How much down payment do I need for a car loan in Nigeria?

Most Nigerian banks require a down payment of 20% to 30% of the car's value. Some may accept as low as 10% for new cars or with excellent credit.

Can I get a car loan for a Tokunbo (used) car in Nigeria?

Yes, several Nigerian banks offer loans for foreign-used (Tokunbo) cars, though the interest rate may be slightly higher and the maximum loan term shorter than for new cars.

Car Loan Calculator — Nigeria

Estimate your monthly car loan payment. Adjust the price, down payment, term and interest rate to see what you'd pay.

Car Price

Down Payment — 20%

₦1,600,000

Loan Term

Interest Rate — 22%

5%Nigerian avg ~22%35%

Your estimated payment

₦244,419

per month

₦2,399,080

total interest

₦8,799,080

total repayment

Estimates only — actual rates and terms depend on your bank and credit profile.

Car Loan FAQ — Nigeria

What is the average car loan interest rate in Nigeria?

Car loan interest rates in Nigeria typically range from 18% to 28% per annum, depending on the bank, your credit profile, and whether the car is new or used. The average is around 22%.

How much down payment do I need?

Most Nigerian banks require 20–30% of the car's value. Some accept as low as 10% for new cars or with strong credit.

Can I finance a Tokunbo (used) car?

Yes — several banks offer Tokunbo car loans, though rates may be slightly higher and terms shorter than for new cars.

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