FirstBank Automobile Loan Review

Posted by Credit Nigeria

FirstBank Nigeria, with its credible reputation, is a leading financial institution in Nigeria. It offers a range of banking services, including automobile loans, catering to the diverse financial needs of its customers.

FirstBank Nigeria Automobile Loan - Summary

Loan amount: Up to ₦20,000,000
Loan term: Up to 48 months
Monthly Interest rate: n/a

3.2

Get Loan Offers

Requirements to get a loan:

Salary Earner
Salary Account with FirstBank
Proforma Invoice
Valid ID
Letter of irrevocable domiciliation of salary for the duration of the loan

Pros

Flexible Repayment Options
Straight-forward Application Process

Cons

Restriction to financing only brand-new vehicles
Loan available solely to salaried individuals with accounts in FirstBank

FirstBank Automobile Loan Offerings

Maximum Loan Amount: Up to ₦20million.
Loan Tenure: Up to 48 months, providing borrowers with a manageable repayment period.
Equity Contribution: 30% of the vehicle’s invoice value, a requirement for loan approval.
Vehicle Restriction: Financing is available exclusively for brand-new vehicles.
Eligibility: Available to salaried individuals whose salaries are domiciled in FirstBank.

Unique Selling Points

Flexible Repayment Structure: Offers customizable payment options to suit different financial capabilities.
Competitive Interest Rates: Ensuring affordability for a wide range of customers.
Access to Various Brands and Models: Providing borrowers with a broad selection of new vehicles.

Application Process

Applicants need to download and complete the Auto Loan Application Form and submit it at the nearest FirstBank branch. The required documents include:

Auto Loan application form.
Proforma Invoice.
Valid identification (Driver’s license, International Passport, or National Identity card).
Letter of irrevocable domiciliation of salary for the duration of the loan.

Customer Experiences

While specific customer reviews and testimonials are not provided, FirstBank’s long-standing reputation in the financial sector suggests a reliable customer service experience.

Pros and Cons

Pros:

Flexible repayment options and competitive interest rates cater to a wide range of financial needs.
Access to a variety of new vehicle brands and models.
Simplified application process, enhancing convenience for the borrower.

Cons:

Restriction to financing only brand-new vehicles, limiting options for those interested in used cars.
Loan available solely to salaried individuals with accounts in FirstBank, restricting accessibility for others.

Wrap Up

FirstBank Nigeria’s automobile loan service offers significant advantages like flexibility, competitive rates, and a variety of choices in new vehicles. However, it also presents certain limitations, such as vehicle type restrictions and specific eligibility criteria.