Want That Car Now? Here Are the TOP FOUR BEST Platforms to “Buy Now, Pay Later” For Any Car, Both New and Tokunbo

Owning any car in Nigeria has now become so expensive that most time, you will need an upper hand to be able to own the least affordable one, whether a brand-new model or a reliable Tokunbo (foreign-used). It’s a significant milestone, but having to pay the full sum can be a barrier. The “Buy Now, Pay Later” (BNPL) model has emerged as a game-changer, which some people refer to as easy buy, allowing Nigerians to drive their dream car while spreading payments over time. Depending on the company, some BNPL companies can spread according to your request, while some have a fixed timeline.

Is BNPL Best for Nigerians?

Before we begin, let’s first of all understand what the BNPL model is, how it may be a strong option for Nigerians due to the country’s economic challenges, with over 90% of the population lacking the purchasing power to buy cars outrightly. This BNPL model may not be suited for everyone, but it’s particularly suited for:

• Salary Earners: Those with steady incomes can manage monthly repayments, especially on platforms like Autochek and Betacar, which cater to salaried individuals. These platforms focus on salaried professionals and usually require you to be employed by a well‑known organisation—think government agencies or established firms. In fact, they’ll vet and pre‑approve your employer before opening up their BNPL plans to any of its staff.
• Business Owners: Entrepreneurs with verifiable income can benefit from flexible plans on Betacar and CDcare.

However, BNPL may not suit everyone. High interest rates and strict documentation requirements can be barriers, and those with irregular incomes may struggle with monthly payments. Always review loan terms, interest rates, and your financial capacity before committing.

Join us in reading the entire article to discover and explore the best Buy Now, Pay Later platforms in Nigeria for both new and Tokunbo cars, their pros and cons, and whether this financing option is ideal for Nigerians.

1. Autochek

After rebranding from CHEKI.ng, Autochek turns its automotive platform into an Auto loans brand, offering a seamless BNPL experience for both new and Tokunbo cars. With a user-friendly app and website, it connects buyers with trusted dealers and provides quick loan approvals.

Why Choose Autochek?

• Flexible Financing: Loans with annual interest rates starting at 18% and repayment periods up to 24 months.
• Wide Selection: Offers a variety of new and Tokunbo cars, including Toyota, Mercedes, Lexus, and more, all verified by trusted dealers.
• Bundled Services: Financed cars come with insurance, registration, and annual maintenance services, with home pick-and-drop options.
• How It Works: Select a car, apply for a loan online, submit documents (work ID, government-issued ID, utility bill, 12-month bank statement for salary earners), and get offers within 24 hours.

Best For:

• Salary earners and business owners seeking a reliable platform with quick approvals and comprehensive services.
• Both new and Tokunbo cars, with a focus on quality and convenience.

2. Betacar

Betacar specializes in Tokunbo cars, offering a BNPL scheme that allows buyers to pay 30% upfront and spread the balance over 12 to 24 months, with some plans extending to 36 months. However, customers have noticed a tumbleweed moment: their last social post was on October 13, 2023, and inquiries (like one from user @callmee_sean asking why DMs and calls go unanswered) have gone unanswered. While nothing official confirms a shutdown, the silence leaves buyers wondering if BetaCar.ng has quietly paused operations. If you’re considering their services, it may be best to reach out directly or explore alternative, active platforms for now.

Why Choose Betacar?

• Affordable Terms: Competitive interest rates and flexible repayment periods up to 36 months.
• Quality Assurance: All cars are certified and inspected, ensuring reliability.
• Fast Process: Loan approval or rejection emails are sent within 10 minutes, with car pickup possible within a week of completing the application.
• How It Works: Browse cars online, use the loan calculator to estimate payments, apply for a loan, submit documents, and visit Betacar’s HQ for inspection and test drive.

Best For:

• Salary earners and registered business owners looking for quality Tokunbo cars with manageable payment plans.
• Tokunbo cars, as Betacar focuses on certified foreign-used vehicles.

