GTBank car Loan-Are you in need of a quick loan to expand or launch your cab or uber business but are unsure how to go about it? Everything you need to know about applying for a car loan from GTBank and the requirements is covered in this post.
The GTB car loan is a GTB loan that allows companies and employees with GTBank accounts to pay car premiums and repay them within 12 months.
What is a Car loan?
A loan is a sum of money that both parties borrow from one or more places for an agreed period to be repaid at the agreed time. By definition of a loan, a car loan is a loan arranged to obtain a car.
It is best to get a car loan from a financial institution, such as a car finance company, in the short or long term. Most financial institutions, such as car finance companies, provide loans for up to 5 years.
When renting a car at a financial institution, it is also about interest. Interest is a sum of money that is regularly paid at an agreed rate for the amount of money borrowed.
So if you borrow some money, you will pay more money over time. Interest rates are usually lower when the amount of money borrowed is high and the debt is long-term.
See also–How to get a loan from Central Bank of Nigeria (CBN
What GTBank Car Loan offers
- Immediate availability of funds to pay for your insurance premium
- An opportunity to pay for your car insurance premium monthly
- An insurance cover that does not require your presence in the insurance office
- As an individual, you gain access to between 20,000 and 1 million N, while business organizations gain between 20,000 and 5 million N
- The maturity of the loan is a maximum of 1 year
- The interest rate on the loan is 1.67% per month
- There is a contribution of 20% of your total premium costs
- A one-time flat fee of 1% is payable
How to Apply for the GTBank Car Loan
You can apply for a car loan from GTBank using an internet banking platform such as GAPS / GAPS Lite.
- Your loan will be used immediately
- Your vehicle insurance provider will process your insurance within 48 hours
- A copy of the insurance certificate will be sent to your e-mail address
- You pay the debt monthly
How to Get a Car Loan
- Check your credit report.
- Apply for auto loans from multiple lenders.
- Get preapproved for an auto loan.
- Use your loan offer to set your budget.
- Find your car.
- Review the dealer’s loan offer.
- Choose and finalize your loan.
- Make payments on time.
Can I get 2 car loans?
The answer is yes! You can have two car loans at one time, but have in mind that it may be more difficult to qualify for a second loan. Lenders will only approve you if your income and debt can handle the added monthly expense.
