Acquiring a car loan in Ghana could be expensive as the car itself. Report by the Bank of Ghana (BoG) show that the average interest rate for a car loan in Ghana has peaked a whopping 32.4 percent.
In the report which covered 29 banks, Stanchart topped with the cheapest rates ranging from 18.4 percent to 28 percent. Bank of Baroda, 21 percent, SG Bank from between 21.8 percent to 29.8 percent, Energy bank with 28.5 percent , Zenith bank 29 percent and FBN Ghana from 29.1 percent to 31 percent.
The banks with the highest rates were, HFC (29.7 percent and 30.3 percent), Stanbic bank (30 percent), GN Bank number (31.3-38.4 percent) and UT bank (32.2- 35.2 percent).