Our objective in writing this article is to provide you with information regarding how to get a car loans in Ghana.
From financial institutions such as Cal Bank, Stanbic Bank, and Multi Credit Savings and Loans, you can get the car of your dreams at an affordable rate.
To ensure that you avoid making mistakes when lending to any of these institutions in order to finance your purchase of a vehicle, here are four things to look for:
It is important that you take note of these basic requirements for prospective borrowers.
A few institutions require that the borrower be a salaried worker, and if he is not, then he should be able to demonstrate a satisfactory credit history.
- Five years should be the maximum age of a car.
- Age requirements for the borrower are 18-53.
- An individual’s debt burden should not exceed 45 percent of his or her net income.
- Maximum credit limit is 80% of the vehicle’s value, starting at 1000 GHC.
- A guarantor.
- A pro forma invoice from a dealer.
- Importation, Customs clearance, and ownership documentation for used cars.
- A copy of either the voter ID card, passport or driver’s license.
Lenders sometimes offer attractive incentives to entice borrowers. Listed below are some of the benefits a prospective lender can offer you.
- An all-inclusive insurance policy.
- Consultancy services.
- Multi Credit Ghana provides interest-free loans for two months.
- Provides you with the option of choosing your favorite car vendor.
- Upgrade options are available.
- Monitoring of regular servicing.
- Interest Rate
Multi Credit Bank, for example, offers an interest rate of 4% per month. From other banks, you can expect to pay interest rates between 25.9% – 33.5% a month.
Things to look out for
Here are a few things you should consider when borrowing from a bank. Here are some tips:
- Check the company’s interest rate.
- Funding capability of the lending institution.
- Fees to be paid to the bank.
- There are conditions and terms attached to the loan.
- Whether or not an institution is credible.