We will be reviewing the top 5 best banks where you can get a car loan without collateral. Everyone hopes to get a car for themself which they can use to go about their daily businesses. If your business involves you moving from one location to another in order to meet appointments, getting a car for your mobility comfort is a good decision. One problem you might encounter if you try to take a credit facility is getting a loan plan that fits your desire because loan companies demand collateral when giving out car loans. However, there are few banks that don’t require any collateral if you need a car loan.
Top 5 Banks in Nigeria that offer instant car loan without collateral
Some of the best banks in Nigeria where you can get a quick car loan without collateral include UBA, Stanbic IBTC, Access Bank, FCMB and Standard Chartered Bank among others. These financial institutions offer easy access to car loan once you meet their seamless loan procedures. The interest are usually low and repayment terms quite flexible for convenience.
United Bank for Africa (UBA) is the first bank that should come to your mind if you are looking for a car loan without collateral. At UBA, you can get fast and easy access to different types of structured asset financing from car loans to mortgage loans and so on. The bank has a very flexible monthly repayment plan that doesn’t put a strain on your pocket when it’s time to pay.
UBA repayment plan goes as long as 3 to 5 years. If a car loan is what you need, this bank should be at the top of the list. The requirements with this bank for getting a car loan in Nigeria with no collateral are pretty easy.
2. Stanbic IBTC
Stanbic IBTC is yet another reputable lending option if you are looking for banks that offer car loan without collateral in Nigeria. Stanbic IBTC offers you a car loan amount of up to N15 million. The bank’s loan processes are very fast and you will get credited within few days of requesting a loan as long as you meet the requirements.
Stanbic IBTC has a monthly payment period of up to 48 months. This loan offer is available to new and existing customers. They also offer good features such as low-interest rates and electronic payments.
3. Access Bank
If you are looking for one of the best lending platforms that offer car loan without collateral, then consider Access bank. Access bank offers different types of loans for different customer purposes and you can get a car loan in Nigeria without collateral with the bank. If you need a loan for your house, education travels, or business, Access bank should be your go-to option.
With Access Bank, you can get a car loan with up to 48 monthly ayment period plus you’ll enjoy features such as good pricing, low interest rates, and much more if you take a loan with them. Walk into any Access bank today and begin your car loan journey. To apply for an urgent car loan from Access Bank, you can click here.
FCMB is yet also another reputable bank that offers quick access to car loan without collateral or much documentation. FCMB offers new and existing customers various loan packages which would be at your own convenience. You don’t have to worry about the loan process being cumbersome, FCMB has made everything pretty easy and straightforward. Walk into any FCMB branch today, open an account and begin your loan process.
5. Standard Chartered Bank
At Standard Chartered Bank, you can make your choice if you are looking for a list of banks that can offer you a good lending plan to get a car without collateral. Standard Chartered bank is one of the best banks you should definitely visit to get different types of loans for different purposes. You can get access to loans of as much as N20 million with a monthly repayment plan as long as 5 years (60 months). You do not need to worry about paying soon as there is a much longer duration of time for you to pay.
There are different banks and online lending platforms that can offer you a car loan without collateral. Companies like Renmoney can offer you a loan. Banks like UBA, Access Bank, and FCMB also offer you car loans without collateral.
You can use your car as collateral if you would like to take a loan to purchase a car. This is the reason why you do not have to seek any other collateral for the loan because the car serves as enough collateral security on its own. There are different banks and institutions that would accept your car loan request if you would like to take a loan with them such as UBA, Union Bank, FCMB, Access Bank among other reputable banks. All you need is to provide some few profile information about yourself with some necessary documents and you’re good to go.