Access Bank Ghana has introduced a Vehicle Finance facility that enables eligible customers to purchase brand-new cars with a 20% down payment. This financing option allows customers to spread repayment over up to 60 months, with fixed interest rates. The bank's promotion highlights that approval, disbursement, and vehicle delivery can be completed within 72 hours, subject to terms and conditions.
The financing option is targeted at salaried workers, business owners, and families who need vehicles but may find it difficult to raise the full purchase price at once. For instance, a customer interested in a vehicle valued at GH¢200,000 would need an initial contribution of GH¢40,000. The bank would then finance the remaining GH¢160,000, subject to its assessment, applicable interest, and other terms and conditions.
According to Access Bank Ghana, customers can repay the financing over up to 60 months, or five years. The exact amount a customer ultimately pays would depend on factors including the approved financing amount, interest rate, repayment period, and applicable charges. This financing option 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.
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. Interested applicants should carefully review the full terms and conditions before committing, confirming the applicable interest rate, insurance requirements, processing fees, eligibility criteria, and total repayment amount.
The Vehicle Finance facility is designed for people looking to purchase brand-new vehicles, whether for personal, family, or business purposes. Access Bank Ghana's promotion highlights a relatively short processing period, with approval, disbursement, and delivery completed within 72 hours, subject to the applicant satisfying the necessary requirements.
This financing option is not the only one available in Ghana's banking sector. 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.
In conclusion, Access Bank Ghana's Vehicle Finance facility offers an alternative financing option for individuals and businesses looking to purchase brand-new vehicles. With a 20% down payment and repayment periods of up to 60 months, this facility provides a more manageable way to acquire a vehicle. However, interested applicants should carefully review the terms and conditions before committing.
Key points
- Customers can acquire brand-new cars with a 20% down payment and pay over 5 years.
- The bank offers fixed interest rates and a relatively short processing period of 72 hours.
- The financing option is targeted at salaried workers, business owners, and families who need vehicles but may find it difficult to raise the full purchase price at once.
