There are many avenues to buy a car and pay in installments in Ghana. You only need the right information to make your dreams come through. Hence, we have taken our time to gather some ways to buy a car and pay in installments in Ghana.
About Buying a Car and Paying in Installments in Ghana
It is possible to buy a car and pay monthly in Ghana provided that you meet the requirements stated by the owner. Most car dealers and auto loan providers allow payment in installments from 12 to 72 months depending on the amount.
Although there may be an added interest rate, it allows even an average Ghanaian to be able to afford cars without going broke. Below is the list of methods you can use to buy cars and pay in installments in Ghana.
- Through Auto loan providers and banks
- Through car dealers
- Work and Pay alternative
How to Buy a Car and Pay in Installments in Ghana Through Auto Loan Providers and Banks
Apart from getting personal loans some banks in Ghana also gives car loans to qualified individuals. Hence you can approach banks and other credible institutions for car loans. With their existing partnership and structure, you will be able to buy the car and pay in installments in Ghana without any difficulty.
Below is a list of some banks that allows customers to buy a car and pay in installments in Ghana.
- Zenith Bank
- Republic Bank of Ghana
- Stanbic Bank
- Societe General
- Bank of Baroda
- Izure Ghana and so on
Requirements to Buy a Car and Pay in Installments in Ghana
Different banks in Ghana offer different requirements to get auto loans. Visit any of these listed banks to know their requirements and your eligibility will be determined. Below are some general requirements that must be met even though it varies from bank to bank.
Applicants must be able to provide the following;
- A valid means of national identification
- Passport Photographs
- Proof of revenue and permanent source of income
- An initial deposit of 20 to 50% depends on the bank among many other requirements.
How to Buy a Car and Pay in Installments in Ghana Through Car Dealers
There are many successful car dealers in Ghana that allow customers to buy a car and pay monthly in Ghana. Some car dealers give affordable interest rates with an initial deposit of 50% depending on the type of car.
Below is a list of some of the car dealers in Ghana that can allow you to buy a car and pay in installments in Ghana.
- DC Motors
- Nimdy Motors
- Kantanka Automobile
- Exlic Transport Limited
- Erata motors
- Auto Plaza
- De Georgia Motors
- Mensch Automobile Limited
- Jensarp Enterprise
How to Buy a Car and Pay in Installments through Pay and Work Alternative
Pay and Work Alternative is another method to buy cars and pay later in Ghana. Through this model, you can buy a car to start a taxi business and pay from the proceeds of the business.
This payment structure varies from one transport company to another. Hence, we advise you to go through the terms and conditions well before signing an agreement. An example of companies that allows pay and work alternatives is Exlic Transport Limited.
The company allows drivers to work with cars while paying the proceeds of their sales. You can visit their website at exilictransport.com to learn more about it.
With the above information, you should be able to buy a car and pay in installments in Ghana without any difficulties. While the idea of buying a car and paying later in Ghana is laudable, we advise you to do enough research and seek the opinions of others before signing the agreement.
Have you ever bought a car and paid in installments in Ghana before? How did you go about it? Share your experience with us for others to learn. Don’t forget to like and share with family and friends.
Frequently Asked Questions
Can you make a monthly payment to buy a car?
Yes, it is possible to buy a car and pay in installments in Ghana provided you have the correct information.
How much do you pay for a car monthly?
It is hard to say the exact amount you will pay for a car monthly. It all depends on your choice of car, the car dealer, and other factors.
How do I get a Car for work and Pay in Ghana?
Exlic Transport is one of the many car dealers in Ghana that allows drivers to work with their preferred cars while paying for the work. You can visit Exlic Transport’s website at exilictransport.com to learn more about their services.