Automobile Loan

Get an Automobile Loan from us today and purchase your dream car sooner than you think. Businesses can also apply for this loan to acquire vehicles for day-to-day running of their business or other purposes.

Features

  • Maximum loan amount of N10 million
  • Maximum tenor is 48 months (4 years)
  • Equity contribution is required
  • Competitive interest rates
  • Automobiles to be financed must be new and from FirstBank approved vendors
  • Salary domiciliation.

 

Benefits

  • Allows customers to channel funds that would have been expended on vehicle purchase to other commitments
  • Promotes personal banking relationship.

 

Required Documents

  • Application letter
  • Auto Loan application form
  • Proforma Invoice from FirstBank approved vendors
  • Current 3 months pay slip
  • Statement of account
  • Letter of total emolument.

 

Who Can Apply

Employees in paid employment.

To apply for the Automobile loan,

1) Is the Auto loan facility available to salary account holders in other banks?

  • Applicants must have a salary account with FirstBank.

2) Can the facility be used for the acquisition of fairly used vehicles?

  • The facility is restricted to the purchase of brand new vehicles only.

3) Is credit insurance premium mandatory for this product?

  • Yes. Credit life insures the borrower while the car insurance premium insures the vehicle purchased.

4) Is it mandatory to purchase my vehicle from FirstBank pre-approved vendor list

  • Yes, it is.

5) Is it mandatory to insure the vehicle financed?

  • Yes, all vehicles purchased must be ensured comprehensively through FBN Insurance brokers.

You may also like…

Loan Calculator: Use our mortgage calculator to view our current mortgage deals.

Personal Loan Against Salary: Customers with salary account can get access to extra funds to meet personal financial needs with this loan.

FirstOnline:  You can perform banking transactions via the internet, without the waiting and restrictions of branch banking with FirstOnline.

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