Car Loan and Work-and-Pay Companies in Ghana and Their Payment Plans
- Several companies allow drivers to acquire vehicles through daily, weekly or monthly payments
- Deposits and instalments differ depending on the car’s price, repayment period and applicant’s income
- Drivers must carefully compare the total repayment amount before accepting any work-and-pay agreement
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Owning a vehicle in Ghana has become more achievable Wand work-and-pay arrangements are offered by banks, dealerships and fleet-management companies.
Source: UGC
Under a work-and-pay scheme, a driver receives a vehicle for commercial activities such as Uber, Bolt or Yango and makes agreed payments from the income generated. Traditional car loans, however, are usually offered to salaried workers and business owners who can prove their ability to repay monthly.
Although many companies advertise flexible plans, most do not publish one fixed instalment for every applicant. The amount depends on the vehicle, deposit, payment duration, insurance and financing charges.
Ghana work-and-pay companies
Work & Pay Ghana provides vehicles to approved drivers who want to work and gradually become owners. Drivers use the vehicles to generate daily income and make daily payments towards ownership.
The company advertises brand-new vehicles, flexible daily payments, insurance, maintenance and roadside assistance. However, it does not publicly display a fixed daily or monthly amount, meaning applicants must request a quotation based on the available vehicle.
Primelane Ghana operates a structured hire-purchase programme. Successful applicants are assigned vehicles and make fixed weekly payments while working. The car is transferred to the driver after the full payment plan has been completed.
Primelane also does not publish a general weekly figure because the amount depends on the vehicle and agreement offered to the driver.
FYM Prime offers a work, pay and own programme for ride-hailing and delivery drivers. Its fleet includes vehicles such as the Nissan Versa and Toyota Yaris Sedan. Payments may be made weekly or monthly, but the exact amount is determined by the car assigned and the applicant’s payment plan.
Alfiejay Enterprise also advertises a car work-and-pay programme. Approved applicants receive vehicles, start working and make weekly or monthly payments until ownership is transferred. Its published information does not provide a standard deposit or monthly instalment.
Banks offering monthly car loans
Stanbic Bank Ghana finances up to 90% of the price of a new vehicle and up to 70% for a used vehicle. Repayment normally runs between 12 and 60 months, although selected assets may qualify for up to 72 months.
Payments are deducted monthly through a Stanbic salary account or the borrower’s employer.
CFAO Auto Finance allows customers to purchase selected new vehicles with a 25% deposit. The remaining amount can be paid through monthly instalments over 12 to 60 months.
The actual monthly deduction depends on the vehicle’s price and the financing terms approved for the customer.
Bank of Africa Ghana offers vehicle financing with repayment periods of up to 60 months. No additional collateral is normally required because the financed vehicle serves as security and is comprehensively insured.
CalBank finances up to 80% of a new vehicle and 70% of a qualifying used vehicle. This means the customer may have to provide at least 20% for a new car or 30% for a used one, alongside a 3% processing fee.
Before choosing any company, applicants should request a written breakdown showing the deposit, weekly or monthly payment, total repayment, insurance, maintenance responsibilities and penalties. A low instalment may appear attractive but become expensive when calculated over several years.
Company/Bank | Type | Typical Deposit | Repayment Period | What clients should expect to pay |
Work & Pay Ghana | Work-and-pay | Varies by vehicle | Daily/weekly until ownership | Daily or weekly instalments quoted after approval; amount depends on the vehicle and contract. |
Primelane Ghana | Work-and-pay | Varies | Weekly | Fixed weekly payments based on the vehicle assigned and financing plan. |
FYM Prime | Work-and-pay | Varies | Weekly or monthly | Weekly or monthly instalments determined by the vehicle and agreement. |
Alfiejay Enterprise | Work-and-pay | Varies | Weekly or monthly | Payment amount depends on the vehicle selected and repayment period. |
CFAO Auto Finance | Car loan | 25% deposit | 12–60 months | Monthly repayments based on the remaining balance, interest rate and loan term. |
Bank of Africa Ghana | Car loan | 25% deposit | Up to 60 months | Monthly loan repayments calculated according to the vehicle price and approved loan amount. |
Stanbic Bank Ghana | Car loan | Up to 10% for new vehicles (bank may finance up to 90%) | 12–60 months (up to 72 months for some vehicles) | Monthly deductions from salary or account based on the approved loan. |
CalBank | Car loan | 20% for new vehicles, 30% for used vehicles | Up to 60 months | Monthly repayments plus applicable processing fees and interest. |
Leasafric Ghana | Finance lease | Negotiable | Varies | Fixed monthly lease payments agreed with the customer based on the vehicle value. |
Banks that give out house loans
Earlier, YEN.com.gh reported that several banks in Ghana provide mortgages to help qualified customers purchase, build, complete or renovate houses.
Applicants generally need a stable income, good property documents and the ability to make monthly repayments.
Comparing interest rates, deposits, fees and repayment periods is important before choosing a home loan.
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Source: YEN.com.gh
