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How To Buy A Car And Pay In Instalment In Ghana

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Everyone dreams of owning a car, but cars don’t come cheap. They are often in thousands of Ghana cedis which is often twice the annual income of an average Ghanaian. We all know owning a car is a necessity, especially if you have a family or you have faced the hassle of public transport. However, I have good news for you today. You don’t have to pile up savings in your account for years if you need to get a car right now! There are measures put in place to allow anyone to own the car of their dreams. In this article, I’ll walk you through how to own a car and pay in instalments in Ghana. Let’s go. Also, Check >> Buy A Car And Pay In Monthly Installment Guide In Nigeria

What does it mean to buy a car in installments?

Well, buying a car in instalments means completing the purchase of your car bit by bit. It simply means buying a car on credit. While you complete the purchase for the car, you can take this car home and drive anywhere you want. It’s as good as yours.

However, you need to make an initial deposit for the car before you take it home. Then, the rest of the bill for that car is paid in instalments. In most cases, the payment is done in monthly instalments which can last for about 12-72months depending on the amount of loan taken and the agreement between you and your loan provider.

A disadvantage of buying a car in installments is the added interest. It’s important to choose a car instalment payment option with the lowest interest rate.

Options To Own And Pay For A Car In Installments

There are three major options you have as a Ghanian if you want to own that much-needed ride and pay later. These are;

  • Get an auto loan from a bank
  • Get an instalment payment option from car dealers.
  • Work and Pay alternative

How To Own A Car And Pay In Installments From Bank Auto Loans

There are a number of banks in Ghana that offer auto loan services to their customers. These banks offer auto loan options in Ghana:

  • CalBank
  • Societe General
  • Stanbic Bank
  • Republic Bank Ghana Limited
  • Zenith Bank
  • Izwe Ghana
  • Bank of Baroda

These banks all have their various terms and conditions, as well as loan periods and interest rates. It’s advisable to research, compare and contrast the requirements of various backs before you make your choice.

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How to Get an Auto loan from Ghana banks:

  • You first have to approach a credible banking institution.
  • You will be required to apply for the loan by filling out a form.
  • Once you have applied for the loan, the banks will assess your eligibility and they will decide on whether or not you qualify for the loan you are asking for.
  • Eligibility is determined by a lot of factors. Critical amongst them is your ability to pay back the loan. Hence, the bank wants to know if you have a stable source of income from which your monthly payment instalments will be deducted from.
  • If you qualify, the bank will offer you the loan in exchange for security to ensure you repay the loan.

How To Get A Instalment Payment Option From Car Dealers In Ghana

Certain reputable car dealers in Ghana offer instalment payment options to their customers. Check out these car dealers in Ghana if you need a valid car instalment payment option:

  • De Georgia Motors
  • Kantanka Automobile
  • Erata Motors
  • Nimdy Motors
  • Auto Plaza
  • Mensch Automobile Ltd
  • Jensarp Enterprise
  • Westend Homes

Follow these steps to get an auto loan from car dealers in Ghana

  • You will be required to have a minimum percentage of the total price of the car. For example, a dealer may say that you should first pay 30% of the total price of the car. So if the car you want to buy costs 1 million Ghana cedis, you will be required to have with you three hundred thousand cedis at the time of purchase.
  • You will have to agree on the time limit for the payment of the remaining money.  This can be negotiable, but ensure to stick with the terms of the auto loan payment plan.

Documents you need to get a car on instalment from car dealers?

There are various documents that dealers normally look for. The most critical ones include the following:

  • Ghana identity card or passport
  • Proof of revenue, a permanent source of income An initial deposit, often between 20 and 40%
  • Bank statement, usually of about six months
  • Three months payslips, if you are in employment Car valuation report
  • Sale agreement or a copy of the logbook

Work and Pay alternative

This option is a good plan if you want to own a car for public transport. Transport companies like Exilic Transport in Ghana allow drivers to own a taxi while they work and pay for it in instalments.


There you have it. Owning a car and paying in instalments is not so difficult after all. Choose the car instalment payment option that works for you and go get that dream car.


  1. Francis Asante-Boadu Reply

    I want to buy a Toyota car in Ghana in installments.

  2. Rexford Agyei Agyeman Nana Kofi Reply

    Yes I want to buy a car and pay in installments

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