3. CDcare

CDcare, a fast-growing BNPL platform, has expanded from electronics to car financing, offering zero-interest installment plans for any car of your choice, new or Tokunbo.

Why Choose CDcare?

• Zero Interest: Pay in installments over up to 3 years (180 weeks) with no additional interest, making it highly cost-effective.
• Flexible Payments: Drive home after paying 50% of the car’s cost, with the balance spread over time.
• Nationwide Reach: Has served over 17,000 Nigerians across 36 states.
• How It Works: Download the CDcare app, input car details, choose a payment plan, and start paying. You can change the car type anytime if needed.

Best For:

• Budget-conscious buyers seeking zero-interest plans for both new and Tokunbo cars.
• Flexible buyers who want the freedom to choose any car without interest rate concerns.

4. CIG Motors Car Loan

CIG Motors, in partnership with financial institutions like Guaranty Trust Bank, offers a BNPL scheme for brand-new GAC vehicles (GS3, GS4, GS8) with a focus on affordability and ease.

Why Choose CIG Motors Car Loan?

• Low Equity Contribution: Requires only a 10% upfront deposit with a repayment period of up to 48 months.
• Discounts: Offers a 15% discount off the current market cost of GAC vehicles.
• Customized for Accessibility: Designed for salary earners and corporate bodies with manageable monthly repayments.
• How It Works: Visit an approved CIG Motors dealer, obtain a pro-forma invoice, apply for a loan at a partner bank (e.g., Guaranty Trust Bank), and start repayments after loan approval.

Best For:

• Individuals and organizations seeking brand-new GAC vehicles with long repayment tenors and discounts.
• Brand-new cars, as the scheme is tailored for GAC’s SUV range.

Pros and Cons of Buy Now, Pay Later for Cars in Nigeria

Pros

• Accessibility: BNPL makes car ownership possible for those who can’t afford full upfront payment, especially salary earners and business owners.
• Flexible Payments: Spread costs over 12 to 48 months, reducing financial strain.
• Immediate Ownership: Drive your car after paying a fraction of the cost (e.g., 10–50% upfront).
• Quality Options: Platforms like Autochek and Betacar offer certified vehicles, while CIG Motors provides brand-new cars with warranties.

Cons

• Interest Rates: Rates (e.g., 18–20% annually on Autochek and Betacar) can increase the total cost, though CDcare offers zero interest.
• Paperwork: Extensive documentation (e.g., IDs, bank statements) can be daunting and slow approval processes.
• Short Loan Terms: Some platforms offer shorter tenors (12–24 months), which may lead to high monthly payments.
• Limited Brand Options: Some schemes (e.g., CIG Motors) are restricted to specific brands like GAC.

Brand New vs. Tokun maintenance fees, and higher reliability, but they come with a higher price tag, often requiring longer loan tenors (e.g., CIG Motors’ 48 months).

• Tokunbo Cars: More affordable and widely available, dominating Nigeria’s vehicle market (95% of annual registrations are used cars). Platforms like Betacar and Autochek specialize in certified Tokunbo cars, but they may require more maintenance over time.

Which Is Best?

• Brand New: Ideal for those prioritizing longevity, warranties, and prestige (e.g., CIG Motors’ GAC vehicles).
• Tokunbo: Best for budget-conscious buyers seeking affordability and immediate access (e.g., Betacar, CDcare).

Conclusion

The Buy Now, Pay Later model is transforming car ownership in Nigeria, offering flexible financing for both new and Tokunbo cars. Autochek and Betacar excel for Tokunbo cars with robust services, CDcare stands out for zero-interest plans, and CIG Motors Car Loan is perfect for brand-new GAC vehicles. While BNPL offers accessibility and convenience, weigh the pros (flexible payments, immediate ownership) against cons (interest rates, paperwork) to ensure it fits your financial situation. Whether you choose a brand-new or Tokunbo car, these platforms make driving your dream car a reality.