GTBank Car Loan: Everything You Need to Know to Launch Your Cab or Uber Business
Are you planning to expand or launch your cab or Uber business but need a quick loan?
GTBank Car Loan may be the solution you need.
In this article, we’ll cover everything you need to know about GTBank Car Loan, including the requirements and how to apply for one.
What is a Car Loan?
First things first, let’s define what a car loan is.
Simply put, a car loan is a type of loan that allows you to borrow money to purchase a car.
It is usually obtained from financial institutions such as car finance companies and is repaid over an agreed period at an agreed interest rate.
What GTBank Car Loan Offers
GTBank Car Loan is designed for companies and employees who have GTBank accounts and want to pay for car premiums over 12 months.
Here’s what you can expect from GTBank Car Loan:
Immediate availability of funds to pay for your insurance premium
Opportunity to pay for your car insurance premium monthly
Insurance cover that does not require your physical presence in the insurance office
Access to between 20,000 and 1 million Naira for individuals and 20,000 to 5 million Naira for business organizations
Maximum loan maturity of 1 year
Interest rate of 1.67% per month
Contribution of 20% of your total premium costs
A one-time flat fee of 1% payable
How to Apply for GTBank Car Loan
To apply for GTBank Car Loan, you can use an internet banking platform such as GAPS/GAPS Lite.
Once you’ve applied, here’s what happens:
Your loan will be used immediately
Your vehicle insurance provider will process your insurance within 48 hours
A copy of the insurance certificate will be sent to your email address
You pay the debt monthly
Tips on How to Get a Car Loan
If you’re looking to get a car loan, here are some tips to help you through the process:
Check your credit report
Apply for auto loans from multiple lenders
Get preapproved for an auto loan
Use your loan offer to set your budget
Find your car
Review the dealer’s loan offer
Choose and finalize your loan
Make payments on time
Can You Get Two Car Loans at Once?
Yes, it is possible to have two car loans at once.
However, it may be more challenging to qualify for a second loan.
Lenders will only approve you if your income and debt can handle the added monthly expense.
If you’re planning to launch or expand your cab or Uber business and need a quick loan, GTBank Car Loan may be the solution you need.
With a low-interest rate and easy application process, you can get the funds you need to get your business up and running.