Electric vehicles are now financeable through the same tier-1 banks that write standard auto loans, plus a handful of manufacturer-backed programmes. Here is how to choose between them.
The EasyPay programme (brand-new CIG vehicles)
- 10% or 20% equity, bank finances the balance
- Tenor: 6 to 60 months
- Interest rate: 25% – 28% depending on classification
- Vehicles out of stock treated as pre-orders (up to 120 days)
- Papers processed jointly in the name of bank and customer
What banks actually look at
Three things dominate: verifiable income (six months of statements), debt-to-income ratio below 40%, and a clean credit bureau report. Salary earners with a confirmation letter close the fastest — usually within 5–7 working days.
Documents to prepare before you apply
- Valid government ID (NIN slip, driver's licence or international passport)
- Six months of bank statements from your salary account
- Employment confirmation letter or CAC documents (for business owners)
- Utility bill for address verification
- Two guarantors with corporate email addresses
Salary vs business-owner path
Salary earners get the lowest APR and fastest turnaround. Business owners typically need 12 months of statements and stronger equity (often 25–30%) but can offset payments through their business books.
FAQ
Frequently asked questions
- Can I pay off an EV loan early?
- Yes — most programmes allow full early settlement with a small administrative fee, and interest is only charged for the period actually financed.
- Who holds the car papers?
- Under EasyPay the bank holds the original vehicle papers and spare key. You receive photocopies and the primary key until full payment.