How to buy a car in Ghana and pay in installment? Step-by-step

How to buy a car in Ghana and pay in installment? Step-by-step

It is often the dream of many people to drive their own cars. Well, it is not exception in Ghana. Everyone looks forward to getting a vehicle, avoiding too much trouble at the same time. Unfortunately, affording a car is so daunting. So, how do you buy a car in Ghana and pay in installment?

Installment payment
Source: Depositphotos

There is no harm in choosing to buy a car in Ghana and pay in installment. However, unless you are conversant with various basics, it will remain a mirage. How about we take you through some of the most vital variables in this pursuit? Different aspects could highlight how you can get installment payment. As long as you adhere to the following steps, you will be in a better position to get your dream car hassle-free.

What is the car installment payment?

Did you know that even without enough cash, you can get a vehicle through installment? You might be asking yourself what the installment meaning is. Well, this is where you will pay credit on a car, albeit, bit by bit.

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This process allows you to purchase a car now and pay later. Depending on your agreement, you could make an initial deposit of a given rate before you get the car.

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Buying a car through a financial institution

More than often, people turn to their financial institutions whenever they need credit. Of course, there is no harm in this choice. Usually, they come with favorable interest rates and terms. However, it would be better if you kept in mind that only a few banks in Ghana will allow you to buy a car and pay later.

Which banks in Ghana offer car loans with the cheapest rates? Well, you will appreciate car loans from Bank of Baroda, Zenith Bank, Cal Bank, Fidelity Bank, National Investment Bank, and Stanbic Bank.

Buy a car in Ghana
Image:, @Kantanka Cars Made in Ghana
Source: Facebook

It will be upon you to identify which bank suits you better. However, always ensure that you pick a credible one. The banks mentioned above will assure you of not only credibility but also more favorable terms.

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Take your time to confirm their rates and conditions before you start the loan application. Upon this, the banks assess your eligibility to affirm how much you qualify. This loan could be secured or unsecured.

In most cases, secured loans will be for those in business. They require you to provide collateral before you get the loan. On the other hand, you will want an unsecured loan if you are employed. Here, the bank will determine how much to deduct from your salary every month. It tends to be more convenient, too.

Do car dealers in Ghana offer installment payment plans?

We have different car dealers that will assure you of installment plans. Often, these dealers make arrangements with various banks. This way, you will get a car on credit. But what is the process?

Installment cars in Ghana
Image:, @Kantanka Cars Made in Ghana
Source: Facebook

You will need to place a specific percentage of the value of your chosen car. In most cases, these dealers will ask for a 20% deposit. Given this initial payment, it means that you will get a credit of 80% of the value of the car. Further, you will agree on the duration of the loan.

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This loan period could range between 12 and 48 months, depending on dealer. The longer the period, the more you are likely to pay. However, it will be relatively more convenient. After agreeing, you will need to fill a vehicle installment sale agreement. It will highlight the details of your arrangement.

While at it, you will witness that some dealers allow you to get a vehicle to use for business. Whether you are looking forward to joining the logistics industry or you are in public service transportation, you will have a favorable deal at your disposal. Here, you will commit to a monthly installment plan, too. The payments tend to be flexible.

Some of the car dealers you might want to consider include:

  • De Georgia Motors
  • Kantanka Automobile
  • Erata Motors
  • Nimdy Motors
  • Auto Plaza
  • Mensch Automobile Ltd
  • Jensarp Enterprise
  • Westend Homes

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What will you need to get a car on installment?

We have various documents that dealers normally look for. The most critical ones include the following:

  • Ghana identity card or passport
  • Proof of revenue, a permanent source of income
  • An initial deposit, often between 10 and 20%
  • Bank statement, usually of about six months
  • Three months payslips, if you are in employment
  • Car valuation report
  • Sale agreement or a copy of the logbook.

We can point out how important it is to buy a car in Ghana. Whereas it is not easy to acquire one without enough cash, you have the option of paying in installments. This choice is not only suitable for you but will also assure you of less financial constraints at the end of the day. For as long as you have the right information at your disposal, achieving this will not be a problem.

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Chris Ndetei avatar

Chris Ndetei (Lifestyle writer) Christopher Ndetei is a junior reporter writer who joined the Yen team in May 2021. He graduated from the Machakos Technical College in 2009 with a diploma in ICT. Chris has over two years of experience in content creation and more than ten working in the hospitality industry. He covers lifestyle/entertainment, focusing on biographies, life hacks, gaming and guides. In 2023, Christopher finished the AFP course on Digital Investigation Techniques. You can reach him at

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