Buy a brand-new car from GAC Motors and pay back at your convenience with our auto-financing options.
With a flexible repayment plan that spans up to five years, you can own any GAC car of your choice!
Benefits
- Low-interest rates, as low as 0%
- Minimum equity contribution of 10%
- Competitive interest rates
- Convenient and flexible repayment plan, up to 60 months
- Loan amount of up to 50 million naira
Eligibilty
- Open to all new and existing payroll customers
Documentation Requirements
- Duly completed loan application form
- Proforma invoice with 30 days validity from the vendor
- Letter of introduction/undertaking for salary account domiciliation
Frequently Asked Questions
How can I enjoy the 0% interest rate?
The 0% interest rate is available to customers who can make a 25% down payment and pay off the balance in 24 months.
Do I need to make any contribution to the loan?
Yes, the minimum equity contribution is only 10% of the total cost of the vehicle.
What is the monthly interest rate?
Under this scheme, the interest rate is as low as 0%.
Must I have a Union Bank account to be eligible?
Yes, you can open a Union Bank account at the instance of this request.
Must I have a salary account before I can apply?
Yes. You can open one at the instance of this request.
Can I access a car loan as a self-employed individual?
This offer is only available for salary earners for now.
If I lose my job after accessing a loan, is there a way to restructure the loan?
Yes, loans can be restructured around the borrower’s current financial capability.
How much am I eligible to apply for?
Your income and the tenor of the loan will determine this.
Do you accept payment in instalments?
Yes. Loans can be repaid via a monthly repayment of principal and interest (where applicable).
What is the duration for the repayment of the car loan?
Up to 60 months. However, interest-free financing is available only for those who can repay within 24 months, with a 25% equity contribution.
How can I open a salary account?
Please visit the nearest Union Bank branch or call 07007007000.