Car hire purchase in Nigeria guide: List of Car Hire Purchase Companies In Lagos Nigeria. In this article, you will learn everything about car hire purchase, What car hire purchase is, car hire purchase agreement, etc.
Th truth is; many people dream of becoming car owners in Nigeria, but as you may know that paying for a car in one sitting is a luxury especially knowing the economic situation Nigeria faces. So, what is the best way out of it? The best way out of it is by buying a car through the Car Hire Purchase method. The necessity of a car in Nigeria cannot be over-emphasized, because it is needed for daily commuting especially if you live in a city like Lagos in Nigeria.
If you are interested in learning about how to buy a car using the Car Hire Purchase method, then stick through this article to guide you.
Table Of Contents
- 1 What is a Car Hire Purchase?
- 2 How can I get a hire purchase car in Nigeria?
- 3 Is hire purchase a good idea?
- 4 How can I get a car for Uber?
- 5 The advantages of Car Hire purchase
- 6 The disadvantages of Car Hire purchase
- 7 How to get the best Car Hire purchase deals
- 8 Independent dealership for Car Hire purchase
- 9 List of Car Hire Purchase Companies in Nigeria
- 10 Frequently Asked Questions On Car Hire Purchase
What is a Car Hire Purchase?
Car Hire purchase is a process where you buy a car with an agreed plan to repay the total money of the car over a period of months or years, depending on the agreement. Hire purchase is an approach to fund purchasing a new or utilized vehicle. You (generally) take care of a deposit and pay the estimation of the vehicle in regularly scheduled payments, with the loan made sure about against the vehicle. This implies you don’t claim the vehicle until the last instalment is made.
As a rule, you first need to put down a deposit on the vehicle you need to purchase. This is generally 10% or a greater amount of the vehicle’s value. The rest of the estimation of the vehicle will at that point be paid off in portions over a time of 12 to 60 months (one to five years). Hire purchase is orchestrated by the vehicle seller, yet online stores or physical stores likewise offer this service. The rates are serious for new vehicles, but less so for utilized vehicles. For recycled vehicles the yearly rate can shift from 4% – to 8%; the lower the number the better. The rate could be higher for instance since you don’t have a decent financial assessment.
How can I get a hire purchase car in Nigeria?
How it works
- Fill out our online application form in details.
- Get pre-verified. Provide proof of income/ evidence of salary domiciliation.
- Start Payment of N150,000. The rest payments will be spread in12 months period.
- Pick the car you want from any of our approved dealer partners.
- Sign and drive away!
Is hire purchase a good idea?
A hire purchase scheme can be a great way of getting your hands on it quickly while spreading the cost over an agreed period. This method of asset finance results in a monthly repayment and transfer of ownership to you once the term ends and all funds have been repaid.
How can I get a car for Uber?
To get a car with Uber, you’ll first have to be approved as an Uber driver. Uber will let you rent a car from one of their partners, and you’ll pay rental fees for as long as you keep it. Any car you get via Uber will be fully insured, and include proper license plates and registration information.
The advantages of Car Hire purchase
- 1) Flexible reimbursement terms (from one to five years) to help fit in with your month-to-month financial plan.
- 2) Relatively low deposit required (ordinarily 10% of the vehicle’s cost).
- 3) Fixed loan fees so you know precisely what you’re paying each month for the length of the term.
- 4) Once you’ve paid a large portion of the expense of the vehicle, you may have the option to restore it and not need to make additional instalments.
The disadvantages of Car Hire purchase
- 1) You don’t claim the vehicle until you’ve made your last instalment, which implies in the event that you get into money-related challenges the fund organization could remove it.
- 2) You can’t sell or adjust the vehicle over the agreement term without getting authorization first.
- 3) Your deposit and term length will influence your regularly scheduled instalments. Your regularly scheduled instalments are probably going to be higher the more modest the store is and the more limited the term of the credit.
- 4) Until you’ve paid a third of the aggregate sum payable the moneylender can repossess the vehicle without a court request.
- 5) It can be a costly course on the off chance that you just need a momentary understanding.
How to get the best Car Hire purchase deals
There are two main options here:
- Get the fund through the vendor you’re purchasing the vehicle from.
- Getting funds through an online merchant.
It’s necessary to look through online first so you’re outfitted with certain numbers to wrangle within vendors. Offers can fluctuate fundamentally on the internet and in businesses so getting more than one financial quote is of importance.
