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.

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.

check out nigeria's premier car trading site
www.EeZEeMARkEt.com
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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

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

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

sorry about the pics i never ment to upload it ,is funny anyway but that not gf

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

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.

I think you`re all coming down too hard on the loan issue.It was set up to help those who really need the facility but can`t afford the money at once.Truth is,no matter the finance house you use,they tend to gain in the end.You also gain cos you get to own something you can`t afford immediately.Interest rates vary from 17%-29%,depending on the finance house and the equity contribution.Equity contribution ranges from 10%-30%.I`ve sold a couple of cars through this means.The bank pays for my car while the new owner pays the bank in the stipulated time WITH interest.
Bottom line, you pay interest to the finance house for getting you an item you couldn`t immediately afford which to me is very ok(afterall,who`s gonna give you money to buy an item and then collects the exact sum after a period of time).
If you need more info,feel free to call me on 017347825,080334562562 or mail galaxy5_abs@yahoo.com.But i`m sorry i don`t have any car of that range right now with finance options.The ones i have are https://www.nairaland.com/nigeria/topic-197317.0.html

hope this helps

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.

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.

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.

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.

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

kingssmith:
sorry about the pics i never ment to upload it ,is funny anyway but that not gf

sir abeg come and teach me the importation biz