How can I get my car on hire purchase in Lagos?

How can I get my car on hire purchase in Lagos?

How it works

1. Fill out our online application form in details.
2. Get pre-verified. Provide proof of income/ evidence of salary domiciliation.
3. Start Payment of N150,000. The rest payments will be spread in12 months period.
4. Pick the car you want from any of our approved dealer partners.
5. Sign and drive away!

Is hire purchase a good idea?

A hire purchase scheme can be a great way of getting your hands on it quickly while spreading the cost over an agreed period. This method of asset finance results in a monthly repayment and transfer of ownership to you once the term ends and all funds have been repaid.

How do I get a hire purchase for a car?

Hire purchase is a way to finance buying a new or used car. You (usually) pay a deposit and pay off the value of the car in monthly instalments, with the loan secured against the car. This means you don’t own the vehicle until the last payment is made.

How does hire purchase work in Nigeria?

It offers the opportunity to those who are in need of a particular product but do not have all the funds they need. Under hire purchase, such people can deposit some amount of money and would complete the payment after a series of installments.

Who owns a car on hire purchase?

the finance company
The finance in a hire purchase is secured against the car. This means that until the agreement is paid off in full, the car remains the property of the finance company. Once you have paid off everything, including any fees to complete the agreement, you officially become the owner of the car.

Can I buy a car with uber income?

No. Uber ended its financing program in 2017, when it was reported that many drivers struggled to earn enough money from driving to pay for the high monthly payments and outstanding interest rates from their car loans.

What are the disadvantages of a hire purchase?

Disadvantages of Hire Purchase

• The loan is secured against the vehicle: The vehicle can be repossessed if payments are not kept up.
• Non-payment can negatively affect your credit rating.
• The finance company are the legal owners of the vehicle until the agreement is paid in full.

What are the advantages of a hire purchase agreement?

The benefits of using hire purchase agreements stem mainly from the ability to purchase more expensive products than a person or company could normally afford. The payments are spread out over time, making it less of a burden on the purchaser and allowing them to acquire a more expensive asset.

How much deposit do I need to buy a car?

How much should your car loan deposit be? While 20% is usually required for a house, a 10% deposit for a car is normal, and can reduce your interest paid and repayments noticeably.

How much is a deposit for a car?

If you decide to take out a car loan, putting down a deposit of at least 10 percent will dramatically reduce the cost of your loan, as it will bring down both your interest rate and your monthly installments.

What are the disadvantages of hire purchase?

Disadvantages of hire purchase

• The loan is secured against the vehicle. With a hire purchase agreement, you’re in a fixed contract.
• It will cost more overall.
• Monthly payments are based on credit rating.
• It can be expensive for short term agreements.
• Missing or late payments could affect your credit score.

Is a hire purchase agreement regulated?

This fact sheet tells you your rights if you have a hire purchase or conditional sale agreement that is regulated by the Consumer Credit Act 1974. understand your rights if you cannot keep up with payments; decide if you want to keep your goods or return them to the lender; deal with action by your lender; and.

Can you hire your own car in Nigeria?

Car hire purchase in Nigeria saves you the trouble. Jumping from one bus to another is an added stress to the already stressful life in the country. The long wait at the bus stop and inconvenience on the bus are reducing your productivity. Naijauto.com brings you all you need to know about getting a car of your own via hire purchase. 1.

Where can I hire a car in Abuja?

Car hire purchase in Abuja Address: 256, Zone AO, off Herbert Macaulay Way, behind Unity Bank building, Central Business district, Abuja FCT Address: Suite 17, 4th Floor, Metro Plaza, Zakariya Maimalari Street, Central Business District, Abuja, FCT 4.2.

How long do you have to pay for a car in Nigeria?

The requirements are similar to other Nigerian banks. You can receive money for up to 4 years and pay off interest along with the full vehicle cost. Each successful applicant is asked to pay at least 10 percent of the vehicle full price at once to get the deal.

How to get a car loan in Nigeria?

You should have a salary account in FirstBank. Choose only the car dealer that is approved by this Nigerian bank and only brand new vehicle. You’ll be asked to fill out the loan application form, prove that you have money for installmental payments (income) and visit the bank’s office.