To assist you with contrasting the various offers request vital information like:
- The APR you’ll be paying
- The aggregate sum repayable
- The complete expense of credit
- Any extra charges.
Independent dealership for Car Hire purchase
At the point when you purchase a vehicle, you’re probably going to go to either an independent vendor (one that is controlled by a business and will stock vehicles from numerous brands).
Independent sellers will have a more extensive selection of vehicles, as it’s a lot simpler for them to stock various producers. You’ll additionally discover generally recycled vehicles, which implies normally vehicles are less expensive. You won’t typically have the option to discover 0% account arrangements or enormous store commitment arrangements, and APR will associate with 5-10% – despite the fact that your credit record will influence the rate you’ll have the option to get.
Diversified vendors are the spot to go for another vehicle – despite the fact that recalled new vehicles lose their incentive because of devaluation rapidly.
List of Car Hire Purchase Companies in Nigeria
Some Car hire purchase companies around big cities in Nigeria include:
Citrans Global Limited
- Contact: 07000733222
- Address: 72 Otunba Adetoro Drive, Off Lekki Beach, Lekki, Lagos
Car Hire Service
- Contact: +2348094952153
- Address: Nnamdi Azikiwe International Airport, Abuja
Car Hire Office
- Contact: +2347031635696
- Address: Rockview Hotel, Plot 789, Adetokunbo Ademola Crescent, Wuse II, Abuja, FCT
Rhezon Car Rental
- Contact: +2348039662017
- Address: 1 Aguiyi Ironsi St, Maitama 900271, Abuja, Nigeria
Sixt Rent a Car
- Contact: +2348028904996
- Address: LTD Plot 388, Constitution Avenue, Central Business District 002349, Abuja
Jimak Tactiq Integrated Services Limited
- Contact: +2348096000112
- Address: No 6 Bolton street Suncity Estate, Abuja, Nigeria
C & I Leasing PLC
- Contact: +23498705633
- Address: Suite 17, 4th Floor, Metro Plaza, Zakariya Maimalari Street, Central Business District, Abuja, FCT
Hire Purchase Company
- Contact: 08036656340 or 08067807234
- Address: beside Baptist church, Choba Emohua, Rivers State
Lecon Financial Services Limited
- Contact: +23496708714 or +23498700853
- Address: 256, Zone AO, off Herbert Macaulay Way, behind Unity Bank building, Central Business district, Abuja FCT
Frequently Asked Questions On Car Hire Purchase
What is a Start Payment?
To keep monthly payments low without locking you in to a long-term contract, every car you get through the company requires a Start Payment. It’s an upfront fee, usually N150,000 and due at signing to drive away.
Can I return the car if I change my mind?
Yes. some companies 3-Day No Risk Return policy gives you up to 3 days and 100 miles after signing to bring your car back for a full refund of your Start Payment, as long as the vehicle is in good condition. Beyond 3 days or 100 miles, your Start Payment becomes non-refundable.
How do you determine my weekly payment range?
After you apply with us, we do a “soft” credit check and run some data analytics to determine eligibility and a range of monthly payments that could work for you.
When is my first weekly payment due?
Unlike a traditional lease, some companies doesn’t bill you in advance. So your first monthly payment won’t be due until 7 days after taking possession of your car.
What if I return my car in the middle of a weekly billing cycle?
After returning your car, your final weekly payment is pro-rated to reflect the number of days you’ve had the car since the last billing cycle closed.
What if I am not capable of continuing with my weekly payment for one reason or the other?
If you are not capable of paying your weekly installment for a month, the company has the right to recover the car and you and you will lose the previous payment made on the car.
I see estimated weekly payments. Where can I find actual prices?
Preview Mode shows estimated monthly payments. Once you create an account and get pre-qualified, we’ll have the info we need to show you all cars you’re pre-qualified for with real pricing.
Am I responsible for properly maintaining my car?
Yes, you are responsible for properly maintaining your car. But with routine maintenance included, oil and filter changes, tire rotations and multi-point inspections are covered.
If you have further question(s), kindly use the comment section below.
It is necessary to note that a Car Hire Purchase service is different from a car rental service. Also before deciding on the company you may want to use, it is important to conduct in-depth research on the mode of payment, interest rates, and all other necessary information.
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