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How To Raise A Car Loan?

Hey guys,

I like to have a ride. Something not more than 600k. The issue is financing. I like to ask if you know of any way I can get a loan to finance something of that amount. I can pay within a year or at most a year and half.

Pls, 'landers advise me if you know of any financing deal that can work something out with me.

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30 answers

I guess that is why it has not been deleted or archived.

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Good one my friend, but I have to make my own contribution as I have just joined nairaland even though the contribution is 5 years late. Thanks for your humor. I was very much aware of the dates. I want to join in providing enlightenment and entertainment in the forum which ever my contribution is seen. Don't forget that the ills and ignorance within the Nigerian system 5 years ago is still prevalent if not worse, so also this issue of availability of car loan and misconceptions about the stock market.

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I guess you were so keen to brand well-meaning contributors as "myopic", you failed to spot the OP you're "advicing" created this thread over 5 years ago.

Talk about being blinkered.

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Remember to have a comprehensive insurance for the car. Also I don't think any bank will finance a car of N600k. for the Guy on issue of stocks Never borrow money to buy stock unless you are a professional stock trader, which requires a different expertise. In that case you find that it better to only borrow money to buy a business you well understand with a view of turning it around to be more profitable and this is not the appropriate forum to discuss such issues.

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My friend,just go and talk to your bank and stop listening to this myopic guys. Make arrangements to pay over 3-5 years as long as you have a regular income. There is nothing bad in buying a car by loan. It is good for the car industry, good for the banking industry, good for the economy and indirectly benefits you too. If you can pay it back over 1 year, then it is not worth it. America is the most powerful and one of the best economies in the world if not number 1, but it is a highly leveraged society. Also don't put the money you want to use for a car in the stock market but rather the money you wish to retire on.

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I applied for a loan from a bank last year which was paid this January with the aim of purchasing stocks with it. Processing it took longer than expected due to system problems at the bank and when it was finally paid, all the stocks I wanted to buy had appreciated in value. My plans was to trade with the money in the stock market and use the profit to purchase my first car. I got dissapointed with the appreciated value of the stock and used all the money to buy a car this January. I had an accident with the car three months later when I was travelling to the east and the car was completely written of because of the nature of damage, (it summersaulted 4 times while I was driving at 150). We were fortunate to be alive (to God be the glory), but I am still paying for the loan for a car I used for just 3 months. I have learned my lessons and will never again use credit to buy liability. I hope you will also learn from this.

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Look at it from this perspective:

I work in IT and many times find myself leaving work late due to support issues, or having to come to work at very short notice. On these instances I have to take cabs, costing as much as N3000 sometimes. There was a particular week this happened three times in a row.

I just started working, now tell me i dont need a car.

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I quite agree with my guy oyb,the quest for instant wealth has brought about self distruction and ruin most youth's future,why can't a guy work and earn a honest pay?It takes the same strenght if you ask me.So get a job and buy a car,instead of riding ur car in dept

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kingsmith and festus ugo , please take your girlfriends pictures off. you're abusing the frigging thread!

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if i may add to this debate, a car is a neccesity not a luxery. even students and non workers deserve to have cars, it makes things so much easier. and belive me, am not saying this cos am a marketer, and i deal with these kinda things in daily basis.

I work at etb, and we package easy autoloans. you can repay in as much as 36 monthly installments. but then we have some strict conditions, but you dont even need to have any prior account with us.

1st you must be working in either a bank, telecoms company or oil and gas.

2nd you must be confirmed at your place of work.

these are the very 1st steps before all other things can come into play.

if you are really interested, you can mail me on xlad21@yahoo.com.

good luck peeps

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Hey man, im new @ nairaland, but i think i have a benz wagon toks for sale, its clean, factory fitted ac, good engine.

It isn't for me but for my company, you know company cars come and goes like that, its affordable. Just for N550,000 you own that car. not luxurious but convenient enough for you and if family, Yes.

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@Poster

Car financing is not something you should go into lightly, there are many variables you need to take into consideration.

The total ammount repayable regardless of what the interest rate stated is,

Affordability for your particular situation

The costs associated with running a car.

It may actually be cheaper and more cost effective for you to stay without a car.

The car is a depreciating asset so look before you leap

All the best

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If all you have in cash and liquid assets is roughly N600k, I dont think it's a good idea to spend it all on a car at a go. If however, you have stocks worth that amount or more, then you automatically quality to get a loan worth 75% of your stocks from Ecobank. All you need is a minimum of one month relationship with the bank.

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The young man is just asking for simple information and the ever present over-sabi Nairalanders latched on to him as usual. If you must know - one of the greatest cause of corruption in Nigeria is linked to the fact that we are a cash based economy where people pay for things once. This normally leads to anxieties for those that don't have jobs and those who just started or how can u advise a guy to patiently wait for 3 years to save enough to pay 2 years rent and then 7 years to buy a car. Reason for many looking for shortcuts to pay for these things. Why I am not into silly bank loans but look at developed countries and even some smaller African countries - they pay rent monthly and get car loans at very cheap interest rates - hence not much pressure to steal. What we should be looking at is the failure of leadership that ensured high inflation and interest rates. My advice for the guy is simple - before u think of a loan - analyze it very well to avoid becoming trapped. Also, are u self-employed or work for a company? If u work for a company - a 600K loan is small enough and some companies help their employees with such loans or have arrangements with some banks for same. Explore your options well and think of the value the car will bring to you. Will it help you to do weekend runs that can make u more money? Or is it because of status symbol? Look well my guy before u leap. All the best!

