Access Bank launches 10% deposit vehicle financing with 90% bank funding
Access Bank's new vehicle financing initiative lets Nigerians buy cars with just 10% deposit and receive up to 90% financing of vehicle value, repayable over four years+. Launched at Lagos' AutoFest this past Friday, the program covers new and certified pre-owned vehicles through partnerships with dealers like CIG Motors, Mikano Motors, Stallion Motors, Elizade JAC, CFAO and others.
Customers apply digitally via Access Bank's platform, which provides instant processing, insurance, after-sales services, and loan monitoring for applicants, dealers and the bank. The initiative targets individuals, corporates, schools, hospitals, and ride-hailing operators needing vehicle fleets. For borrowers facing repayment difficulties, Access Bank offers loan restructuring instead of immediate repossession, provided the vehicle remains operational and roadworthy.
With Nigeria recording only 100,000 annual vehicle sales (90% being pre-owned), rising prices have severely limited affordability. This aims to expand access beyond the current 10% new vehicle market. Will you leverage the 10% down payment to own a car now, or wait for market conditions to improve further?