FirstBank Automobile Loan Review

FirstBank Car Loan

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

FirstBank Nigeria Automobile Loan - Summary

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

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​​​​
  • Flexible Repayment Options
  • Straight-forward Application Process
  • Restriction to financing only brand-new vehicles
  • Loan available solely to salaried individuals with accounts in FirstBank
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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


  • 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​​.


  • 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.

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