Want to get a car loan from Access Bank? Here is the necessary information to know before applying for Access bank loan.
Today, almost everyone or business dreams of owning a car for various purposes, but the cost of purchase has become a disturbing factor, which has made Access Bank one of the leading financial institutions to make available various car loan packages to help individuals achieve their desire.
Access Bank offers a wide range of financial services, including car loans, to individuals who desire to own any car of their choice. The car loan package they design provides fluidity, competitive interest rates, and an easy repayment schedule, making owning the desired vehicle convenient for customers.
In this article, we will discuss in detail the benefits of choosing an Access Bank car loan, the requirements, and how to effectively apply.
Why choose Access Bank?
When it comes to car loans, Access Bank gives individuals so many compelling benefits, which should make them choose Access Bank as their preferred lender.
These benefits include:
Low Equity Contribution
Access Bank makes it easy for customers to own a car by allowing them to provide equity as low as 10% for the car loan. Individuals do not need to save a huge down payment before acquiring a new vehicle. In addition, they allow pre-liquidation without penalties, and they offer a wide selection of approved dealers to choose from. Customers can apply through the dealer’s showroom and receive the requirements to own the car via mail, making it convenient for individuals.
Competitive Pricing
Access Bank provides individuals with competitive prices by making available benefits like low equity, pre-liquidation without penalties, and an annual cost of maintenance and registration. This means customers can enjoy a low interest rate and an affordable monthly refund fee, making it easy to manage their finances.
Financing of maintenance and registration costs
 They provide individuals with good pricing, which allows them to cover the cost of annual maintenance on the car and registration. This process makes it more manageable for them to own a vehicle. This particular benefit is more beneficial to customers who do not have the funds to cover these additional costs.
Minimal Document Requirements
 Another benefit of applying for a car loan with Access Bank is that they require fewer documents from customers. The document includes a pro forma invoice from any of the bank-approved dealers with a vehicle inspection report and agreement (applicable to only pre-owned vehicles). Access Bank streamlined the documents to make it easier for customers to get the loan, reduce paper work, and also make the application less difficult.
Pre-Liquidation without Penalty
 Pre-liquidation is the ability to pay off the loan before the stipulated time. Customers who choose Access Bank as their preferred lender have the benefit of paying off the loan before the end of the refund schedule without incurring penalties of any sort. This feature gives the customer flexibility so that they can refund the loan faster when they have the funds.
A Variety of Approved Dealers
Access Bank has a list of approved vehicle dealers customers can choose from, which gives them different car options to choose from. The benefit of this feature is that individuals can easily find the best car to meet their needs.
Quick turnaround Time
 The bank can process the car loan application in 72 hours if all the terms and conditions have been met successfully. This feature makes it faster for customers to get the vehicle they need without waiting for a long time.
Convenient application process
 You can apply for the car loan directly from the approved dealer’s showroom, and non-account holders are also eligible for the car loan, provided they meet the necessary requirements. One benefit is that customers can easily apply for the loan in spite of their account status.
Access Bank Car Loan Requirements
The criteria to be eligible for an Access Bank auto loan vary depending on the kind of loan package, but generally, there are some basic requirements, which include:
- Pro Forma Invoice: This is an opening bill of sale given to the customer by the car dealer. It shows in detail information regarding the cost of the car, terms, and every other vital information regarding the sale of the car. The document should show transparency and clarity for the transaction.
- Vehicle inspection report and agreement: this is necessary for pre-owned vehicles. You need a vehicle inspection report and agreement to ensure that the car is in good condition and meets the required standards of the bank.
- Approved Car Dealers: Access Bank requires customers to choose from their list of approved car dealers. This is necessary to ensure that they are dealing with a trusted car dealer with a good reputation.
- Creditworthiness: just like every other kind of loan package, the bank will need information to access the customers’ ability to pay back the loan before approval. Access bank does this to ensure that customers pay without default.
How to Apply for an Access Bank Car Loan
- Research: Do research and get the necessary information on the type of car that suits your financial situation.
- Car Inspection: Visit the bank to get a list of their approved car dealers, and then go for an inspection to know if they have the car that suits your needs.
- Documentation: Gather the necessary documents, including proof of identity, income statements, and any other vital paperwork required. You can get the list of required documents from the Access Bank website or go to any of their branches.
- Application: Fill out the Access Bank car loan application correctly and submit. You can do that at any of their bank branches with the assistance of their staff, or you can do it online.
- Approval: Once you submit the application, Access Bank will evaluate the details provided and determine if you are eligible or not. You will receive an email serving as confirmation that your car loan has been approved, and it will also contain the terms and conditions of the loan.
- Disbursement: Upon approval of the request, Access Bank send the loan amount to your account, allowing you to go ahead with the purchase of the vehicle.
Access Bank Car Loan Repayment
The repayment of the Access Bank car loan is a straightforward process.
You will have a 33.3% percentage of your income deducted every month for the repayment of the car loan.
For this repayment, you have to fund your Access Bank account before the due date for Access Bank to automatically debit the loan.
The car loan repayment will take a maximum of 48 months.
Frequently Asked Questions (FAQs)
Can I apply even if i do not have an account with access bank?Â
Yes, you can but you will need to open an account to be eligible
How long does it take to get the car loan approval?
The car loan approval process takes a maximum of 72 hours.
Do I insure the vehicle after purchase?
No, Access bank insures the car upon purchase
Who get to hold the original document of the car?Â
Access bank keeps hold of all the original document until the car loan repayment is complete
What type of vehicle does Access Bank Finance?
Access Bank only finances new vehicles
Final Thought
In conclusion, Access Bank’s car loan gives individuals the ability to conveniently own any car of their choice, provided they meet the necessary requirements. With a good interest rate, an easy repayment schedule, and a fast loan approval process, Access Bank makes it a dream come true for everyone seeking to finance their dream car.
If you are ready to own that desired car, then consider the various Access Bank car loan options to pick the one that suits your financial ability.
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