How to easily buy a car in Ghana and pay in instalments

A car is becoming a necessity in this day and age but money has become a scarce resource that sometimes we do not even have enough money to buy a cheap car in Ghana. Sometimes we cannot even afford to even buy a used car in Ghana. Well, there are ways in which you can buy a car and pay later through arrangements between the buyer and the seller. Read on the article to know the latest news on the topic.

Ways to buy a car in Ghana

There are different ways used when you want to buy a car in Ghana without having the full amount of money wanted for the car with you.

1. Buy a car on loan from a bank

When you are looking for a car to buy in Ghana and you do not have money, you can approach different organizations that advance loans to people who want to purchase cars. There are three known banks in Ghana that give car loans with the cheapest interest. They are;

• Bank of Baroda
• Stanbic Bank
• Zenith Bank

How do you apply for a car loan in Ghana?

If you want to buy a car on credit in Ghana by way of a loan, this is what you should know about the process;

• You first have to approach a credible banking institution. It is preferable you use the three banks above mentioned for they have been ranked as the ones that offer the cheapest car loans and they are credible financial institutions.
• You will be required to apply for the loan.
• Once you have applied for the loan, the banks will assess your eligibility and they will decide on whether or not you qualify for the loan you are asking for.
• If you qualify, the bank will offer you the loan in exchange for a security to ensure you repay the loan.

2. Buy from a car dealer that offers an instalment payment option

Some of the car dealers will allow you to buy a car now and pay later in Ghana. This is what you are required to do,

• You will be required to have a minimum percentage of the total price of the car. For example, a dealer may say that you should first pay 50% of the total price of the car. So if the car you want to buy costs 1 million cedi’s, you will be required to have with you five hundred thousand cedis at the time of purchase.
• You will have to agree on the time limit for the payment of the remaining money. Some dealers give the buyer an option of negotiating the time they are comfortable with while some have a fixed time of repayment. Look for the dealer whose terms you are comfortable with.

3. Buy a used car

Are you looking for a used car in Ghana for sale? There are some dealers who offer financial services to people who are keen on buying a used car in Accra for the people who cannot afford to buy new cars.

So, it does not matter which type of car you want to buy in Ghana, whether new or old, you are assured to get someone who will advance you a loan and your dream of having a car will come true!