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As said previously, it's not advisable to finance anything (beyond housing) in some cases. Just save up the money you need to get what you really want and pay cash.

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Loans are what we need in Naija so that less earning people can buy cars, houses, investments

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What has the pix's got to do with the thread?, Those shoes,,, are they supposed to be rain boots?

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people i dont know y nigerian are wicked the post did not ask of dicoragement from any one if u can get the car or laon for him y don't you stay away from his post or is it that u don't have better things to do?

post go on wit ur plans there nothing like determination if u got it u can pay d money back within short period that is y u have to be a man so many rich guys today got loan i mean cool big loan to start and they are rich today go on be serouse that is all

remember that all hands are not equal because they collect and fail so they thin u'll be like them

despite have all the things of the world dangote still get loan from the bank.

goodluck

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poster

sori if i was blunt, connect with viperman, he has all d best deals on finance,, i think inspired_m does too, but not sure, u can buzz him 2 , have a great one

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@Oolumide,

pls I need to talk to you about restaurant biz.

Pls mail me on ifyobua@yahoo.com or flash me on 07034111501.

@ poster

Talk to car dealers on Nairaland , something could be arranged for you

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Demsy

You know the problem with Nigerians is that everybody feel we must do things the same way. What has worked for somebody might not worked for you. The fact that some people worked for five years before buying a car does not mean you must go through the same hassles and though time. You must realised that a first car most times is not luxury rather it is for convenience. it is when you are on second as a single man or third car as a married man that it becomes insatiable desire at your in convenience. Getting indebted could be a challenge to manage especially if your income cannot take care of it confortably.

My brother there are different ways you can structure payment without hurting your self. One of the things I have realised is that if you talk to people you could get some wonderful terms worked out. Don't mind some holier than thou people who would rather castigate your thinking. Whichever ever way get your stream of income right so that you can make payment at the time you promised.

I bought my first car after working for about 2years to the utmost surprised of all my colleagues cos we where earning peanuts working for a restaurant business. But some one got a tokunbor car for me that i paid for over four months. But buying car for me was for convenience not for luxury because i was closing late from work.

Let nobody deceive you you need a car to move around for business and to work because we are leaving in dangerous times,but i don't think you will get the right contact with what some guys responses are here. my brother i wish you the best as you try to achieve you goal.

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i can assure u of finance lease through zenith bank. However, d challenge is that u must ve a current account with d bank wc must have been running for like 6 months. if u can open d a/c today, i can assure u of getting a facility to own your car by december.

for details call me on 08055137115

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@poster

i think fidelity bank offers such services but u would need to open an acount and save up to 10% of the cost of the car. go to any branch of fidelity bank to find out.

Goodluck.

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Thanks all, once again.

for me, at this moment, the car is not a luxury its just a necessity to fulfil certain things. I need it to carry out certain feats. Forget about maintenance and all, I am comfortable enough to take care of such. I am already aware that I must pay interest. That is why I am asking the ones in the house who know how to give information of financing that will be best.

thanx

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@demsy ,

really i do understand your plans, and if i had an idea about such financing programs i would tell.

to the rest of u,

well good y'all have cars you can flaunt around, but why cant u be civil enuf to either advise the chap about the bad sides involved with car finace

rather than insult him,

@ oyb ,

small god in ur right, try to allow space for the poor ones wey on emake am too.

he asked for help, not insult.

u cud have just said its not a wise idea, rather than name calling.

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@nkc

my guy

im permanently on NN. the bulls are presently locked in a mother of all battles with the bears

no shakings at all.

You sef, abi u wan sell car to the poster?

LOL!

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Thanks all,

I appreciate the various comments.

But I appreciate if you have direct answers to my question, just answer and if you do not, pls hold your peace!

And for those who are using this thread to advertise other things, I suggest you use your privilege of posting new topics rather than distracting the line of thought here.

Regards!

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@Oyb

It depends

like my cousin was close to paying off for a Volks jetta few weeks back

he has his money and i told him why not use the money to achieve two things

get the car thru financing and send the remainder to the stockmarket

This way, u not only finance it adequately but getting some income from the amount u could have used in buying off. . .

This can only be good for someone who has got the cash

but for those who cannot afford to drive a new car but feels the bank can help out

na original gbese be dat

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wait for a year and buy the damn thing yourself -

what the heck is all this fricking street begging going on in nairaland anyway?

some prick spammed the technology threads with some sob story about being poor and wanting a cheap laptop.

it seems the amaerican disease is fianlly upon us - eagerly ushered in by our banks - the culture of instant gratification and you can have this right now - the fellas with the big cars expensive clothes and big debts.

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@Kanuri,

Am an Energy Investment Banker, which means i truly appreciate your analysis of the Naija Energy Market.

My only query is that why is there so much secrecy in the naija energy sector? No websites, no financials puublished, etc.

Kindly reply to this thread or my email, ma2206@yahoo.com.

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