Owning a car in Nigeria has always been hard for many people. High car prices and lack of credit options make it tough. But now, CREDICORP is changing this. Since 1 March 2025, a new car credit program has started. This program helps people buy used cars with simple loans. It’s the second auto finance program by CREDICORP, and it is already making a big difference.
Key Details
| Program Name | CREDICORP Pre-Owned Car Credit Program |
|---|---|
| Start Date | 1 March 2025 |
| Partners | CREDICORP and Autochek |
| Location of Launch Event | Abuja, Nigeria |
| Number of Cars Handed Over (Phase 1) | 205 |
| Goal for Upcoming Months | Finance 10,000+ used vehicles |
| Application Website | www.autochek.africa or www.credicorp.ng |
What Is This Program About?
CREDICORP started this program to help more Nigerians own cars. Before this, they only supported buying brand-new cars made in Nigeria. That plan still continues, but many people cannot afford new cars. So now, through a partnership with Autochek, CREDICORP is also giving loans for used cars.
Used cars cost less, and that means more people can buy them. This makes it easier for low- and middle-income earners to own a car without paying everything at once. Instead, they can pay bit by bit with help from a loan.
Why This Is Big News
Since the program started in March 2025, thousands of people across Nigeria have applied. So far, the first group of 205 people has already received their cars. This was done at a handover event in Abuja.
This is not just about cars. It is about people’s lives. It is about freedom, time-saving, safety, and growth. For people like Amaka Okafor, a school teacher in Abuja, this car changed everything.
She said, “This car is more than just a vehicle to me—it’s freedom. I no longer have to worry about getting to school late or standing for hours waiting for a bus. I can now focus on my work and spend more time with my family.”
Many others also shared how this loan has changed their lives. From better jobs to more family time, car ownership is now opening new doors for them.
Backed by President Tinubu’s Renewed Hope Plan
CREDICORP is part of a larger government plan called the Renewed Hope Agenda, led by President Bola Ahmed Tinubu. It was created in April 2024 to help everyday Nigerians live better lives through consumer credit.
The goal is to help more people borrow money easily and responsibly to improve their lives. CREDICORP is doing this using three key ways:
The Three Pillars of CREDICORP
- Infrastructure:
CREDICORP is building strong credit systems. This means every working Nigerian will have a credit score. A credit score helps banks decide if they can give a loan. This makes borrowing easier and fair. - Capital:
CREDICORP is giving money to banks and financial companies. These companies then give loans to people. CREDICORP also gives them support so they can take more risks and help more people. - Culture Change:
Many people don’t understand how credit works. So CREDICORP is teaching people about using loans the right way. They are also training banks to make better decisions when giving credit.
The target is big. CREDICORP wants at least 50% of working Nigerians to have access to credit by the year 2030.
Why Vehicle Ownership Matters
Having a car is not just about comfort. It means people can:
- Reach their workplaces faster
- Save time and reduce stress
- Carry goods or family easily
- Take up better-paying jobs further away
- Avoid long and unsafe bus rides
For people in small businesses or those working in far areas, owning a car can increase their income. This credit program is not just about vehicles—it is about improving lives.
Big Plans Ahead
In the next few months, over 10,000 vehicles will be financed. This means thousands more Nigerians will become car owners for the first time. This is a big step toward growth and development.
How to Apply
If you are a Nigerian who needs a car but cannot pay full price, this is your chance. You can apply through the following websites:
Here, you can check if you qualify, submit your documents, and follow the steps to get a car with loan support.
Final Thoughts
This new program from CREDICORP is already changing many lives. It gives hope and support to people who never thought they could own a car. With help from Autochek and the government’s support, many Nigerians are now moving from dreams to reality.
A car brings freedom. A loan brings access. And with both, Nigerians can now live better, work better, and grow faster.
If you know someone who needs a car but struggles with the cost, share this article with them. This opportunity might just change their life too.