I intend buying a vehicle and I would want to know which is the best between getting a loan from the bank and outrightly buying the vehicle from Car sellers or buying it on a monthly installmemtal repayment scheme from companies like Autochek, etcetera after making a down payment.

Which is the best??

Personally, I feel like buying from companies like Autochek presents the fact that they must have done every due check on the vehicles that they sell on their website so if I get one from them and in the process of paying them monthly. Any fault that arises not noticed before my down payment.

They should be able to correct that while a friend of mine is saying that I should just get the money from the bank and get a mechanic that will go check out the vehicle and buy directly from a car seller and not from companies like Autochek.

What do you guys advise is the best route between these two options for me to acquire the vehicle to take stating your reasons?

You want to collect loan to buy a liability with the current economic instability in the country. When taxes and interest rates would skyrocket soon

Don't be a slave to banks oooo

nurey:
You want to collect loan to buy a liability with the current economic instability in the country. When taxes and interest rates would skyrocket soon

Don't be a slave to banks oooo

I think purported interest rates are being calculated befor you collect the vehicle ..
You're not buying stocks that the value drops and rises .

Even your rich uncle in America bought his car through a finance scheme like that .
I do know we Nigerians naturally have it in us to discourage people but come on

Antihelminth:

I think purported interest rates are being calculated befor you collect the vehicle ..
You're not buying stocks that the value drops and rises .

Even your rich uncle in America bought his car through a finance scheme like that .
I do know we Nigerians naturally have it in us to discourage people but come on

You nailed it!

I recently checked auto-check and their condition was scary.
Initially N113k deposit
N56800 weekly delivery for the first two months
N45k weekly delivery for the remainder of the 4yrs
BVN collateral

And even with these, hrs restriction.
My question now is can somebody make it? And besides, it is a foreign-used 2005 Corolla

Nwanna2588:
I recently checked auto-check and their condition was scary.
Initially N113k deposit
N56800 weekly delivery for the first two months
N45k weekly delivery for the remainder of the 4yrs
BVN collateral

And even with these, hrs restriction.
My question now is can somebody make it? And besides, it is a foreign-used 2005 Corolla

Thats about 10m all together

diqo:

Thats about 10m all together

Wahala, wahala, wahala.

diqo:

That's about 10m together

I kept asking if somebody has made it before.

diqo:

Thats about 10m all together

Just tell us you don't know maths ..
I apologise 😂😂😂

Nwanna2588:
I recently checked auto-check and their condition was scary.
Initially N113k deposit
N56800 weekly delivery for the first two months
N45k weekly delivery for the remainder of the 4yrs
BVN collateral

And even with these, hrs restriction.
My question now is can somebody make it? And besides, it is a foreign-used 2005 Corolla

Initial deposit of 113,000
Plus 56,800 for first two months ..
We have 4 weeks in each month . That's 454,400
Plus initial deposit that's . 567,400
45k per week in 4 years .. 8.64000
Plus 454.400
Omo no way

Get a bank loan .. collect 4m .. they charge 36% highest ..
36% would be about 1.4 m I think

Antihelminth:
Get a bank loan .. collect 4m .. they charge 36% highest.
36% would be about 1.4 m I think

Please if you know a way to link me do it. What are the conditions for low-income earners?

Nwanna2588:

Please if you know a way to link me do it. What are the conditions for low-income earners?

I don't know any link ...
Just ask in your bank

Antihelminth:

Initial deposit of 113,000
Plus 56,800 for first two months ..
We have 4 weeks in each month . That's 454,400
Plus initial deposit that's . 567,400
45k per week in 4 years .. 8.64000
Plus 454.400
Omo no way

That’s a total of 8,518,000

If we value the car at 4,000,000

Then total interest = 8,518,000 / 4,000,000 * 100
= 212.95% for 4yrs

Interest rate per year = 212.95 / 4
= 53.24% per year


For context, bank interest rate is around 28-36% per annum

Also remember that the financier is edging against Nigerian inflation over a 4yr period. Which is a lot of time knowing how volatile the Naira can be.

Personally I wouldn’t take such loan. I avoid any loan that I can’t repay within a year period.

goldencomets:


That’s a total of 8,518,000

If we value the car at 4,000,000

The total interest = 8,518,000 / 4,000,000 * 100
= 212.95% for 4yrs

Interest rate per year = 212.95 / 4
= 53.24% per year


For context, the bank interest rate is around 28-36% per annum

Also, remember that the financier is edging against Nigerian inflation over a 4yr period. Which is a lot of time knowing how volatile the Naira can be.

I wouldn’t take such a loan. I avoid any loan that I can’t repay within a year.

You are a great Economist!

The problem here is that it is hard for the bank to give loans.

Antihelminth:

I think purported interest rates are being calculated befor you collect the vehicle ..
You're not buying stocks that the value drops and rises .

Even your rich uncle in America bought his car through a finance scheme like that .
I do know we Nigerians naturally have it in us to discourage people but come on

Thank you for this opinion of yours.

Antihelminth:
Get a bank loan .. collect 4m .. they charge 36% highest ..
36% would be about 1.4 m I think

Thanks for this. I think this is what I will do. The bank will be able to give me between 6-15m based on my very good credit ratings.

I don't intend to use all to get a vehicle just a vehicle that can serve both for business and "Chilling" purpose then re-invest the rest into my business and be able to repay them back.

Join reliable cooperative at work, church.
deposit sth small with them.
Withdraw your deposit anyday at loan expiration.

I wasn't told on time.
Not more than 12% interest rate

RussellRutherfo:


Thanks for this. I think this is what I will do. The bank will be able to give me between 6-15m based on my very good credit ratings.

I don't intend to use all to get a vehicle just a vehicle that can serve both for business and "Chilling" purpose then re-invest the rest into my business and be able to repay them back.

You should be straight forward with them sha

All these banks and loan sharks are just thier to fleece U, if U have relatives or trustworthy friends, it's better to borrow from them...At least they wont charge U any interest.....I absolutely dislike interest based loans, very annoying crap

Elsueno:
All these banks and loan sharks are just thier to fleece U, if U have relatives or trustworthy friends, it's better to borrow from them...At least they wont charge U any interest.....I absolutely dislike interest based loans, very annoying crap

You have a point but I don't have relatives or trustworthy friends to get from rather I am the one they all disturb for every little financial problem. You don't know the good God has done for some of you that have relatives or trustworthy friends that you can borrow from. It has lead me to cut off many of these parasites.