"I used the Standard Plan to purchase my Toyota Camry. The process was seamless, and the monthly payments were manageable. I'm now a proud car owner after just 24 months! Before this, I was paying daily rental fees that ate up my profits."
Hire Purchase Service
Empowering FCT Taxi Drivers Through Vehicle Ownership
At Earnwell Microfinance Bank, we understand that owning your taxi means more than just having a vehicle – it means independence, dignity, and the opportunity to build a sustainable livelihood for you and your family.
Our Hire Purchase Services for the FCT Taxi Scheme is specifically designed to help hardworking taxi drivers transition from renting to owning their vehicles. With our flexible payment plans, affordable down payments, and driver-friendly terms, thousands of taxi drivers across the Federal Capital Territory have achieved the dream of vehicle ownership.
Available Vehicle Models
Choose from our wide selection of reliable, fuel-efficient vehicles perfect for taxi operations. You can also select other models that fall within the maximum amount of Earnwell Hire Purchase Policy.
Why Own Your Taxi?
Discover the benefits of transitioning from renting to owning your taxi vehicle
Keep 100% of Your Earnings
No more daily vehicle rental fees eating into your profits. Every naira you earn goes directly to you and your family.
Build Equity
Every payment brings you closer to full ownership. You're building an asset that increases your net worth.
Independence & Flexibility
Be your own boss, set your own hours, and choose your routes. No more answering to rental company schedules.
Additional Income Opportunities
Lease out your vehicle during off-hours or holidays. Create multiple streams of income from a single asset.
Pride of Ownership
Drive your own asset with dignity and pride. Build a legacy that can be passed down to your children.
Financial Security
Build wealth through asset ownership. A vehicle is a tangible asset that provides long-term financial stability.
How Our Hire Purchase Works
A simple 5-step process to own your taxi and transform your livelihood
1
Application
Submit your application with required documents. Our team reviews your eligibility within 48 hours.
2
Approval
Get approved and select your preferred vehicle. We'll guide you through the available options.
3
Down Payment
Make your down payment (20-30% depending on plan). We handle all vehicle registration paperwork.
4
Take Delivery
Receive your fully insured, roadworthy vehicle and start earning from day one.
5
Monthly Payments
Make affordable monthly payments. Own your vehicle completely after final payment.
Hire Purchase Plans
Choose between our Standard Plan or Fast Track Plan to own your vehicle faster
Standard Plan
You Own the Vehicle After 24-30 Months!
Plan Features:
- Down Payment: 20-30% of vehicle value
- Repayment Period: 18 to 36 months
- Interest Rate: 2% - 3% monthly (depending on down payment and tenure)
- Ownership: Vehicle is yours after final payment
- Insurance: Comprehensive insurance included
- Maintenance: Optional maintenance package available
Example Payment Breakdown:
Toyota Corolla 2018 Model
Vehicle Value:
₦4,000,000
Down Payment (25%):
₦1,000,000
Amount Financed:
₦3,000,000
Tenure:
24 months
Interest Rate:
2.5% monthly
Monthly Payment:
₦178,928
Total Repayment: ₦4,294,272
You Own the Vehicle After 24 Months!
Fast Track Plan
You Own the Vehicle After 12-18 Months!
Plan Features (Higher Down Payment):
- Pay 40-50% down payment
- Enjoy lower interest rates (1.5% - 2% monthly)
- Shorter repayment period (12-18 months)
- Lower total cost
- Faster ownership
- Maintenance: Optional maintenance package available
Example Payment Breakdown:
Toyota Corolla 2018 Model
Vehicle Value:
₦4,000,000
Down Payment (40%):
₦1,600,000
Amount Financed:
₦2,400,000
Tenure:
18 months
Interest Rate:
2% monthly
Monthly Payment:
₦181,381
Total Repayment: ₦3,964,858
Own Your Vehicle in Just 18 Months!
Calculate Your Monthly Payment
Your Payment Breakdown
Vehicle Value:
₦4,000,000
Down Payment:
₦1,000,000
Amount Financed:
₦3,000,000
Monthly Payment:
₦178,928
Total Repayment:
₦4,294,272
Eligibility Requirements
Who Can Apply? Check if you qualify for our Hire Purchase program
Basic Requirements
Guarantor Requirements
Disqualifying Factors
You Qualify If You:
Are a registered FCT taxi driver
Have a valid driver's license (minimum 3 years)
Are between 25-60 years old
Have been driving taxi for at least 2 years
Have a stable income from taxi operations
Can afford the down payment
Have no negative credit history
Can provide credible guarantors
You Need Two Guarantors Who:
Are salaried employees in recognised organisations
Are business owners with verifiable income
Have known you for at least 2 years
Are willing to guarantee the hire purchase agreement
Have no adverse credit records
Own property (preferred but not mandatory)
You are automatically disqualified if you have:
Criminal record
Previous loan default
Multiple traffic violations
Fake or forged documents
Age outside the acceptable range
Inability to provide qualified guarantors
Important Notes for All Applicants
Consumer Protection
This hire purchase agreement is regulated by the Central Bank of Nigeria. Please note that all terms are disclosed upfront, with no hidden charges.
Responsible Financing
Borrow only what you can afford to repay. Consider your daily earnings, expenses, and family obligations before committing.
Commitment Required
Vehicle ownership requires discipline, consistency, and commitment to regular payments. Ensure you understand this responsibility.
Support Available
If you face payment difficulties, contact us immediately. We're here to help, not to punish. Early communication prevents problems.
Frequently Asked Questions
Find answers to common questions about our hire purchase plans.
Can I sell the vehicle before full payment?
- Not directly, as we own the vehicle until full payment
- You can transfer the hire purchase to another qualified driver (with our approval)
- Or pay off the remaining balance and then sell
What documents do I receive?
During hire purchase:
- Hire purchase agreement
- Payment schedule
- Insurance certificate
- Vehicle registration (in our name)
After full payment:
- Certificate of completion
- Vehicle ownership transfer documents
- Clear title
- Maintenance record
What if I default on payments?
After 3 consecutive missed payments:
- Vehicle may be repossessed
- You forfeit the down payment and payments made
- Legal action may be taken
- We prefer to work with you to avoid this
Can I hire another driver for my vehicle?
Yes, but:
- You remain responsible for all payments
- Insurance must cover multiple drivers
- Additional insurance premium applies
- We provide driver agreement templates
Can I choose any vehicle I want?
Yes, you can choose any vehicle from an authorized dealer. The vehicle must be new or not more than 5 years old for used vehicles. We recommend vehicles with good resale value and availability of spare parts.
Can I pay off my hire purchase early?
Yes, you can pay off your hire purchase plan early. We offer flexible early repayment options with reduced interest charges for early settlement. Contact our customer service team to discuss early repayment and calculate your settlement amount.
Ready to Own Your Taxi?
Join thousands of FCT taxi drivers who have achieved financial independence through vehicle ownership. Take the first step toward building your legacy today.
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