AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
In asset finance the bank pays the seller for a car or piece of equipment, you pay an equity contribution, and the asset itself secures the loan until you finish repaying. Access Bank and Stanbic IBTC both state an equity contribution of about 10% of the asset value on their pages (as at Oct 2026), and both require insurance and a pro forma invoice from an approved dealer.
Asset finance is how most Nigerians who borrow for a car, generator, solar system or business equipment actually do it. Instead of giving you cash to spend, the bank buys the item for you, usually from a dealer it has approved, and keeps a legal interest in it until the loan is repaid. This makes the loan safer for the bank, which is why asset finance is often easier to get than an unsecured loan of the same size.
How asset finance works
- You choose the asset and get a pro forma invoice from a dealer, ideally one on the bank's approved list.
- You pay your equity contribution, a share of the price, usually to the dealer or into a designated account.
- The bank approves the loan, pays the dealer the balance and arranges insurance and registration.
- Ownership or an interest in the asset is recorded in the bank's favour until the loan is repaid; Access Bank lists a Transfer of Ownership form among its vehicle finance documents.
- You repay monthly. At the end, the bank releases its interest and the asset is fully yours.
What two banks publish (as at Oct 2026)
| Feature | Access Bank Vehicle Finance | Stanbic IBTC Vehicle and Asset Finance |
|---|---|---|
| Equity contribution | As low as 10% of invoice value | 10% of the asset value |
| Maximum tenure | Up to 60 months | Cars up to 5 years; generators 36 months; inverters and solar 24 months; appliances 24 months; phones and laptops 12 months |
| Amount | Up to ₦200 million pre-owned, ₦400 million brand-new | Not stated on the page |
| Who can apply | Salary earners and business owners | Salaried customers with a Stanbic IBTC account |
| Restrictions | Bank-approved dealers | Used vehicles over 20 years old or over 120,000 km not financed; non-vehicle assets must be brand-new |
| Early repayment | Pre-liquidation allowed without penalty | Not stated on the page |
Neither page prints an interest rate; both describe rates as competitive. The rate is set at approval and appears in the offer letter.
Documents you will be asked for
- Completed application form and a pro forma invoice addressed to the bank and you.
- Valid ID and, for salary earners, staff ID and proof of income or evidence of salary.
- Credit checks and, at Access Bank, a transfer of ownership form and employer's confirmation form.
- For businesses, Access Bank lists two years of audited financials or management accounts for transactions above ₦100 million, one year of statements from other banks, CAC documents, a board or simple resolution, and a personal guarantee with a notarised statement of net worth from a director.
Insurance: the cost people forget
Because the asset is the bank's security, banks require it to be insured for its value, usually comprehensively for vehicles, with the bank noted as the interested party. The premium is normally paid yearly and is not part of the interest rate. Access Bank says financing is available for annual vehicle maintenance and registration cost, which tells you these are real recurring costs to budget for. Ask for the insurance quote before you accept the offer, and ask whether the premium is financed or paid by you.
Worked example (illustrative figures)
Say you buy a car priced at ₦10,000,000. The interest rate below is an example only, not any bank's rate.
- Equity contribution at 10%
- ₦1,000,000 paid by you
- Amount financed
- ₦9,000,000
- Example rate
- 28% a year on a reducing balance
- Tenure
- 48 months
- Monthly repayment
- about ₦313,669
- Total repaid
- about ₦15,056,127, of which about ₦6,056,127 is interest
Add the yearly insurance premium and any management fee in the offer letter to get your true cost. A larger equity contribution reduces both the monthly payment and the total interest; so does a shorter tenure.
If you cannot keep up repayments
Because the bank holds an interest in the asset, missed payments carry a sharper consequence than with an unsecured loan. The offer letter will set out what counts as default and what the bank may do, which can include taking the asset back and selling it to clear the debt. If the sale raises less than you owe, you may still owe the shortfall. If your income drops, speak to the bank early; restructuring the tenure is usually possible before default and much harder after.
Loan or lease?
Some banks also offer leases, where the bank owns the asset and you pay rentals, sometimes with an option to buy at the end. Access Bank, for instance, lists a Consumer Asset Lease alongside its Auto Loan. A lease can suit a business that replaces equipment regularly; a loan suits someone who wants to own the asset outright. Ask the bank to show both side by side, including who pays for insurance and maintenance under each.
What to check first
- Is the dealer on the bank's approved list? If not, ask whether the bank will accept it.
- For a used car, check the bank's age and mileage limits before paying any deposit.
- Get the interest rate, fees, insurance cost and early repayment terms in writing.
- Check that the monthly repayment fits alongside your other loans; banks test this.
- Keep the asset insured and serviced; the bank can act on its security if you default.
For machinery and tools for a business, see equipment loans in Nigeria, and for how security works more widely, what collateral Nigerian banks accept.
Where Pryme fits
Pryme does not offer vehicle or equipment finance. Business owners can hold NGN, USD, GBP and EUR in one Pryme Business Account, which helps when an equity contribution or an imported part is priced in another currency; Swap shows the rate and fee before you approve a conversion.
Questions people ask
How much deposit do I need for a car loan in Nigeria?
Access Bank says as low as 10% of the invoice value and Stanbic IBTC says 10% of the asset value (both as at Oct 2026). Some deals require more; the offer letter states the figure.
Can I get a bank loan for a used car in Nigeria?
Yes, at some banks. Access Bank finances pre-owned vehicles; Stanbic IBTC does not finance used vehicles over 20 years old or with more than 120,000 km (Oct 2026).
Who owns the car during a bank car loan?
The bank holds a legal interest in the car until the loan is repaid. After the final payment it releases that interest and the car is fully yours.
Is insurance compulsory for asset finance?
Banks require the asset to be insured because it secures the loan. The premium is a separate cost from interest, so ask for the quote before you accept.
Sources
- Access Bank: Vehicle Finance · accessed Oct 2026
- Stanbic IBTC Bank: Vehicle and Asset Finance · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.