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
Transport businesses in Nigeria usually finance a truck or bus through bank asset finance, dealer hire purchase or a lease. Lenders offer terms based on your cash flow and deposit, typically asking for 10% to 30% equity on vehicle loans with tenors up to four or five years, as reported in August 2026; compare the total repayment, not just the monthly figure, before you accept.
The three main routes
| Route | Who owns the vehicle during the term | Typical use | What to watch |
|---|---|---|---|
| Bank asset or vehicle finance | You, with the bank holding a charge or joint registration | Established businesses with bank statements | Equity contribution, insurance and tracker conditions |
| Hire purchase (dealer or finance company) | The owner (hirer) until the last payment | Smaller operators, used vehicles | Whether the rate is flat or reducing; repossession terms |
| Lease | The lessor; you pay to use it | Firms that want maintenance bundled or to avoid a large deposit | Total lease cost, return condition, buy-out option |
What banks reported in 2026
Banks publish more about car loans than about truck loans, but the structure is similar. Legit.ng summarised vehicle finance from seven banks on 28 August 2026. These are reported figures for vehicle finance, not offers for commercial trucks; ask each bank for its commercial vehicle terms.
| Bank (as reported, Aug 2026) | Equity or deposit | Tenor | Rate as reported |
|---|---|---|---|
| Access Bank vehicle finance | From 10% | Up to 48 months | 22% per annum |
| First Bank automobile loans | 30% of invoice | Up to 48 months | Not stated |
| Stanbic IBTC vehicle and asset finance | 10% of asset value | Up to 60 months for cars | Not stated |
| Wema standard vehicle loan | Not stated | 36 to 48 months | 36% per annum, up to ₦50 million |
| Zenith vehicle financing | Not stated | 3 to 5 years | Not stated |
The same report said lenders generally cap total monthly debt repayments at about a third of net monthly income or turnover, and ask for a pro-forma invoice from an approved dealer. For a transport business, that turnover test is the main hurdle: the bank wants to see that the vehicle's earnings, shown in your statements, can carry the repayment. See asset finance from Nigerian banks and truck and commercial vehicle loans for more detail.
Flat or reducing balance: the difference that matters
A rate "per annum" can be calculated two ways. On a reducing balance, interest is charged only on what you still owe, so it falls as you repay. On a flat rate, interest is charged on the original amount for the whole term, which costs much more at the same headline rate. Hire purchase quotes are often flat; ask the lender which it is and to show the total repayment in writing.
Worked example: a ₦60 million truck
This is an example. The truck price is assumed, and 22% per annum is used only because it is a rate reported for one bank's vehicle finance in August 2026. Your offer will differ.
| Line | Reducing balance | Flat rate |
|---|---|---|
| Truck price (assumed) | ₦60,000,000 | ₦60,000,000 |
| Equity contribution at 20% | ₦12,000,000 | ₦12,000,000 |
| Amount borrowed | ₦48,000,000 | ₦48,000,000 |
| Rate and term | 22% a year, 48 months | 22% a year, 48 months |
| Monthly repayment | about ₦1,512,300 | ₦1,880,000 |
| Total repaid | about ₦72,590,000 | ₦90,240,000 |
| Total interest | about ₦24,590,000 | ₦42,240,000 |
The flat calculation is ₦48,000,000 × 22% × 4 years = ₦42,240,000 of interest. At the same headline rate, the flat-rate deal costs about ₦17.65 million more. On top of either, budget for any management or arrangement fee, comprehensive insurance (NAICOM's 2023 circular said comprehensive premiums should not be below 5% of the sum insured, which would be at least ₦3,000,000 a year on a ₦60 million truck), a tracker and the truck's papers.
What lenders look at
- Six to twelve months of business bank statements showing regular haulage or transport income.
- Contracts or letters of intent from clients, which show where the repayment will come from.
- CAC documents, tax identification and the owners' IDs and BVNs.
- A pro-forma invoice for the vehicle from a dealer the lender accepts.
- Your equity contribution, ready in the account.
- Your plan for drivers, maintenance and insurance, and how you will track their pay-ins; see driver remittance for fleet owners.
Hire purchase and leases in practice
With hire purchase the dealer or finance company stays the owner until the final payment, so missing payments late in the term can still cost you the truck and what you have already paid, depending on the agreement. With a lease you may never own the vehicle unless there is a buy-out clause. Ask for both in writing, with the total of all payments, so you can set them beside a bank offer.
Steps before you accept an offer
- Get written offers from at least two lenders for the same vehicle and deposit.
- Ask whether the rate is flat or reducing, and for the total amount repayable.
- List every fee: arrangement, management, insurance, tracker, legal and registration.
- Read the default and repossession clause, and what happens to payments already made.
- Check the repayment against a slow month, not your best month.
- Accept only when the full agreement, amount, cost and dates, is in front of you.
Where Pryme fits
Lenders read your statements, so running haulage income through one business account helps. A Pryme Business Account can produce statements, including verifiable ones through our partnership with VerifyDoc.ai (see receipts and statements), and the Finance agent can prepare a monthly view of vehicle income against repayments. Pryme does not offer truck loans.
Questions people ask
How much deposit do I need to finance a truck in Nigeria?
Vehicle finance reported in August 2026 ranged from 10% to 30% equity depending on the bank. Commercial trucks may need more; ask for written terms.
Can I buy a truck on hire purchase in Nigeria?
Yes, from some dealers and finance companies. You own the truck only after the last payment, so read the repossession terms and ask whether the rate is flat or reducing.
What is the interest rate on vehicle loans in Nigeria?
Reported rates in August 2026 included 22% per annum for Access Bank vehicle finance and 36% per annum for Wema's standard vehicle loan. Your offer depends on your profile.
Is leasing better than a loan for a transport business?
Leasing needs less upfront cash and can include maintenance, but you may not own the vehicle at the end. Compare total cost over the same period.
Sources
- 7 banks in Nigeria where you can get a car loan with a 10% deposit (Legit.ng, 28 Aug 2026) · accessed Oct 2026
- NAICOM third-party motor premiums from 1 January 2023 (TheCable, 24 Dec 2022) · 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.