How Ghanaians Can Acquire a Brand-New Car With 20% Down Payment and Pay Over 5 Years

• Access Bank Ghana is offering vehicle financing that allows eligible customers to acquire brand-new cars with a 20% down payment
• Customers can spread repayment over up to 60 months, with the bank advertising fixed interest rates
• The bank says approval, disbursement and vehicle delivery can be completed within 72 hours, subject to terms and conditions

Ghanaians looking to purchase brand-new vehicles without paying the entire cost upfront have another financing option to consider.

Access Bank Ghana is promoting its Vehicle Finance facility, which allows eligible customers to acquire vehicles by making an initial contribution and spreading the remaining payments over several years.

The arrangement could particularly appeal to salaried workers, business owners and families who need vehicles but may find it difficult to raise the full purchase price at once.

Buyers can start with 20% down payment

According to information shared by Access Bank Ghana, customers can begin the vehicle acquisition process with a 20% down payment.

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This means that someone interested in a vehicle valued at GH¢200,000, for example, would need an initial contribution of GH¢40,000.

The bank could then finance the remaining GH¢160,000, subject to its assessment, applicable interest, and other terms and conditions.

For a GH¢300,000 vehicle, the 20% initial payment would amount to GH¢60,000, while a GH¢400,000 vehicle would require GH¢80,000 upfront.

The bank says customers can repay the financing over up to 60 months, or five years. It also shares a fixed interest rate, which can make repayment amounts more predictable.

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The exact amount a customer ultimately pays would, however, depend on factors including the approved financing amount, interest rate, repayment period and applicable charges.

Access Bank promotes three-day process

Access Bank Ghana has also shared a relatively short processing period for its vehicle financing facility.

In a recent promotion, the bank stated that approval, disbursement and delivery could be completed within 72 hours, subject to the applicant satisfying the necessary requirements.

Prospective customers are instructed to obtain a pro forma invoice for their preferred vehicle and visit an Access Bank branch or begin the application process through the bank's provided channel.

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The financing is targeted at people looking to purchase brand-new vehicles, whether for personal, family or business purposes.

However, interested applicants should carefully review the full terms and conditions before committing.

They should confirm the applicable interest rate, insurance requirements, processing fees, eligibility criteria and total repayment amount.

The facility provides an alternative for people who want a new vehicle but would rather spread the cost over several years instead of paying the entire purchase price at once.

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

Source: YEN.com.gh