How To Get Quick Loan In Ghana For Hire Purchase (Work And Pay) 2022


Getting a quick loan for hire purchase in Ghana. Some of our customers in Ghana have been clamoring for loan schemes that favor acquiring vehicles for a while now. So in response to their concern, we have geared our research toward finding out which credit facility is capable of serving that purpose, and here is what we got:

Top Banks For Hire Purchase Loan In Ghana

Bank of Africa (vehicle loan).

Stanbic Bank (asset/vehicle financing).

Societe Generale (happy auto loan).

How To Get Loan For Hire Purchase (Work And Pay) In Ghana

Step by step: How to buy a car in Germany for export.

Bank of Africa Ghana (BOA)

If you are looking for a credit facility to help you procure the vehicle you want, BOA Ghana has your interest covered. Bank of Africa offers customers different loan facilities, from personal loans to educational and asset financing, including hire purchases. So you see that giving loans is a thing for this institution.

Upon your decision to obtain a vehicle loan from the Bank of Africa, be sure that you can buy your car within ten days at an interest rate of 18% annually. However, you must meet specific requirements to qualify for this service. Once done, nothing will be on your way to getting a quick loan in Ghana.

What Items Do I require To Get A Hire Purchase Loan?

Any individual interested in asset/vehicle financing should carry the following: 

  • Fill out an application form
  • Provide one recent Passport size picture
  • Come with a valid identification card (preferably a Ghana National ID Card).
  • Bring your payslips for the last three months.
  • Present bank statements in the previous six months
  • Show proof of address as well as utility bills.
  • Make available the digital address of their workplace and residence.
  • Obtain a letter of undertaking from the employer
  • Get a Pro-forma invoice from CFAO
  • Provide a minimum cash deposit of 25%

How can I get this facility?

All you need to do to obtain this loan from BOA Ghana is to:

  1. Walk into any CFAO outlet and pick your ideal vehicle.
  2. Complete and submit the required documents (in the list above) to the Bank of Africa Ghana.
  3. Wait for the approval. 

Stanbic Bank Ghana (asset/vehicle finance)

Stanbic bank grants loans to acquire vehicles and other assets to salary and non-salary earners. This credit facility will enable you to purchase the car you want before repaying the loan in valuable bits. If you can bring their requirements together, I do not think anything will stand in your way of getting Work and Paying the loan in Ghana.

I will personally recommend this Stanbic vehicle loan for clients who want to buy vehicles using VAF because of the customer friendliness of this scheme- as a client on this platform. You are allowed to explore various options available to you:

  • You are entitled to choose a pace that is comfortable for you when repaying the loan.
  • Secondly, you can save time and energy by managing the repayment on the mobile banking app.
  • You can elect to obtain this loan in US dollars or Ghana cedis.
  • The loan servicing options are flexible.

To be qualified for this loan, you must: 

  • Work for any Stanbic-profiled organization
  • Earn a minimum salary of GHS400 a month

Minimum salaried account relationship of:

  • One month for a Workplace Banking Scheme organization.
  • Three months for a non-Workplace Banking Scheme organization.

Customers with salaried Stanbic Current Account

Fill in a Personal Overdraft/Salary Advance application form and attach the following documents:

  • Statement of account from the previous bank (new to bank applicants only)
  • Payslips from the past three months
  • They will approve the overdraft subject to a positive reference from a credit bureau.

Societe Generale Ghana

This institution gives out a vehicle loan known as a Happy Auto loan. Unlike other loan schemes we’ve listed, this financing is available to every interested person and not to some specific people. This one is open to all, but the vehicle needs to meet the standard prescribed by Societe Generale.

For the vehicle to be worthy of this loan:

    • The maximum age of the vehicle must not exceed five years.

    •the car should be from an established dealer who sells all kinds of new and used cars from selected vendors (GHS 100,000 should be the limit for used cars).

It has to be a used vehicle manufactured by a famous automobile brand like: 

Toyota, Mercedes Benz, Hyundai, Volkswagen, Honda, Mitsubishi, Ford, Nissan, KIA, BMW, Mazda, Audi, and Chevrolet.

    • The car’s seating capacity must not be more than seven persons.

    •The mileage of the vehicle should be 80 000KM at most.

    •It must be a pickup, saloon, or sport utility vehicle.

You are good to go if the vehicle you intend to buy meets the following conditions. However, you can consider some adjustments if your choice doesn’t fit.

Key Takeaway On Car Hire Purchase In Ghana

A loan helps to kickstart entrepreneurship. Without it, some companies would not have existed. Most famous firms we know today started with loans; some are still supporting their businesses with the help of money they get from the bank.

Applying for a car hire purchase loan is also a challenging part if we may focus on the context of this article. The most crucial thing is to get the bank’s requirements together. Ensure you call and talk to them about your concerns. Ask about any changes in their terms and conditions.

Remember, here is just a starting point. Only your chosen bank has the final say.

Buy A Car And Pay Later In Ghana Easily

Buying a car and paying later in Ghana should be easy. And we work to make it a reality following our engagement with key credit institutions. The step is to help answer the call for help of many young Ghanain looking to start a taxi company. It could be Uber, Bolt, or a traditional taxi.

Smooth Your Road For Work And Pay Loan

You may ask what role you can play in getting a loan for a startup. Your input matters a lot. It helps the credit institutions to develop a better loaning concept which will, in turn, smooth your way of getting credit from the bank.

Car Owners Looking For Work And Pay Drivers

One of the easiest ways to get a car for work and pay is to look for car owners. Let me tell you. Many of our car buyers from Ghana do not live there but buy cars and share them with drivers for hire purchases there. Have you tried to let the car owners know you need their car? Also, have you checked if you have all it takes to get your desired car for a startup?

Our engagement with credit institutions is to make the road to starting your transport business easy. Please write a comment below stating your opinion about our contact with financial institutions and car owners to facilitate a quicker way to purchase cars on hire.

7 replies on “How To Get Quick Loan In Ghana For Hire Purchase (Work And Pay) 2022”

Hello Samuel,

We have replied to a similar question above. You will see a link to help know which of the bank in Ghana offers loans for work and pay.


Please I’m a driver and I need a car for work and pay. I need it for the services of uber or bolt and Toyota corrola, yaris or vitz will do. I can be contacted on 0544564195

Please I run a private school and I need a bus to convey children on a work and pay term

Hello Bright,

We can help you get your desired bus if your local bank can give you a loan for it.


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