Welcome to Carlots.ng Vehicle financing

1. What is Carlots.ng Car Financing?

Carlots.ng offers flexible and affordable car financing options that allow you to purchase a used car and pay in monthly installments. Whether you're a salary earner or a registered business owner, our platform provides a simple way to finance your dream car in Nigeria. We partner with trusted financial institutions to offer low-interest rates and flexible repayment terms to suit your budget.

2. How Do I Apply for Car Financing on Carlots.ng?

Applying for car financing is easy! Just follow these steps:

1. Browse our Inventory: Explore our wide selection of tokunbo and fairly used cars.
2. Choose Your Car: Find the car that fits your needs and budget.
3. Contact Us: Reach out to us via phone, email, or our website to express interest.
4. Complete the Loan Application: Fill out a simple online form with details about the car you want, your preferred payment terms, and your personal information.
5. Submit Documents: Provide the necessary documents, such as ID, proof of income, and bank statements.
6. Loan Review & Approval: Our team will assess your application and let you know if you're eligible.
7. Sign Agreement & Final Payment: Once approved, review the loan agreement, make your first payment, and prepare to collect your car!

3. Who is Eligible for Car Financing?

Eligibility for car financing on Carlots.ng is open to Nigerian salary earners, business owners, and expatriates with steady income. To qualify, you must meet the following criteria:

• Be a salary earner or have a registered business with a steady income.
• Provide a valid government-issued ID.
• Have a minimum of 12 months of bank statements and a good credit history.
• Provide proof of employment or a business registration certificate.
• Have a reliable means of income to meet your monthly repayment obligations.

4. What Types of Cars Can I Finance on Carlots.ng?

We offer financing options for a wide range of cars, including:

• Tokunbo Cars (Foreign Used Cars): High-quality, direct import vehicles from reputable markets.
• Fairly Used Nigerian Cars: Well-maintained, inspected cars that offer value for money.
• SUVs and Trucks: From family SUVs to business vehicles, we have a variety of options available.

Browse our online catalog to see the full range of cars available for financing.

5. How Much Can I Borrow for My Car Loan?

Carlots.ng offers car loans ranging from ₦500,000 to ₦5,000,000, depending on the value of the car and your repayment capacity. We assess your financial situation to ensure that the loan amount is manageable and suits your budget.

6. What is the Interest Rate on My Car Loan?

The interest rate on car loans from Carlots.ng ranges from 5% to 20%, depending on the type of car and the financing terms. We strive to offer competitive rates that are lower than traditional loan providers, ensuring affordability and value for money.

7. How Long Can I Finance a Car?

You can choose a financing term that best fits your budget. Our repayment periods range from 3 to 18 months, allowing you to select an installment plan that works for you. We recommend a minimum of 75% equity contribution before inspecting the vehicle.

8. What Documents Do I Need to Apply for Car Financing?

To apply for car financing, you'll need to provide the following documents:

• A completed car financing application form (available on our website).
• A government-issued ID (e.g., National ID, International Passport, or Driver’s License).
• Proof of income (employment letter or business certificate).
• Proof of address (utility bill or bank statement).
• Bank statements for the last 12 months.
• Payment history for any existing loans (if applicable).

9. What Are the Benefits of Financing a Car with Carlots.ng?

By financing your car with Carlots.ng, you enjoy the following benefits:

• Affordable Payment Plans: Tailored monthly payments that fit your budget.
• Quick Loan Processing: Fast application approval and loan processing.
• Free Insurance for One Year: Comprehensive insurance coverage for the first year.
• One-Month Vehicle Service Warranty: A warranty covering your car’s performance.
• Free Car Theft Check: A thorough vehicle theft inspection before you drive off.
• Discounted Auto Registration & Tracking Solutions: Affordable vehicle registration and tracking services.

10. Can I Pay Off My Car Loan Early?

Yes! Carlots.ng allows early repayment of your loan without penalties. Paying off your loan early can help you reduce the overall interest and clear your debt faster. Early payments are a great option if you want to save on interest rates and become car debt-free sooner.

11. What Payment Methods Do You Accept?

We accept payments in Naira (NGN) and USD (USD) through our partnered financial institutions, including FCMB, Stambic IBTC, First Bank, Wema Bank, Access Bank, and GTB. Payments can be made via bank transfers or cash deposits. Your car will serve as collateral in case of default.

12. Are Your Car Loans Supported by Banks?

Yes! Carlots.ng collaborates with top Nigerian banks and financial institutions to offer affordable and flexible car loans. Our bank partners include FCMB, Stambic IBTC, First Bank, Wema Bank, Access Bank, and GTB. This partnership ensures that our customers get the best interest rates, quick approvals, and secure financing options.

13. Can I Use My Existing Car as a Trade-In?

Yes! If you already own a car, you can trade it in as part of the payment for your new car. This is an excellent way to reduce the overall loan amount and make the purchase more affordable. Our team will evaluate your current vehicle’s value, and we’ll apply the trade-in value towards your new car loan.

14. What Happens if I Default on My Car Loan Payments?

In the unfortunate event that you are unable to meet your loan repayment obligations, your car will serve as collateral. We will work with you to find a solution, but failure to meet your payments may lead to the repossession of the vehicle. We encourage you to contact us early if you encounter financial difficulties to explore possible arrangements.