3 Pros & Cons of Car Financing in Nigeria

Well, car financing in Nigeria is not a newly introduced concept. However, it hasn’t gained enough attention as it should. Not everyone can afford a car in Nigeria, this can be explained by the current economic factors in the country. With almost 90% of the nation’s population not having the purchasing power to outrightly purchase a car, there is a looming need to introduce ways Nigerians can have access to flexible car financing. 

The good news is that JAC Motors and Elizade Autoland have something in store for you only if you can keep reading this…

Pro: Car financing in Nigeria or anywhere else is usually a welcoming offer as it provides appropriate funding for people’s needs. With the instability in the nation’s economy, bus and cab fares have continually been on the rise, putting salary earners in a fix, as a reasonable percentage of their income is swallowed up by their monthly transport fare. Car financing however allows them to channel this expenditure into monthly deposits for a car that they love.

• Con: Although the idea of car financing might be met with so much enthusiasm from Nigerians; sadly, their dreams are cut short by the high-interest rates charged by many financial institutions in the country.

Pro: With car financing in Nigeria, many Nigerians are given the opportunity to actualise their dreams of getting a car they can call their own. With a suitable car finance plan, salary earners and business owners can kiss goodbyes to the daily stress of boarding public transport.

• Con: Many financial institutions offer car loans for short loan terms. This poses a significant challenge for those who want to opt for car finance, as they do not see any means of paying back the loan in such a short period of time. Therefore, to avoid the embarrassment that might occur, many people tend to pull back at the sound of the word ‘car financing’ especially in Nigeria.

Pro: For most people, buying a car might not seem like a matter of priority as they are other impending bills to be settled. “Sapa Dey o”, many would say at the sight of another bill to be settled. However, car financing lessens the troubles of having to use a big chunk of their funds to purchase a car. The “pay small small” opportunity allows people to achieve other set goals alongside their goal to own their dream car.

• Con: The amount of paperwork that goes into processing car loans in many financial institutions in Nigeria can be overwhelming and discouraging. This also drastically drops the approval rates of such institutions to about 20%. 

After this point you might really not want to consider getting a car loan; however, you should keep reading because great news awaits you. 

Well, here is the great news:

JAC Motors Nigeria and Elizade Autoland are interested in bringing your dream to reality. Little drops of water they say make an ocean. With this philosophy in view, JAC Nigeria and Elizade Autoland in partnership with Meristem, Union Bank, Sterling Bank, Stanbic IBTC and Bancorp Finance, are offering an opportunity to salary earners and business owners to own a brand new JAC car and pay in instalments for up to four years.

Offer includes:

• 20% initial contribution
• Four Year Tenure
• Two Years/20,000KM Free Service
• Designated Customer Relation
• Free Delivery within Lagos
• Special Goody Bag

Why don’t you get started now?