First Bank offers operational vehicle finance in partnership with Elizade JAC AutoLand Ltd. This partnership allows customers to access financing options specifically designed for the acquisition of operational vehicles from Elizade JAC AutoLand Ltd. This product offers part-financing to purchase new vehicles for the day-to-day running of business.
Elizade JAC AutoLand Ltd is a reputable automobile dealership that specializes in the sale of JAC vehicles. Through the partnership with First Bank, customers can benefit from competitive financing solutions tailored to meet their operational vehicle needs.
Loan Description:
The product is designed to part finance the acquisition of brand-new vehicles for SMEs for the day to day running of their business activities.
Tenor:
Tier 1 – 36 months
Tier 2 – 24 months
Target Market:
- SMEs/Traders with verifiable cash flow in all sectors of the economy
- Professional firms such as accounting firms, hospitals, law firms, etc.
Features
- Competitive pricing
- Flexible tenor
- Flexible collateral structure
- Vehicle must be purchased from a FirstBank approved vendor
- Insurance policy on the vehicle
Benefits
- Repayment does not eat deep into company’s cash flow
- Seamless distribution of goods from one location to the other
- Supports business growth and expansion by giving beneficiaries the opportunity of purchasing the vehicle with ease
Requirements
- Business should be duly registered with Corporate Affairs Commission
- Customer must have been in business for at least 24months
- Customer should have maintained an active account with either FirstBank for minimum of 6 months or 12 months with other banks. Account(s) must have been operated satisfactorily without a history of returned cheques or previous default on facility or facilities granted.
How to apply
- Application letter on customer’s letter head
- Duly completed Retail Loan Application Form. Click here for form
- Visit any FirstBank branch to submit letter and form to Branch/Business Manager to get started
With operational vehicle finance, customers can enjoy the following advantages
- Flexible Financing Options: First Bank provides flexible financing options that cater to the unique requirements of customers. These options may include loans, leases, and hire purchase arrangements.
- Competitive Interest Rates: The partnership ensures competitive interest rates, making the financing solution more affordable for customers.
- Convenient Repayment Terms: First Bank offers convenient repayment terms, allowing customers to repay the loan or lease in installments over a specified period.
- Streamlined Application Process: The application process for operational vehicle finance is designed to be straightforward and hassle-free. Customers can approach First Bank or Elizade JAC AutoLand Ltd to initiate the financing process.
- Expert Advice: First Bank’s financial experts can provide guidance and advice on selecting the most suitable financing option based on individual needs and financial capabilities.
To take advantage of operational vehicle finance in partnership with Elizade JAC AutoLand Ltd, interested customers can visit their nearest First Bank branch or Elizade JAC AutoLand Ltd showroom. The bank’s representatives will guide them through the application process, documentation requirements, and assist in selecting the right financing option.
It’s important to note that specific terms and conditions, eligibility criteria, and documentation requirements may apply for operational vehicle finance. For the most accurate and up-to-date information, it is recommended to contact First Bank directly or visit their official website.
