Certificate of incorporation
- Memorandum of Association
- Board resolution to borrow
- Current Account statement for 9months
- Audited Financial statements - 3years
- Cashflow statement for 1year
- Company's profile
- Utility Bill

LEASE RATES

Rates apply on amount being financed after equity contribution not on total sum of car/vehicle.

MINIMUM EQUITY CONTRIBUTION: 30%
INTEREST RATE:- Between 25-30% depending on value of vehicle and duration of lease.
Management fee(one-off payment) :- 2%
Processing fee:- 2%
residual fee = 2%

Insurance on vehicle: Comprehensive(5%).
Processing Duration: 5 - 7 working days.


VEHICLE REQUIREMENT

Cars not more than 10 years old from current year.
Brand new or Tokunbo(foreign used)
Maximum lease duration(Tokunbo cars): 24months
Maximum lease duration(Brandnew cars): 24months

LOCATION RESTRICTION

For Lagos based companies and Individuals(for now).

For Enquiries call/WhatsApp us on 07055343818, 08068097693 or Email: sales@viperautos.com.

www.viperautos.com
FACEBOOK: www.facebook.com/ViperAutos
Instagram: Viperautos1
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Car loan in Nigeria - Can You Afford it?

Published: 24 March 2013
Last Updated: 10 July 2017
Before you start fantasizing about your dream car after discovering that you are eligible for a car loan, take a moment to think about this: can you afford that car? Again, before you answer that question, keep in mind that the terms and conditions for getting a car loan in Nigeria are very stiff and the interest rate is quite high. Do you still think you can afford that dream car? Fortunately, some banks are willing to finance the purchase of a tokunbo car but like I said, the terms and conditions are not pocket friendly.

Experts believe that, you shouldn't spend more than 20% of your net income (monthly take-home) on a car loan payment. Most Nigerian banks won't give you the loan if the monthly payment is more than 40% of your net monthly income. The minimum and maximum loan amount that can be granted by the bank should also be considered.

Most Nigerian banks will not finance the purchase of a car that cost below N1m or above N10m. Since the price of the cheapest brand new car in Nigeria (Kia Picanto - Manual) is about N1.6m, I guess the minimum amount automatically becomes N1.6m except you're planning to buy a tokunbo car. The maximum payment tenor for a tokunbo car is 24months (most banks) unlike that of a brand new car which can be up to 60months (few banks). So buying a tokunbo car won't really solve your problem as far as monthly payment is concerned.

Bank charges and monetary requirements should also be considered while calculating the affordability of the car. Here's a list of the average monetary requirements for getting a car loan in Nigeria (monetary requirements slightly differ from bank to bank).

Equity contribution: 30%
Insurance: 5.5%
Charges (Management fee, processing fee and others): 3%
Interest rate: 27% per year
As an example, let's see if Mr. A who works for XYZ company with a net monthly income of N65,000 will be able to afford a brand new Kia Picanto (manual) worth N1.6m assuming he would pay back in four years.

Mr. A would need some cash at hand.

Equity contribution (30%): N480,000
Insurance (5.5%): N88,000
Total: N568,000
That's right; Mr. A should have saved about N568,000 before he even considers getting a car loan. The actual loan amount Mr. A will collect from the bank to fund the purchase of the car is N1,120,000 (car price minus 30%). So Mr. A's monthly payments will be:

Charges: N33,600 (3% of the actual loan amount)
Interest: N700,000 (27% per year of the reducing balance of the actual loan amount)
Sub Total: N733,600 (Yep; the bank will make a profit of N733,600 from this deal)
Actual loan amount: N1,120,000
Total: N1,853,600
Monthly payments (48 months): About N39,000
From the calculation above, Mr A obviously cannot afford a brand new Kia Picanto as the monthly payment for the car is about 60% of his net monthly income; too bad.

Use this auto loan calculator to determine the price range of a car you can afford. Once that is settled, you can run to your bank and start the process of acquiring a car loan.

http://www.personalfinance.ndot.com.ng/car-loan-in-nigeria-can-you-afford-it

How do I get a Car Loan in Nigeria?

Conventionally, getting a car loan would involve going to your bank and applying for a car loan to be paid over a period of 12months and up to 60 months in the best case.

If you would like to get a car loan for a brand new car from a bank, you would need to consider a number of factors, before making a decision. The three main factors to consider are the loan amount, the APR and the loan term. You can read more about them here. To get the best deal, you would have to compare the rates from all banks offering car loans.

Rather than going to the different banks for their rates, you can conveniently use a price comparison platform like TopCheck.com.ng to get the best deal. After comparing and deciding what deal works best for you, you can apply and get the car loan process started immediately. Note that most banks would require an equity contribution from the applicant for the car loan. This equity contribution can be anything from 10% to 40% of the total car loan sum.

However, personal budgets may not allow most individuals to get car loans from traditional institutions, owing mostly to the fact that banks only grant car loans to people who are looking to buy brand new cars alone. As a result, those with budgets for "Tokunbo" cars or Nigerian-used cars are not viable for car loans from traditional finance institutions.

For those on a slim budget, all hope is not lost, as they can equally apply for car loans from micro-lending institutions, and at competitive rates. These micro-lender understand the needs of economically active individuals and are less restrictive on what kind of cars they give out car loans for. You can easily get a car loan approved for a "Tokunbo" car or a Nigerian-used car.

Just like the traditional financial institutions, the duration for a car loan can be anywhere between 12 months to 47 months, depending on what kind of car you want to buy. However there are a few conditions for buying a "Tokunbo" car or a Nigerian-used car, like the age of the car and its mileage. The other requirements for getting a car loan include:

Pay slip for the last 6 months
Bank statement of account for the recent 6 months (stamped on each page)
Letter of employment / Confirmation letter / Salary review letter / Promotion letter
1 Passport photograph of the Applicant
Photocopy of Identification Card of the Applicant
Utility bill
Executed Lease Application Form
Curriculum Vitae of the Applicant
Net Salary of ₦150,000.00 and above
When all factors are considered, getting a car loan isn't as difficult as it may seem. Using TopCheck helps you cut through the red tape and guarantees you get the car loan that you can afford.

https://topcheck.com.ng/car-loans/process-of-getting-car-loan

SmartchoiceNGR:
Bump

princetom1:
You said it all. Bank charges are crazy, this fee, that fee, this percentage, that insurance, bla bla bla. When u calculate it, u are better off, saving up and buy it yourself, u will be saving alot of cash, doing that. Bad enough, no leasing company (leasing to own too) here in Nigeria.

The data and figures u provided are also outdated, we are in 2017 with crazy exchange rates which has made the prices of alot of things double if not Tribble

SmartchoiceNGR:

Please help update

princetom1:


Not readily available bt it's higher now