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7 Banks in Nigeria Where You Can Obtain a Car Loan With as Little as 10% Deposit

Posted by Trendnewsmedia team August 28, 2026


  • Several Nigerian banks offer car loans to help individuals and businesses buy new or used vehicles without paying the full cost upfront
  • Banks such as Access Bank, First Bank, UBA, Zenith Bank and FCMB offer different loan amounts, interest rates, deposits and repayment periods
  • Applicants generally need salary domiciliation, proof of income and a vehicle quotation, while some banks require as little as 10% equity contribution

Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.

Getting a car loan in Nigeria is a way to own a vehicle without draining your savings.

Several commercial banks in Nigeria offer structured Vehicle and Asset Finance (VAF) options to salaried workers, entrepreneurs and corporate bodies.

The auto loans are structured with repayment plans, low equity requirements and fast approval times.

A breakdown of the Nigerian banks offering car loans and what you need to know
7 Banks in Nigeria Where You Can Obtain a Car Loan With as Little as 10% Deposit
Source: Getty Images

Here is a comprehensive breakdown of the Nigerian banks offering car loans and what you need to know about their packages.

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Nigerian banks offering car loans

1. Access Bank (Vehicle Finance)

  • Equity Contribution: Minimum 10% (the bank finances up to 90% of the vehicle value).
  • Maximum Tenor: Up to 48 months (four years).
  • Interest Rate: 22 per cent per annum.
  • Processing Time: Target of 72 hours using the QuickBucks platform.
  • Key Highlights: Special discounted interest rates are offered for women‑owned businesses and female salary earners. Access Bank works with Elizade JAC Autoland for passenger vehicles.
  • Details: Visit the Access Bank Auto Loan Page.

2. First Bank of Nigeria (Automobile Loans)

  • Equity Contribution: 30% of the invoice value.
  • Maximum Loan Amount: Up to ₦75 million.
  • Maximum Tenor: Up to 48 months.
  • Eligibility: Restricted to individuals whose salary accounts are domiciled with First Bank (or are willing to transfer them). Only valid for vehicles.
  • Details: Learn more via the First Bank Automobile Loans Portal.

3. Stanbic IBTC Bank (Vehicle and Asset Finance)

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  • Equity Contribution: 10% of the asset value.
  • Maximum Tenor: Up to 60 months (five years) for cars.
  • Eligible Vehicles: Both brand‑new and pre‑owned vehicles.
  • Details: Read specifications on the Stanbic IBTC Vehicle and Asset Finance Page.

4. Wema Bank (Wema Asset Acquisition Scheme)

  • Standard Vehicle Loan: Offers up to ₦50 million max featuring a 36% interest rate per annum with 36 months tenor for pre‑owned cars and 48 months for cars.
  • Easy Buy Finance: A partnership with Choice International Group (CIG Motors—GAC vehicles). It provides a 15% discount on the market cost of the car requires a 10% equity contribution and features a 48‑month payment plan.
  • Details: Visit the Wema Bank Asset Acquisition Scheme.

5. United Bank for Africa (UBA Auto Loan)

  • Maximum Loan Amount: Up to ₦75 million.
  • Eligible Vehicles: pre‑owned vehicles.
  • Requirements: Requires a letter of introduction/awareness from your employer alongside a valid salary account.
  • Details: Review criteria on the UBA Auto Loan Portal.

6. Zenith Bank (Vehicle Financing for New Cars)

  • Maximum Tenor: Three to five years.
  • Repayment Limit: Monthly repayment must not exceed 33.3% of your turnover or income.
  • Perks: Includes free vehicle registration, free delivery within Nigeria free servicing for the first three cycles, a five‑year warranty and auto insurance via Zenith General Insurance.
  • Details: Check details on the Zenith Bank Corporate Loans Page.

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7. FCMB (Auto Loan)

  • Maximum Tenor: Extended up to 60 months via their Elizade JAC Autoland partnership.
  • Perks: Includes a free tracking device for vehicles valued at ₦3 million and above with insurance premium costs built directly into the loan repayment structure.
A breakdown of the Nigerian banks offering car loans and what you need to know
7 Banks in Nigeria Where You Can Obtain a Car Loan With as Little as 10% Deposit
Source: UGC

Key requirements to apply

While specifications change slightly by institution all Nigerian banks demand the following foundation to clear a car loan:

1. Salary Domiciliation: Your primary monthly salary must be paid into an account held with the lending bank.

2. Debt‑to‑Income Cap: Your total monthly debt repayments (including the car loan) cannot exceed 33.3% (one‑third) of your net monthly income.

3. Employer Documents: An Letter of Awareness or Letter of Introduction from your company’s HR department.

4. Pro‑Forma Invoice (PFI): A quotation for the vehicle obtained strictly from an approved partner car dealership of the bank (such, as Elizade, CFAO, Mikano or CIG Motors).

Source: Legit.ng





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