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EV financing

Spread the cost of going electric

Bank loans, rent to own for drivers, and pay-as-you-drive buses: every EV financing option we know of in Nigeria, with deposits, rates and terms side by side. ElectriVic is not a lender, and you apply on the provider's own website.

Which kind of financing fits you?

  • Bank loan · Cars

    AltDrive

    AltBank

    Bank financing for new electric and range-extender cars. Pay outright, over four months, or spread payments over up to five years. A home wallbox charger is included.

    Deposit
    10% for an outright purchase. AltDrive's application form asks for at least 15% on instalment plans.
    Cost
    18% a year. The final plan depends on their assessment.
    Term
    4, 12, 24, 36, 48 or 60 months
    Repayments
    Monthly
    • Home wallbox charger, installed
    • Access to a Lagos public charging network
    • An advisor through the process

    Lagos, Abuja · Terms checked 02/10/2026

    Details and 21 cars Apply on their website

  • Lease to own · Cars

    NeoDrive

    Weekly electric car leases for Uber and Bolt drivers and businesses, with maintenance, insurance and fast-charging access included. You can move to ownership at the end of the lease.

    Deposit
    Refundable deposit; the amount depends on the lease.
    Cost
    ₦160,000 to ₦190,000 a week, depending on car size and lease length.
    Term
    6 or 12 months
    Repayments
    Weekly
    • Maintenance
    • Insurance
    • 24/7 support
    • Charging card for NeoDrive's 60 kW fast chargers

    Lagos, Abuja · Terms checked 02/10/2026

    Details Apply on their website

  • Microfinance loan · Cars

    ReTrust MFB and EV Automobiles

    ReTrust Microfinance Bank

    Consumer loans for brand-new electric cars from EV Automobiles, through ReTrust Microfinance Bank. Announced in July 2026.

    Deposit
    Not published
    Cost
    Not yet published.
    Term
    Not published
    Repayments
    Not published

    Terms checked 02/10/2026

    Details Apply on their website

  • Bank loan · Cars

    UBA and Mikano Motors

    United Bank for Africa

    UBA's "Drive Your Dream Today" scheme for new cars from Mikano Motors, open to salaried and self-employed customers.

    Deposit
    30% of the car's price
    Cost
    23% a year. Ask whether it is charged on a reducing balance.
    Term
    36 months
    Repayments
    Monthly

    Terms checked 02/10/2026

    Details Apply on their website

Available on finance today

New EVs you can finance

Nigerian prices from AltDrive, with an example repayment at AltDrive's published 18% APR, 15% down over 5 years. 15 more cars are available on request.

All 21 AltDrive cars

Repayment calculator

What would it cost me a month?

Estimated monthly repayment

₦1,834,675

for 60 months after a ₦12.8m deposit

Deposit
₦12,750,000
Amount borrowed
₦72,250,000
Interest
₦37,830,508
Total you pay
₦122,830,508

An estimate on a reducing balance, the way AltDrive's own calculator works. Lenders may add insurance, fees or a different rate after assessing you. Running costs are separate: see the ownership calculator.

Side by side

ProviderTypeForDepositCostTermRepayments
AltDriveBank loancarFrom 10%18% a year4, 12, 24, 36, 48 or 60 monthsMonthly
DriveMeRent to owncarVariesNot published417 collection days, about 14 monthsDaily, by automatic bank debit
LagRide Drive to OwnRent to owncarVariesNot publishedReported: 18 months to 3 years, depending on the planDaily remittance
MAXSubscriptionmotorcycle, kekeNot publishedNot publishedNot publishedNot published
NeoDriveLease to owncarVariesNot published6 or 12 monthsWeekly
Possible EVSPay as you drivebusVariesPer kmNot publishedPer kilometre driven
ReTrust MFB and EV AutomobilesMicrofinance loancarNot publishedNot publishedNot publishedNot published
SpiroSubscriptionmotorcycleNot publishedNot publishedNot publishedNot published
UBA and Mikano MotorsBank loancarFrom 30%23% a year36 monthsMonthly

Before you sign

  1. 01Ask for the APR and the total you will payA flat rate looks cheaper than the same APR. Compare lenders on the total payable, not the monthly figure.
  2. 02Check what is includedInsurance, a home charger, maintenance and tracking can be in the price or extra. Rent-to-own and pay-as-you-drive plans often bundle them.
  3. 03Know what happens if you miss a paymentDaily-debit plans can repossess quickly. Ask about grace days, and whether a missed day extends the term.
  4. 04Confirm when the car becomes yoursOn rent to own, ask how papers are transferred at the end and who registers the car in the meantime.
  5. 05Check the powertrainRange-extenders and plug-in hybrids have petrol engines. Plug-in hybrids do not qualify for the EV import duty exemption.
  6. 06Plan your charging firstA loan is only good value if you can charge cheaply. Check your home supply and the chargers near you.

Questions

Can I buy an electric car on instalments in Nigeria?

Yes. AltDrive (AltBank) finances new EVs over up to 5 years at 18% APR on its published calculator, and UBA finances new cars from Mikano Motors over 36 months with 30% down. Ride-hailing drivers can rent to own through DriveMe or LagRide.

How much deposit do I need for an EV loan?

Bank loans listed here ask for 10% to 30%. Rent-to-own schemes ask for a deposit that varies by plan. Pay-as-you-drive bus financing needs only an onboarding fee.

Is there EV financing for Uber and Bolt drivers?

Yes: DriveMe (rent to own, daily repayments, the car is yours after 417 collection days), NeoDrive (weekly leases with maintenance and insurance) and LagRide's Drive to Own scheme.

Terms come from each provider's website or published press reports, with the date we checked them. Lenders change terms and decide each application themselves, so confirm everything before you commit. Every provider is listed on the same terms, in alphabetical order. Do you offer EV financing in Nigeria? Ask to be listed.