Access Bank Vehicle Finance Loan is a vehicle leasing product created to empower customers to acquire new vehicles in a financially convenient way. However, obtaining a vehicle loan in Nigeria is not always easy as not every bank provides them and loan apps may not be able to cover the cost of the vehicle. This is one of the banks that offer vehicle loans in Nigeria, targeted primarily at SMEs and businesses, with a loan amount of up to #50,000,000.
Access Bank Vehicle Finance Loan
Access Bank’s Vehicle loan is one of the best in Nigeria, although it may take some time to obtain. However, as long as you can prove that you will be able to pay back the loan, Access Bank will approve your application, and you will be able to drive away in your new car. This article provides all the information you need to know about obtaining Access Bank’s vehicle loan and other essential details.
The loan does not require collateral, as, the car being purchased serves as the collateral. However, you cannot obtain the loans through an app; you will need to visit an Access Bank branch and fill out a form. Well, it may take some time to secure this loan, as Access Bank carefully checks your credit history before approving a loan. The Bank will go through your transaction history and check the monthly amounts that enter and leave your account. If you are lucky, you may get the loan within a week.
How Access Bank Vehicle Finance Loan Work
If you apply for a loan and it gets approved, Access Bank will provide you with a list of car vendors to choose from. You can then go to one of these vendors to purchase your car. Access Bank does not have any cars in its possession, but it partners with many vendors.
Alternatively, you can also bring a proforma invoice from an external vendor to Access Bank. They will verify its authenticity and contact the vendor. If everything checks out, you will be given the loan.
If you have already purchased a car but you are unable to continue with the payments, you can also take out a loan from Access Bank. They will purchase the car and you can start paying back the loan in installments.
Benefits of Vehicle Finance Loan
Here are some of the benefits attached to the loan.
- Equity contribution is as low as 10% so you do not have to save much
- Highly competitive pricing
- Cost of annual vehicle maintenance and vehicle registration cost can be financed
- Pre-liquidation allowed without penalty
- Wide variety of Bank approved dealers to choose from
Features of Vehicle Finance Loan
The features of this loan have been outlined below.
- All salaried customers can apply from our approved dealers’ showroom.
- Receive instant conditional offers via email upon submission of the loan application.
- The loan is open to both non-account holders and existing customers of the Bank.
- Minimal documentation requirements.
- You get 72 hours turnaround time upon meeting the terms & conditions
- Businesses can go to any Access Bank branch or reach out to their Relationship Officers to start the loan process.
- Up to 48 months tenor.
General Requirement
The general requirements for this loan have been listed below.
- You need a Pro forma invoice from any of the Bank’s approved dealers addressed “Access Bank/Your name”
- Vehicle Inspection report and agreement (applicable to pre-owned vehicles only)
How to Apply for a Vehicle Finance Loan
To obtain this loan, you will need to visit any Access Bank branch in your area. You can download the loan application form from their website to expedite the process when you arrive at the bank. Typically, you should receive the loan within a maximum of two weeks, but if there are any delays, it could take up to a month.
Frequently Asked Questions
Who can Apply for Vehicle Finance?
- Employees
- Self Employed Professionals and
- Corporates can apply for a vehicle finance loan.
Can a Non-Account Holder Apply?
Yes, a Non-Account Holder can apply for this loan. However, they will need to open an account.
How Long does the Loan Process take?
The loan process usually takes 72 hours upon acceptance of the offer, submission of complete documentation, and positive verifications.
How will the Loan Repayment be made?
The customer has to ensure that his/her account with the bank is adequately funded on the repayment due date to accommodate the rental that matures into the account.
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