Access Bank Launches Vehicle Financing Scheme, Offers Nigerians Up to 90% Car Loans with Just 10% Deposit
Access Bank has introduced a new vehicle financing programme that will allow Nigerians to own cars by paying as little as 10 percent of the vehicle's cost upfront, while the bank finances the remaining 90 percent.
The initiative, known as AutoFest, was launched in Lagos to make vehicle ownership more affordable for individuals and businesses struggling with the rising cost of cars.
Speaking at the launch, Iyabo Soji-Okusanya, Executive Director of Access Bank's Corporate and Investment Banking Division, said the programme was created to remove the financial barriers preventing many Nigerians from buying vehicles.
According to her, customers can apply for the loan through a digital platform, contribute a minimum of 10 percent of the vehicle's value, and receive financing of up to 90 percent. She added that the application process is simple and allows successful applicants to complete the purchase quickly.
The programme also brings together leading automobile dealers, including CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC, CFAO, and other mobility providers, allowing customers to purchase both brand-new and certified pre-owned vehicles through one platform.
Access Bank's Group Head of Mobility, Ishmael Nwokocha, revealed that the bank spent six months working with vehicle dealers and stakeholders before launching the initiative. He noted that Nigeria records about 100,000 vehicle sales annually, but only about 10 percent of those are brand-new vehicles, while the remaining 90 percent are used vehicles due to affordability challenges.
According to him, customers only need to provide 10 percent equity, while Access Bank finances the remaining balance. He also explained that buyers will enjoy additional benefits such as insurance services, after-sales support, and a digital platform that allows customers, dealers, and the bank to monitor the progress of each loan application.
The financing programme is not limited to individuals. It also targets businesses, corporate organisations, schools, hospitals, and small and medium-sized enterprises that require vehicles for their daily operations. Access Bank also plans to extend the scheme to ride-hailing drivers and transport operators who currently have limited access to formal banking services.
Speaking on loan repayment, Chizoba Iheme, Group Head of Product and Segment at Access Bank, assured customers that the bank has measures in place for borrowers facing financial difficulties. According to her, eligible customers can request a loan restructuring instead of immediately losing their vehicles, provided the vehicle remains in good condition and operational.
She also clarified that customers are free to repay their loans earlier than the approved repayment period without any restrictions.
Also speaking at the event, Eniola Olutimilehin, Managing Director of CIG Motors, described the partnership as an important step towards improving vehicle ownership and supporting businesses that depend on transportation for their operations.
Access Bank said the initiative is part of its broader Vehicle Asset Financing Programme, which aims to expand access to vehicle ownership and improve mobility for individuals and businesses across Nigeria.
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