How to Obtain First Bank Automobile Loan – This article is all you need to know on how to get a First Bank Automobile loan how to apply and the requirements.

Well, First bank is actually one of the best leading banks in Nigeria, many people even see the First bank as the number one bank in Nigeria. There are many different types of loans offered. Some of them include hose loans, car loans, etc.

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How To Obtain First Bank Automobile Loan

Follow these easy steps to obtain the loan;

To apply for the Auto loan,

• Download the Auto Loan Application Form
• Complete the form and submit it at the nearest FirstBank branch.
• Follow any instructions given to you until you acquire the loan.

First Bank Automobile Loan Features

Listed below are the features of loan facilities;

• Maximum loan amount of N15 million
• The maximum tenor is 48 months (four years)
• 20% equity contribution is required
• 22% interest rate
• Vehicles to be financed must be new and from FirstBank-approved vendors
• Salary domiciliation.

First Bank Automobile Loan Benefits?

• A year of free car servicing or car serviced at 15,000km mileage (whichever comes first)
• Free fuel card available for one year
• Free car registration.
• Three-year manufacturer’s car warranty.

First Bank Automobile Loan Required Documents

• Application letter
• Auto Loan application form
• Proforma Invoice from FirstBank-approved vendors
• Payslip for the last three months
• Statement of account
• Letter of total emolument.

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Who Can Apply For First Bank Automobile Loan?

Those who can apply for these automobile loans are all Employees in paid employment.

First Bank Automobile Loan FAQs

Can the facility be used for the acquisition of fairly used vehicles?

The facility is restricted to the purchase of brand new vehicles only.

Is the Auto loan facility available to salary account holders in other banks?

Applicants must have a salary account with FirstBank.

Is credit insurance premium mandatory for this product?

Yes. Credit life insures the borrower while the car insurance premium ensures the vehicle purchased.

is it mandatory to insure the vehicle is financed?

Yes, all vehicles purchased must be ensured comprehensively through FBN Insurance brokers.

Is it mandatory to purchase my vehicle from FirstBank’s pre-approved vendor list?

Yes, it is.

Conclusion:

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