Mike: Hi Ugo I need a car loan how do i get one?

Ugo: Getting a car loan in Nigeria is not that difficult provided you are qualified for it. The following steps may just give you a shot at getting the loan

Mike: Hold on. Qualified? How is one qualified?

Ugo: Nigerian banks are very much inclined to extend car loans to individuals who have a regular income stream. A regular income stream basically means you have a regular source of revenue such as salary or income from a trade. Salary earners with companies that a well known have better chances of securing a car loan. Individuals who are self employed can also get a car loan provided they can prove that their business generates a regular pattern of inflow. The easiest way to demonstrate that is to show them your bank statement for a period of atleast 2 years. So basically, these are the guys that you can classify as qualified.

Mike: Now I get it. So if I was working for one "Baba A Supplies" I might not get a loan?

Ugo: The chances of getting the loan will indeed be very small. However, it does not rule you out completely as it only makes it more difficult. You will have to prove to them that the company is a viable company and that they are able to pay you continous salary for the period of the loan.

Mike: Ok so how can I get the loan?

Ugo: These are the following steps (For salary earners. Same maybe slightly different for self employed individuals)

Step 1: Identify the kind of car you wish to buy. Be it a tokunbo car or a brand new car the banks are always willing to finance. This is a very important step as you do not want to approach a bank without knowing what car you have in mind to buy. That way you have a guide even if you decide to change your mind on the type of car along the way. (continue here)

http:

@ seun,
i will like to have one, don't know if one can living abroad can get a car loan in naija bank? cos all the banks here are Agberoes

Akocity:

If one is to collect 1 million, how much will he pay back in a space of 6 months?

fm7070:

What about interest rate?
Car is a liability. not an asset.
That is where most Nigerians miss it and loom in poverty all their lives

ifyalways:

A car is the last thing I would take a loan for!As far as Ifeoma is concerned,a car remains a liability(be it for biz purporse or for comfort) and as such can only be purchased with "cash".

I'd rather manage my grnadpapa bicycle till whenever i save up to buy me my "tuke-tuke or chasis".

thebrideng:

Na now i know say ignorance is a disease. Chei!

Why are you people talking as if you don't know what you are talking about?

I got a personal loan from UBA in 2008. Many of my Colleagues got car loans from them too. We finished our payment in 2010. It was a two years repayment plan. My friends (teachers) bought different flashy cars with the loan. Anyway i set up a business with mine which I'm still enjoying till today.

We have all finished paying the loan back and the cars and businesses remain our own. There was no hidden charges but quarterly deduction which they discussed with us before we got the loan. Even they print out the deduction schedule and they strictly followed it.

Wake up people, this is your chance to own something.

Presently, UBA, WEMA and First Banks are giving out loans. Visit a nearest branch and obtain your form. The form is free of charge.

ANyway, I am a teacher and not a banker. so don't say i am advertising.

You are Banker how much do teachers earn that will service car loan. Or was the car pure water? even as that it is not advisable because is forking liability and not asset. It only pull money out of your pocket and doesn't put back

brainpulse:

@
What a poor man's mentality, be it liability ordebt, pray that God should give you money to buy one. When you have good money,liability wont even come to your mind when you want to buy one, and you will even buy with ease and even buy a house with it as well.
There is a prayer in my mother's language that; As i av come to this world if it is car they are riding, i will ride with them; if it is house they are building, i will build with them and if its to marry, i will join them to marry.
so dont continue to grow and curse yourself with that povety mentality.

Seun:
UgoDre has just written a tutorial about getting a car loan in Nigeria.  It contains everything you need to know.



The full article (an informative must-read) is here: http://ugodre..com/2011/09/i-need-car-loan-101.html