Acquiring a car in Ghana has always been a costly endeavor – however, if you want to buy cars in Ghana and pay later, you need not worry anymore.
The good news is that even if you don’t have enough money to buy a car in Ghana, you still have some options available but that depends on the budget you are willing to set aside.
This post provides you with some helpful suggestions for where to seek out specific services on how and where to buy a car and pay later.
Purchase a car with a bank loan
In the event that you want to purchase a car in Ghana but lack the capital, you can approach organizations that advance loans to car buyers.
In Ghana, there are three banks that offer the lowest interest rates on car loans. They are;
- Bank of Baroda
- Stanbic Bank
- Zenith Bank
What are the requirements for obtaining a car loan in Ghana?
Here is what you should know about the process of purchasing a car in Ghana by way of a loan;
The first step is to contact a credible financial institution.
In most cases, it is best for you to use the above-mentioned three banks as they are ranked as the most affordable and trustworthy financial institutions for getting a car loan.
You will be required to apply for the loan.
Following your application for a loan, your eligibility will be assessed by the banks, and they will decide whether or not you qualify for the loan.
If you meet the requirements, the bank will agree to give you the loan upon receiving a security guarantee that you will repay it.
Purchase a car from a dealer that allows installment payments
In Ghana, there are some dealers who allow you to buy a car now and pay later.
Here is what you need to do.
A minimum deposit will be required – for example, some dealers may require that you pay 50% of the total price upfront.
For instance, if the car costs 50,000 cedis, you’ll need to bring 25,000 cedis with you when at the time of purchase.
An agreement must be reached on the time limit for remitting the remaining money.
There are some dealers who offer the buyer the option of negotiating the repayment time while others impose a fixed repayment period. Make sure that the dealer you choose has terms you can work with.
You may want to take a look at the following car dealers:
- De Georgia Motors
- Kantanka Automobile
- Erata Motors
- Nimdy Motors
- Auto Plaza
- Mensch Automobile Ltd
- Jensarp Enterprise
- Westend Homes
What will you need to get a car and pay later?
There are many documents that dealers usually look for.
Here is a list of the most crucial:
- You will need a valid Ghana ID card/passport.
- An ongoing revenue source is required. (Employed and self-employed individuals are allowed.)
- Typically, a 10% to 20% deposit is required.
- A minimum of six consecutive bank statements is required.
- The last three months of payslips are required if you are employed.
- In the case of a self-employed individual, proof of business (copy of contracts, invoices, receipts, etc.) will be requested.
- Reports on the evaluation of the car will be needed. (Each bank will grant its own requirements)
- A copy of the logbook or sale agreement is required.