Get Your New Whip with First Bank Auto Loan in Nigeria, Flexible Repayment Plans

Why First Bank auto loan is ideal for Nigerians

First Bank auto loan gives salaried Nigerians a realistic route to owning a new car, with financing up to N20 million. The product is built for our local market, recognising typical pay cycles and the need for salary domiciliation to make repayments smooth.

With strong branch coverage across Lagos, Abuja and other cities, First Bank makes car financing accessible to workers in both private and public sectors. The bank’s reputation and competitive rates make the First Bank auto loan a top choice for car buyers in Nigeria.

Main features and eligibility

The First Bank auto loan finances only brand-new vehicles and requires an equity contribution of around 30% of the invoice value. Borrowers can access up to N20,000,000 and spread repayment over a maximum of 48 months, keeping monthly instalments manageable.

Eligibility centres on salaried individuals who either have a First Bank salary account or can domiciliate their salary with First Bank for the loan tenure. Acceptable ID includes national ID, international passport or driver’s licence, and a proforma invoice from an authorised dealer.

How to apply and required documents

Applying for the First Bank auto loan is straightforward: download or pick up the auto loan application form, complete it and submit it with supporting documents at any First Bank branch. The bank coordinates with approved car dealers to verify the proforma invoice and vehicle specifications.

Required documents include the completed application form, a recent payslip, a domiciliation letter confirming salary arrangement, proof of identity and the vehicle proforma invoice. Credit life insurance and vehicle insurance are mandatory, protecting both borrower and lender.

Repayment plans, rates and benefits

First Bank offers flexible repayment options, allowing you to select tenures up to 48 months depending on your monthly cashflow. Competitive interest rates and transparent fee structures help reduce the true cost of borrowing compared with informal market alternatives.

Additional benefits include the chance to bundle other First Bank products like salary loans or savings plans, as well as access to dealer networks and post-purchase support through FBN Insurance brokers. For many Nigerians, the First Bank auto loan is the practical way to move from dreaming about a new car to actually driving it.