First Bank Auto Loan Nigeria: Finance a Brand-New Ride up to ₦20M with Flexible 48-Month Terms

First Bank Auto Loan Nigeria makes it realistic for a salaried Nigerian to drive a brand-new car without breaking the budget. Offering financing up to ₦20,000,000 and repayment terms up to 48 months, this product targets workers who can domicile their salary with First Bank. The proposition blends competitive rates, clear requirements and local convenience so you can pick a car from authorised dealers and manage payments easily.

Whether you live in Lagos, Abuja or Port Harcourt, the First Bank auto loan is structured with Nigerian realities in mind: 30% equity contribution on the invoice value, mandatory insurance, and salary domiciliation that keeps repayments simple. The combination of transparent fees and flexible tenors positions the First Bank Auto Loan Nigeria among the top choices for new vehicle finance in the market.

What the First Bank Auto Loan Nigeria Offers

The loan lets eligible customers finance up to ₦20 million for brand-new vehicles only, with tenors stretching to 48 months. Interest rates are competitive and designed to reflect local market conditions so monthly instalments remain affordable for salaried Nigerians.

Key features include a 30% upfront equity, mandatory credit life and motor insurance, and approval routes for employees who switch salary domiciliation to First Bank. First Bank Auto Loan Nigeria supports purchases from approved vendors with proforma invoices.

Eligibility and Required Documents

To qualify you must be a salaried worker whose salary is domiciled with First Bank, or willing to move your salary there. Applicants need proven employment, a valid ID (driver licence, international passport or national ID) and recent payslips or tax documents.

Prepare a completed application form, the vendor proforma invoice and a domiciliation letter. Having these ready shortens processing time and improves chances for quick disbursement once the loan is approved.

Repayment, Rates and Local Considerations

Repayments are structured around your salary cycle to reduce strain on monthly cashflow, with flexible instalment schedules up to 48 months. First Bank Auto Loan Nigeria balances tenure and rate so total cost remains competitive against other lenders in Nigeria.

Remember mandatory insurance and upfront equity raise the effective cost, so compare scenarios on the bank calculator or speak with a relationship officer. Keeping salary domiciled ensures predictable repayment and easier account management locally.

How to Apply and Practical Tips

Start by visiting the nearest First Bank branch or the official FirstBank website to download the auto loan application form. Submit your documents with the proforma invoice from an approved dealer and request a personalised repayment plan based on your take-home pay.

Ask for a full breakdown of fees, interest rate and insurance requirements before signing. For quicker approval, make sure your employer confirms salary domiciliation and keep communication lines open with the bank for any follow-up.