Purchasing a car in Ghana can be a daunting task, especially if you don’t have the cash upfront. However, thanks to the option of car installment payments, you can now get your dream car without having to break the bank. In this guide, we will take you through the steps of buying a car in Ghana and paying in installments. The following are the simple to read steps to buy or purchase a Car in Ghana.
Buying an Automobile or Car in Ghana in 4 Steps
- Step1: Understand the basics of car instalment payment. First and foremost, it’s important to understand what car instalment payment is. It’s a process where you pay credit on a car, bit by bit. This allows you to purchase a car now and pay later. Depending on your agreement, you could make an initial deposit of a given rate before you get the car.
- Step 2: Look into financing options through financial institutions. Many people turn to their financial institutions whenever they need credit. Of course, there is no harm in this choice. However, only a few banks in Ghana will allow you to buy a car and pay later. These include Bank of Baroda, Zenith Bank, Cal Bank, Fidelity Bank, National Investment Bank, and Stanbic Bank. It’s important to research and compare rates and conditions before applying for a loan.
- Step 3: Consider instalment payment plans with car dealers. There are also car dealers in Ghana that offer instalment payment plans. These dealers make arrangements with various banks to allow you to get a car on credit. The process typically involves placing a specific percentage of the value of the chosen car as an initial deposit. This deposit is usually 20% of the value of the car. The loan period can range between 12 and 48 months, depending on the dealer. After agreeing on the terms and filling out a vehicle instalment sale agreement, you’ll be able to drive your new car home.
- Step 4: Make payments and manage your account. Once you have agreed on the terms of the instalment payment plan, you’ll need to make regular payments to the bank or car dealer. It’s important to keep track of your payments and manage your account responsibly to ensure that you don’t fall behind on payments.
Summary on buying a vehicle, automobile or car in Ghana
Once again, it’s important to understand what car installment payments are. Essentially, it’s a form of credit where you pay for a car bit by bit. You will typically make an initial deposit of a certain percentage before taking possession of the car. This allows you to purchase a car now and pay later.
One of the most popular options for buying a car in Ghana and paying in installments is through a financial institution. Many people turn to their bank or other financial institution when they need credit. However, it’s important to keep in mind that not all banks in Ghana offer car loans with installment options. Some of the banks that do offer car loans with favorable interest rates and terms include Bank of Baroda, Zenith Bank, Cal Bank, Fidelity Bank, National Investment Bank, and Stanbic Bank.
Before applying for a loan, it’s important to do your research and compare the rates and conditions of different banks. This will help you determine which bank is the best fit for you. It’s also important to note that car loans can be secured or unsecured. Secured loans typically require you to provide collateral, while unsecured loans are based on your income and creditworthiness.
Another option for buying a car in Ghana and paying in installments is through a car dealer. Many car dealers in Ghana make arrangements with various banks to offer installment plans to customers. The process typically involves placing a deposit of around 20% of the value of the car, and then agreeing on a loan period (usually between 12 and 48 months) and filling out a vehicle installment sale agreement. Some dealers even allow you to get a vehicle to use for business, such as in the logistics industry or public transportation.
When considering a car dealer, it’s important to choose a reputable and trustworthy dealer. Some dealers you might want to consider include De Georgia Motors, Kantanka Automobile, Erata Motors, Nimdy Motors, Auto Plaza, and Mensch Automobile.