Nigerians Can Now Own Cars With 10% Down Payment Under Access Bank’s New Initiative, Details

• Access Bank has launched a new vehicle financing initiative that allows Nigerians to acquire cars with as little as a 10 per cent deposit.

Access Bank Plc has unveiled a new vehicle financing initiative aimed at making car ownership more accessible to Nigerians by allowing customers to purchase vehicles with as little as a 10 per cent deposit.

The initiative, launched during the bank’s AutoFest event in Lagos on Friday, offers financing of up to 90 per cent of a vehicle’s value, with repayment periods extending beyond four years.

Speaking at the event, Executive Director of Corporate and Investment Banking at Access Bank, Iyabo Soji-Okusanya, said the programme was designed to address the financing challenges that have limited vehicle ownership across the country.

“You apply online, and you go home with the keys to your car already in your pocket,” she said.

According to her, the platform brings together major automobile companies, including CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC and CFAO Motors, enabling customers to buy both new and certified pre-owned vehicles through a seamless process.

Group Head of Access Bank Mobility, Ishmael Nwokocha, revealed that the bank spent six months engaging stakeholders across the automotive value chain before launching the initiative.

He noted that Nigeria records about 100,000 vehicle sales annually, with only 10 per cent being brand-new vehicles and the remaining 90 per cent comprising pre-owned cars.

“What are we offering today? Come with 10 per cent equity contribution, and we’ll finance the 90 per cent,” Nwokocha said.

He added that the programme also provides customers with access to insurance, after-sales services and a digital loan application system that allows applicants, dealers and the bank to track the financing process.

According to him, the initiative extends beyond individual buyers to corporate organisations, schools, hospitals and businesses that require vehicle fleets.

The bank also disclosed plans to expand the programme to ride-hailing operators and transport businesses that are currently outside the formal banking system.

Meanwhile, Group Head of Product and Segment at Access Bank, Chizoba Iheme, said customers experiencing financial difficulties during repayment would have the option of restructuring their loans instead of immediately losing their vehicles.

“So long as the vehicle is still valid and still running on the road, we can look at your finance and then we’ll repackage your loan,” she explained.

Access Bank said the initiative forms part of its broader vehicle asset financing programme aimed at improving mobility and expanding vehicle ownership opportunities for individuals and businesses across Nigeria.