Top 7 Nigerian Banks Offering Car Loans with 10% Deposit

In Nigeria, various commercial banks provide structured Vehicle and Asset Finance (VAF) options that allow individuals to obtain car loans with a minimum deposit of 10%. These loans are designed for salaried workers, entrepreneurs, and corporate bodies, featuring repayment plans, low equity requirements, and quick approval processes.

To qualify for a car loan, applicants must meet specific criteria: their primary monthly salary must be deposited into an account with the lending bank, total monthly debt repayments (including the car loan) must not exceed 33.3% of their net monthly income, and they must provide a Letter of Awareness or Letter of Introduction from their company's HR department. Additionally, a quotation for the vehicle must be obtained from an approved partner car dealership of the bank, such as Elizade, CFAO, Mikano, or CIG Motors.