Automobile Loan

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.

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More Information

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.

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How to Apply

To apply for the Automobile loan,

Download the Auto Loan Application Form
Complete the form and submit at the nearest FirstBank branch

FAQs

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.