Autochek Car Loan: Are you in need of a loan to buy a car in Nigeria? This article is all about how to apply for Autocheck car loans in Nigeria.
When it comes to buying a car, financing can be a big issue for many people, especially the middle class. While many may have the necessary funds to buy a car outright, some may not be able to do so.
This is where car loans/financing come in, and one company that provides this service is Autochek. In this blog post, we will discuss everything you need to know about Autochek car loans, from what they are, interest rates and advantages, to the requirements and how to apply for one.
So, without further ado, let’s dive straight in!
Autochek is a company that provides various services in the automotive industry across Africa. This company’s services include buying and selling cars, as well as offering car loans and financing.
Their website helps connect car buyers with sellers in Nigeria, and also all over Africa. So, if you’re looking to buy a car, you can find one on Autochek regardless of your location within the country.
Furthermore, if you want to sell a car, you can easily sign up and list it on Autocheck. The platform is an online marketplace for cars in Nigeria. You can also access Autochek services through its mobile app.
Autocheck loan service is aimed at individuals who may not have the funds to purchase a car outright, but who are in need of one.
Now, let’s see how the loan works.
What is an Autochek Car Loan and How Does it Work?
An Autochek car loan is a financial service that enables individuals to purchase a car by borrowing money from Autochek. The loan is repayable over a certain period, usually in monthly instalments that include the principal amount borrowed plus interest.
The Autochek car loans let customers buy a car without paying 100% cost of the car upfront. Instead, customers pay just a portion of the cost of the car (usually 30%) and get a car to their name.
Customers get access to a wide range of cars which they can pay a 30% down payment for. Cars available on Autochek include Lexus, Toyota, Mercedes Benz, Hyundai, Audi, and Kia among others.
Related: Cars45 Car Loan Review
Who is Eligible for an Autochek Car Loan in Nigeria?
To be eligible for an Autochek car financing service, applicants must meet certain requirements, including:
- The applicant must be at least 18 years old
- The applicant must be a Nigerian citizen or a permanent resident
- Applicants must have a steady source of income
- The applicant must have a good credit score
Due to all that, only salary earners or registered business owners can apply for a car loan on Autocheck. If you don’t have a steady source of income, an Autocheck loan is not for you.
Now that you know how to be eligible for an Autocheck car loan in Nigeria, let’s see what the application requirements are.
Autochek Loan Requirements
Documents required to get a car loan from Autochek Nigeria include:
- A completed application form, which can be printed from their website.
- A valid means of Identification (one of the following – Your National Passport, Driver’s License, National ID Card, or Voter’s Card).
- A utility bill that is no more than three months old from the date of your application.
- Your work ID
- Employment Confirmation Letter if you are a salary earner or a CAC certificate / BN1 document if you are a business owner.
- Your bank statement may also be required.
Once all these are ready, you can proceed to apply for a car loan from Autocheck Nigeria.
How to Apply for an Autochek Loan
The steps to apply for an Autochek car loan are:
- Visit the Autochek website or Install the Autochek App
- Navigate through until you find a car you like.
- When you find the car, click the “Apply for a Loan” option. This will lead you to create an account or log in.
- When you finish creating an account, log in, and you will be redirected to fill out a form.
- Complete the registration form, (input your personal details, your BVN, your monthly income, and other information requested).
- When you finish filling out the form, if you qualify for financing, you will be redirected to a page showing you the breakdown of the amount you are seeking a loan for.
- Click on “Process Request”
- Fill out the application form with your personal details, identification details and residential details.
- Once that is done, you will be required to fill in your employment if you’re a salary earner, or business details if you own a business.
- You will be required to pay a 1% fee to secure the car so that it does not get sold while your loan is being processed.
- After the payment, to complete the application process, you will be required to provide your bank statement.
- Once all that is done, submit the form, and you will start receiving offers from various Autochek financing partners in 3-5 days.
- Check through the offers and accept the one that suits you.
- After accepting, the car will be delivered to you in 5-7 days
Now that you’ve known how to get a car loan from Autochek, let’s explore for of the loan features.
Autochek Loan Amount and Interest Rates
Autocheck car loan amount varies depending on the value of the car being purchased. Regardless, customers will make a down payment of 30% worth of their preferred car.
Autochek car loan Nigeria’s interest rate is 15% per annum.
Repayment Period and Terms for Autochek Auto Loans
The repayment period for an Autocheck car loan in Nigeria ranges up to five years, depending on the loan amount and the borrower’s preference. Repayment is done through monthly instalments, and the loan can be repaid before the end of the loan term without incurring any penalties.
Benefits of Getting an AutoCheck Car Loan?
There are several advantages to getting an AutoCheck Car Loan, including:
- The ability to purchase a car with a low upfront payment
- Low-interest rates
- Flexible repayment terms
- Quick loan processing time
- Access to a wide range of vehicles
Check Out: How to Get 10 Million Naira Loan in Nigeria
Frequently Asked Questions about Autochek Car Loan
How can I be eligible for an Autochek car loan?
To be eligible for an Autochek vehicle loan, applicants must be at least 18 years old and have a steady source of income.
How long does it take to process an Autochek car loan application?
The processing time for an Autochek car loan application varies, but the company strives to provide a quick response to all loan applications.
What is the interest rate for an Autochek car loan?
The interest rate for an Autochek automobile loan varies depending on the loan amount and repayment period, with rates starting from 15% per annum. However, the interest rate may also depend on the creditworthiness of the borrower.
What happens if I default on my Autochek car loan?
If a borrower defaults on their Autochek car loan, the company will take steps to recover the outstanding loan amount, which may include legal action. Borrowers are advised to ensure that they make their loan repayments on time to avoid defaulting on their loans.
What is the alternative for Autochek?
A popular alternative to Autochek is Cars45. They also offer car loans and other car financing and purchase services.
Can I get an Autocheck car loan in Lagos?
Yes, if you meet all the requirements, you can get an Autocheck car loan in Lagos.
Can I get an Autocheck car loan in Abuja?
Yes, if you meet all the requirements, you can get a car loan from Autocheck in Abuja.
Can I get an Autocheck car loan in Port Harcourt?
Yes, can get a car loan from Autocheck in Port-Harcourt.
Autochek car loans provide individuals with the necessary funds to purchase a car, without the need for upfront payment. The loan comes with competitive interest rates, flexible repayment terms, and quick loan processing time.
To apply for an Autochek car loan, applicants must meet certain requirements, provide the necessary documents, and follow the application process. Overall, an Autochek car loan offers a convenient and accessible way for individuals to purchase a car, and we recommend them to anyone in need of a car loan in Nigeria.
We hope this article is helpful, and have provided you with a guide on how to get a loan from Autocheck.