List of car loans in Ghana


List of car loans in Ghana

How can I get a car loan in Ghana? Which companies or banks offer car loans in Ghana? These are some of the questions a lot of people have been asking. Even you, I believe you have been asked these same questions over and over again, and that's why you're here.

Everybody in Ghana wishes to have a car, but due to the high cost in purchasing a vehicle, it is almost absolutely impossible. Many have therefore turned to cheap second-hand cars. If you are in such situation do not worry, you have come to the right place. Here, we are going to list all the banks that offer car loans in Ghana.

What is Car Loan?

 Before we proceed, let's first of all define what car loan is. A car loan is a loan taken from the bank or any other financial institution to purchase a vehicle. In Ghana, there a lot of banks and loan companies that offer car loans. 

Why is car loan important in Ghana?

Wondering what benefits does car loans have? Here are some of the reasons to get a car loan

  1. Car loan makes it easy to buy car
  2. Flexibility to choose the tenure as per your convenience
  3. In the case of car loan in Ghana, interest rate can be negotiated
  4. You don't need any collateral for car loan since the car will act as a security with the bank
  5. Flexibility to choose the payment mode

Can I get a Car loan if am not on salary?

It is important to know that one of the requirements for obtaining a car loan in a bank is proof of employment. Most banks demand you are employed and receiving salary. 

However, there are some financial institutions such as Izwe Savings and Loans, Microfinance and Small Loan Centre which offer car loans to government and non-government employees.

What do I need to get a car loan in Ghana?

There are some requirements to meet before a car loan will be granted to you. Knowing what each bank or loan company require of you before applying is necessary. Some of the necessary requirements for car loans in Ghana are listed below 

  1. Applicant must be government or non-government employee who earns salary (Don't worry if you don't meet this requirement. There are other loan companies that do not require you to be on salary before granting you a loan)
  2. Applicant must fill and submit loan application form
  3. Vehicle you intend to purchase must be brand new
  4. Maximum facility tenor is 4 years
  5. Applicant must submit copies of most recent payslips for the past 6 months
  6. Signed customer's request letter
  7. National Identification Card (Voters, ECOWAS, NHIS or Driver's License)
  8. Applicant's most recent two passport photographs 

Note: Each bank has its own requirements. The above requirements is just guidelines to give you a fair idea of what you might be asked to bring. For instance, some of the loan companies may ask you to submit your business certificate instead of payslip.

Is there a minimum amount for car loans in Ghana?

The answer to the question is no. So far, there is no actual car loan amount in Ghana. However, this may vary from one bank to the other.

Unlike the banks, most of the savings and loans companies have limitations to the maximum amount you can borr. This largely depends on your salary weight.

Banks that offer car loans in Ghana

Below are some of the banks and loan companies to apply for car loans in Ghana.

  • Stanbic Bank Ghana
  • First Bank Ghana
  • Calbank
  • Republic Bank of Ghana
  • Universal Microfinance
  • Microfinance and Small Loan Centre (Masloc)
  • Advance Ghana Savings and Loans
  • Society General
  • Izwe Savings and Loans
  • AIDEZ small project international and so on

Stanbic Bank Car Loan

The vehicle and asset finance is a medium-term loan offer to salaried and non-salaried customers to purchase both movable and immovable assets such as vehicles or power generators.

Minimum loan amount is $10,000. There is no maximum limit.

Features of Stanbic car loans

  1. An advance of up to 60% of your disposable net monthly salary
  2. Minimum overdraft limit of GHS100
  3. Monthly payback of used limit or a clean-up cycle of 30 days
  4. Interest applies only on portion of overdraft used each month

Benefits of Stanbic Bank car loans

  1. You can choose to repay your loan at the period you are comfortable with
  2. Flexible repayment options through the bank's salary account or direct payroll deduction
  3. You can manage repayments on the go using the bank's mobile banking app

Calbank Car Loan

It is one of the fastest banks to obtain car loan in Ghana. The loan is designed purposely for customers to purchase any vehicle of choice. 

Features of Calbank Car Loan

  1. The vehicle the applicant intend purchasing must not be older than five years
  2. The vehicle will be comprehensively insured.
  3. Tenure of payment is sixty months or less
  4. Vehicle shall be registered and insured in the joint names of Calbank and the customer

Requirements for obtaining Calbank car loan in Ghana 

  1. Minimum salary of GHS500.00 per month
  2. Must be between the ages of 18 - 53 years
  3. Applicant must also present evidence of employment
  4. He/She will also be required to present six months bank account statement

Documents to present before your Calbank loan can be processed

  1. Valid National ID (Passport, Driver's License, ECOWAS Card or SSNIT Card)
  2. Your recent passport picture
  3. Initial deposit of GHS500.00
  4. Proof of residential address
  5. Applicant must also have minimum balance of GHS500.00 to earn interest

Izwe Savings and Loans

Izwe is a savings and loans company that gives all sorts of loans to government employees. With Izwe Savings and Loans, you can be able to get loan to purchase your vehicle.

Society General Car Loans

The bank offer long-term vehicle loans to clients to purchase any type of vehicle in Ghana.

Requirements for getting a car loan with the Bank

  1. Applicant must open an account with the bank
  2. Must receive at least a month's salary with the account
  3. Applicant must also submit proof of employment
  4. Client must provide 3 consecutive payslips

First Bank loans

First Bank has all types of loans including car loans. It is also one of the fastest banks to get car loans in Ghana.


The banks and loan companies in this article are so far some of the best financial institutions that give loans to purchase auto in Ghana. There are other banks and savings and loans companies that give auto loans in Ghana which I have not covered. 

I suggest you visit all the banks to know more about their loan requirements, interest rates and tenure of payment. Make sure you get the car loan that is suitable for you.

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