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
Yes. Several Nigerian banks finance tokunbo (foreign-used) and other pre-owned cars, but with tighter rules than for new ones. As at October 2026, Stanbic IBTC says it will not finance used vehicles over 20 years old or over 120,000 km; Sterling Bank asks 30% equity on used vehicles against 20% on new; and Access Bank lists pre-owned vehicle finance with equity from 10%. Expect a valuation, comprehensive insurance and proof of income.
Tokunbo cars make up much of what Nigerians buy, because new cars are out of reach for many. Lenders do finance them, but they worry about value, condition and how fast the car will lose worth. This guide sets out what bank pages actually say, the checks you will meet, and the full cost of a typical loan. Terms change, so confirm each figure with the lender.
What banks say about used cars
| Bank (pages read Oct 2026) | Used-car rule | Equity | Tenor |
|---|---|---|---|
| Stanbic IBTC Vehicle and Asset Finance | No used vehicles over 20 years old or over 120,000 km | 10% | Car loans up to 5 years |
| Sterling Bank vehicle finance | Used vehicles financed, up to ₦40m | 30% used (20% new) | 48 and 36 months (page pairs them with new and used) |
| Access Bank Vehicle Finance | Pre-owned vehicles up to ₦200m | As low as 10% | Up to 60 months |
Stanbic's page also says its non-vehicle assets must be brand-new, and that it needs a salaried Stanbic account, proof of income and a pro forma invoice. Sterling lists a 39% annual rate, a 1% management fee and insurance at 5% of the vehicle value for vehicle finance. Access Bank says pre-liquidation is allowed without penalty and lists transfer of ownership among its documents. These are as stated on each bank's page in October 2026.
Checks you should expect
- Valuation by a lender-approved valuer, which may come in below the dealer's price. The loan is based on the lower figure.
- Inspection of condition and mileage, and of customs and registration papers.
- A pro forma invoice from the seller, often from a dealer the lender recognises.
- Comprehensive insurance with the lender noted on the policy (see why car loans require comprehensive insurance).
- Proof of income: salary account history for employees, or statements and accounts for the self-employed.
If you are buying from an individual rather than a dealer, ask the lender first; many prefer dealer sales because the papers and invoice are easier to verify. For dealer checks, see customs papers and VIN checks.
Worked example: total cost (example only)
A tokunbo car costs ₦12,000,000. Using Sterling Bank's published used-vehicle terms as at October 2026 (30% equity, 39% a year, 1% management fee, insurance at 5% of vehicle value, 36 months), and assuming the rate is charged on a reducing balance with one insurance payment, the figures are:
- Equity (30%)
- ₦3,600,000
- Loan
- ₦8,400,000
- Monthly repayment (39% a year, 36 months)
- about ₦399,237.83
- Total repayments
- about ₦14,372,561.79
- Interest within that
- about ₦5,972,561.79
- Management fee (1% of loan)
- ₦84,000
- Insurance (5% of ₦12,000,000, one payment assumed)
- ₦600,000
- Total cash outlay over 3 years
- about ₦18,656,561.79
The car costs ₦12,000,000 but the total outlay is about ₦18.66 million. The bank's own schedule will differ if it charges insurance yearly or uses a different interest method, so ask for the full repayment schedule.
Foreign-used, Nigerian-used and dealer finance
Lenders tend to treat a car that has just cleared customs differently from one already driven in Nigeria. A recently imported car usually has customs papers and a clear history abroad, which makes valuation and ownership checks easier. A Nigerian-used car may have several previous owners, changed number plates or missing papers, and a lender may not know how it has been driven or maintained. Neither is ruled out by the bank pages above, but expect closer scrutiny of a Nigerian-used car and a lower valuation.
| Route | Who pays the seller | What to compare |
|---|---|---|
| Bank vehicle finance | The bank, after your equity | Rate, fees, insurance, tenor, early repayment terms |
| Dealer finance or instalments | You pay the dealer over time | Total price against cash price, ownership until the last payment |
| Saving and buying outright | You | Time to save against the cost of borrowing |
Dealer instalment plans can look cheaper because no rate is quoted. Work out the total you will pay and compare it with the cash price; the gap is the cost of credit. More on this in dealer finance vs a bank car loan.
Ways to improve your chances
- Choose a younger, lower-mileage car with clean papers.
- Save a larger deposit; it lowers both the loan and the interest.
- Keep your salary or business income flowing through one account for several months before you apply.
- Ask two or three lenders for written offers and compare total cost, not just the rate.
- Check your credit report before applying (how credit bureaus work).
Where Pryme fits
Pryme does not finance cars. A Naira Savings Box can build the deposit apart from daily spending; see how to save to buy a car.
Questions people ask
Can I get a car loan for a tokunbo car in Nigeria?
Yes. Banks such as Stanbic IBTC, Sterling and Access list pre-owned vehicle finance, with limits on age or mileage and higher equity in some cases.
How old can a used car be for a bank loan?
Stanbic IBTC says it does not finance used vehicles over 20 years old or over 120,000 km, as at October 2026. Other lenders set their own limits.
How much deposit do I need for a used car loan?
It varies: Sterling asks 30% for used vehicles and Access says as low as 10%, per their pages in October 2026.
Can I get a loan for a Nigerian-used car?
Some lenders finance any pre-owned car within their age and mileage limits. Ask the lender, and expect a valuation and inspection.
Sources
- Stanbic IBTC: Vehicle and Asset Finance · accessed Oct 2026
- Sterling Bank: Loans (vehicle finance and HAFF terms) · accessed Oct 2026
- Access Bank: Vehicle 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.