JUST IN: Access Bank Unveils 90% Vehicle Financing Scheme For Customers
Access Bank has introduced a vehicle financing scheme that provides up to 90 per cent loan coverage for qualified customers under a new partnership with Elizade JAC Motors, in a move aimed at expanding access to auto loans for individuals, small and medium-sized enterprises (SMEs), and corporates.
The bank said applicants will be required to make a minimum 10 per cent equity contribution, with loan approval subject to a creditworthiness assessment, including cash flow evaluation and standard documentation. Processing under the scheme is expected to take up to 72 hours from application to disbursement, according to officials at the signing ceremony.
Head, Consumer Banking, Lagos & South-West, Charles Oguibe, explained that the initiative offers competitive interest rates and a flexible repayment period of up to 48 months. “With just 10 per cent deposit of the total cost, you can walk away with any JAC vehicle while the bank will bring 90 per cent as a loan,” he said.
He further noted that eligibility will depend on the bank’s credit process. “The vehicle provision is subject to Access Bank credit worth process,” he stated, adding that the institution will assess applicants’ repayment capacity before granting the loan.
On risk management and defaults, Oguibe said the loan terms will be governed by formal documentation signed at the point of disbursement. “When you sign your offer letter all the terms will be there and what’s going to happen if there’s a default is going to be covered by the offer letter,” he said.
Managing Director/Chief Executive Officer of Elizade JAC Motors, Demola Ade-Ojo, said the partnership is designed to improve affordability and convenience in vehicle acquisition while supporting mobility needs across different customer segments. He stated that the agreement is “grounded in trust between the two organizations, also in shared objectives, and a collective vision for sustainable impact to benefit Nigerians.”
Group Head, Products and Segments at Access Bank, Chizoba Iheme, added that “the initiative aligns with the institution’s broader strategy to support mobility and economic activity, particularly for businesses involved in logistics and distribution that require vehicle financing for operations.” She noted that the scheme covers passenger vehicles as well as commercial units such as pick-ups to support both personal and business use.
Iheme also indicated that the financing model is structured to address the high upfront cost of vehicle purchases, which has contributed to increased reliance on used vehicles, by allowing customers to spread payments over a defined tenor while accessing new vehicles with warranty coverage.
The officials said the auto financing facility is open to existing customers of the bank, including salary earners, SMEs, and corporates seeking to acquire personal or fleet vehicles. Prospective participants who do not currently bank with the institution would be required to become customers as part of the process.
