If you have been searching for how to actually own an electric car in Nigeria without paying the full price upfront, here is the short answer: you need 10% down and a bank willing to finance the rest.
That is what The Everlasting EV's EasyPay programme does. You put down 10%, a partner bank — Stanbic IBTC, Access Bank or UBA — covers the balance, and you repay over a term of up to 60 months. You choose from CIG, GAC Aion Y and Wuling electric vehicles, and you can check your exact numbers before committing to anything.
Here is how the whole process works, and what it costs.
How EasyPay financing works
1. Check your EV Readiness Score
A free three-minute assessment that estimates your recommended deposit, matches you to a vehicle and shows which bank partner is most likely to approve you — before you apply for anything. Nothing is submitted to a bank at this stage.
2. Choose your deposit
10% or 20%, whichever fits your cash flow. A larger deposit lowers your monthly repayment and usually improves your approval odds.
3. Choose your tenor
Anywhere from 6 to 60 months. Shorter terms mean higher monthly payments and less interest paid overall; longer terms spread the cost thinner and keep the monthly figure low.
4. Get matched with a bank
Stanbic IBTC, Access Bank and UBA all partner on this programme, and each has its own approval criteria. Your Readiness Score tells you which is the closest match for your income profile — one application, reviewed by the partner most likely to say yes.
5. Take delivery
Once approved, your vehicle is arranged and delivered — CIG, GAC Aion Y or Wuling, depending on what you are matched to and choose. Charging, insurance and servicing are set up before delivery day, not after.
What it actually costs
Interest on the financed balance runs roughly 25–28%, priced to your risk classification — the same way any car loan in Nigeria is priced, not a special EV markup. The deposit range is 10–20% of the vehicle price, and repayment terms run 6 to 60 months.
- Deposit: 10%–20% of the vehicle price
- Tenor: 6 to 60 months
- Interest: approximately 25%–28%, priced to your classification
- Partner banks: Stanbic IBTC, Access Bank, UBA
The honest way to think about this: you are not comparing free money to a loan. You are comparing a bank-financed EV payment to what you are already paying in fuel, maintenance and — eventually — the full price of a petrol car anyway. Run your own numbers with the free EV Readiness Score before deciding. It takes three minutes and gives you a real figure instead of a guess.
Which vehicles are available
The Everlasting EV finances vehicles from three brands:
- CIG electric vehicles — compact urban models and commercial platforms
- GAC Aion Y — a compact electric family SUV
- Wuling electric models — including the Bingo EV
Availability and pricing depend on your Readiness Score match — check the current lineup on the vehicles page.
Frequently asked questions
- How much deposit do I need to buy an electric car in Nigeria?
- With EasyPay you need 10% to 20% of the vehicle price as a deposit. The exact figure depends on your income and which bank partner you are matched to.
- Which banks finance electric cars in Nigeria?
- Stanbic IBTC, Access Bank and UBA are The Everlasting EV's current financing partners for EasyPay.
- How long can I spread the payments?
- Up to 60 months. Shorter tenors reduce total interest paid; longer tenors reduce the monthly amount.
- How do I charge an electric car in Nigeria?
- Most owners charge at home overnight, the same way you would charge a phone. Public charging access is expanding, and roadside charging support is also in development for drivers who run low mid-journey.
- Is an electric car in Nigeria only for wealthy buyers?
- No. EasyPay was built around a 10% deposit specifically to make ownership accessible without saving the full price first — current owners include ride-share drivers, civil servants and small business owners.
- How do I check if I qualify?
- Use the free EV Readiness Score. It takes about three minutes, costs nothing, and shows your estimated deposit, matched vehicle and matched bank before you apply for anything.
Check your EV Readiness Score free at everlastingev.autos — it costs nothing and takes three minutes.