How to Apply for a Car Loan or Financing on Cars45, JijiCars - Gist Cent

Many people have asked how to apply for car loans or financing on Car45 and JijiCars. It's actually quite simple if you follow the steps below, but before we start, I would like to introduce you to what car financing is all about.

What is car financing?

Car financing is the process by which a financial institution assists a customer in purchasing a car. You are expected to repay the loan within a few months or years, depending on the agreement. The financial institution also assists in car registration, insurance, the installation of trackers, and other revenant things that are needed. 

Car financing is actually good for those who are not buoyant enough to pay for a car outright or use their savings to get a car. It also assists low-income earners who are desperately in need of having a car of their own to get one and still take proper care of their families.

Car financing is different from an installment payment. You need to be eligible before any financial institution will agree to help finance a car for you. You must also have an account with the institution or be willing to transfer your account.

How does one become eligible for car financing in Cars45, JijiCars?

JijiCars, Cars45 work with a few commercial banks, including Access Bank, Union Bank, Polaris Bank, and First City Monument Bank, as well as a few non-commercial banks. To be eligible for the car financing program, you need to have either a business account or a salary account with one of the above-listed banks. The bank also needs to approve that you are eligible for car financing by measuring your account's credit limits.

How to apply for a car loan or financing in Cars45, JijiCars

Once you have determined that you are eligible for the program based on the above criteria, the next step is to visit the Cars45 or JijiCars official website and contact them.

The company's telesales analyst will ask you the brands of cars you are going for, model, budget, and location. This is to enable him to get you a car within your budget, location, and specification. 

The agent would also book an appointment for you to physically inspect the car and ascertain its present condition. Once you are satisfied with the condition of the car, a proforma invoice would be sent to the financial institution you are using for payment.

You are automatically the owner of the car when Cars45 confirms payment and verifies the necessary documents for the car. 

Kindly note that not all cars can be financed. If you use Access Bank, the vehicle must be a Grade A or B vehicle, manufactured from 2010 onward. This is to ensure that you get a car that is in good shape, which will enable you to enjoy the value of your money after paying back the loan.

In my next post, I will be discussing the best financial institution to use for car financing and how to be eligible for the program in a few months.

If you have any questions regarding car financing, kindly air them using the comment box below. I'll be here to answer all your questions and educate you more regarding how to apply for a car loan and financing on Cars45, JijiCars