Automobile Loan for Business Vehicles/ FirstBank Nigeria

FirstBank Automobile Loan

With FirstBank Automobile Loan, you can hit your dream cars on road tracks through an auto-loan. These loan platform enables interested customers to purchase their dream cars earlier. Companies can also apply for these loan to purchase trucks or automobiles that would enable fast growth of their business.

Automobile loan/features

  • Firstbank offers a maximum tenor is 48 months (4 years)
  • Salary domiciliation.
  • The Maximum loan amount the bank can offer is N10 million
  • Automobiles to be financed must be new and from FirstBank approved vendors
  • Competitive interest rates
  • Allows Equity contribution is required

Importance of Automobile Loan

  • Automobile loan enables customers to channel funds that would have been used for purchasing  vehicle to other commitments
  • Automobile loan Promotes personal banking relationship.
  • It boosts company’s business and increase productivity.
  • It enables individuals manage funds for other relevant investments.

Necessary documents Required before obtaining an automobile loan

  • Customer’s Application letter
  • Letter of total emolument.
  • Statement of account
  • Current 3 months’ payslip
  • Auto Loan application form
  • Proforma Invoice from FirstBank approved vendors

Eligibility to Obtaining the FistBank automobile loan

Only customers who are employed in any company by a legit employer.

Steps to apply for the Automobile loan,

FAQs about Automobile loans

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

  • Yes, it is.

2) Is it mandatory to insure the vehicle financed?

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

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

  • Applicants must have a salary account with FirstBank.

4) Is credit insurance premium mandatory for this product?

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

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

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

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