Car prices in Nigeria are skyrocketing, but that doesn’t mean you should delay getting a reliable, brand-new vehicle. With First Bank Car Loan, you can own a brand-new car today.
You can spread the payment over up to 48 months and there’s no need to empty your savings. This isn’t a hire-purchase. It’s full ownership from day one.
Whether you’re commuting to work, managing a growing family, or tired of rising transport costs, FirstBank’s automobile loan provides the freedom to drive now. You can pay on a monthly basis. It offers flexible terms, competitive interest, and trusted dealer partnerships.
Key Loan Features at a Glance
| Feature | Details |
|---|---|
| Loan Amount | ₦500,000 to ₦15 million |
| Tenor | 12 to 48 months |
| Down Payment | Minimum 20% of vehicle cost |
| Interest Rate | ~20–22% flat |
| Car Type | Only brand-new, dealer-approved |
| Repayment | Monthly direct debit |
| Ownership | Vehicle registered in your name |
Why First Bank Car Loan Is a Smart Choice
✔ Pay Over Time, Drive Immediately
Buy your car with only a 20% initial payment. The bank covers the rest, and you repay monthly — stress-free.
✔ Fixed Interest, Predictable Repayments
No guessing games. First Bank charges a flat interest rate, meaning your monthly payments stay the same.
✔ Full Ownership
Unlike leases, this is your car from day one. You don’t return it. You own it.
✔ Free Perks Worth Thousands
All approved auto loans come with:
- 1-year free servicing (or 15,000 km)
- Free fuel card
- Free vehicle registration
- Full manufacturer’s warranty
✔ Buy from Trusted Dealers
No risks. You’ll purchase your car from FirstBank-vetted dealers offering legit paperwork and warranty-backed vehicles.
Who Can Apply?
This loan is tailored for salaried individuals with consistent income.
✔ Basic Requirements:
- Must be employed full-time
- Receive salary through First Bank
- Minimum 6 months at current job
- Strong credit record
- Aged between 18–60
If your salary account isn’t yet with First Bank, simply switch and build three months’ salary history before applying.
What Kind of Cars Can You Buy?
Only brand-new vehicles from First Bank-approved dealerships are eligible.
Popular options include:
- Toyota (Corolla, Camry, Hilux)
- Hyundai (Elantra, Tucson)
- Kia, Peugeot, Nissan, Honda
- Mercedes-Benz and other mid-high range cars
Note: Used cars (“Tokunbo” or foreign-used) are NOT covered under this loan scheme.
Loan Amounts and Example Breakdown
Here’s how the numbers might look for a ₦14 million car purchase:
- Car price: ₦14,000,000
- Down payment (20%): ₦2,800,000
- Loan amount: ₦11,200,000
- Tenor: 48 months
- Monthly repayment (at 22%): Approx. ₦290,000
Interest Rate & Repayment Terms
Interest Type:
Flat rate – meaning interest is calculated on the full loan amount throughout the tenor.
Interest Range:
20% to 22% flat, depending on employer type and loan amount.
Repayment Duration:
Choose between 12, 24, 36, or 48 months. The longer the tenor, the lower the monthly payment, but more interest overall.
Required Documents
Make your application seamless by preparing these:
Personal Documents:
- Valid ID (NIN, passport, driver’s license)
- 3 months’ pay slips
- Recent utility bill (proof of address)
- 3–6 months bank statement
Employer Documents:
- Employment letter or confirmation
- Salary domiciliation letter
- Total emolument statement
Vehicle Documents:
- Proforma invoice from an approved dealer
- Comprehensive vehicle insurance quote
- Vehicle information/specification sheet
How to Apply: Step-by-Step
- Visit a First Bank Branch
Walk into your nearest branch or call FirstContact (0700-FIRSTCONTACT) to start the process. - Choose Your Car
Go to an approved dealership, select your desired vehicle, and get a proforma invoice. - Submit Documents
Hand in your completed loan application form plus all required documents. - Await Evaluation
First Bank conducts credit and employer verification. If successful, you’ll receive an offer letter. - Sign & Get Disbursement
Upon signing the offer, payment is sent directly to the dealer. You’ll take delivery of your new car.
Benefits You Get with Every First Bank Car Loan
- 🚘 Car servicing for one year, free
- ⛽ Fuel card loaded and ready
- 📝 Free registration handled by the dealer
- 🛡️ Warranty cover from the manufacturer
- 🏦 Stable monthly deductions through your First Bank account
These bundled benefits add real value and save you up to ₦500,000+ in post-purchase costs.
Tips for Getting Approved Fast
- Ensure your salary is already with First Bank
- Avoid incomplete documentation
- Stay within a reasonable car budget for your income
- Get your proforma invoice from a known dealer
- Maintain a good credit profile — no unpaid loans, no bounced cheques
What If You Miss a Payment?
First Bank deducts automatically from your account monthly. If your salary is delayed or insufficient:
- A late fee may apply
- Credit rating may drop
- Repeated defaults can trigger repossession of the car
To avoid issues, always plan your repayment based on your net income, not gross.
Frequently Asked Questions
Can I use the loan to buy a Tokunbo or used car?
No. Only new cars from approved dealers are allowed.
Can I apply if I’m self-employed?
Not for this particular loan. It’s strictly for salary earners with structured employment.
Can I settle the loan before the end of the tenor?
Yes. You can prepay early. Ask your branch about possible early repayment terms.
What happens if I change jobs during repayment?
As long as salary continues to flow into your First Bank account, you’re fine. If not, contact the bank to restructure.
Pros and Cons
| Pros | Cons |
|---|---|
| Low upfront cost (only 20% down payment) | Flat interest may cost more than reducing rate |
| Full ownership from day one | Only new cars allowed |
| Fast approval with right documents | Salary account must be with First Bank |
| Bundled perks like free servicing | Strict documentation process |
Alternatives to Consider
While First Bank offers one of the most trusted auto loans in Nigeria, you may also compare with:
- GTBank Vehicle Loan
- Access Bank Car Finance
- UBA Auto Loan
- Car subscription models (e.g., Autochek)
However, most of these require similar salary domiciliation and may not include value-added perks like First Bank does.
Final Verdict: Should You Apply?
If you’re a salary earner in Nigeria, consider the First Bank Car Loan. You can drive a brand-new car in 2025 with this loan. It allows you to do so without wiping out your savings. First Bank Car Loan is a top choice. It combines affordability, convenience, and long-term ownership with strong post-purchase value.
The loan offers repayment options up to four years. You only need a minimum down payment of just 20%. This helps you stay mobile, even in a challenging economy.
Action Steps
✅ Visit your nearest First Bank branch
✅ Call 0700-FIRSTCONTACT
✅ Or start online at: firstbanknigeria.com
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