The Ghanaian public will now pay more on their car loans at various banks across the country.
According to the Bank of Ghana’s latest Annual Percentage Rates (APR) and Average Interest (AI) report, interest rate for vehicle loans among commercial banks for August rose to 32.9 percent against the 31.1 percent recorded a month earlier - July 2017.
The APR and AI report indicated that Unibank still offers the highest rate on car loans with a 41.7%Â for the August report against 39.8 the previous month.
Other banks closely trailing behind Unibank’s rates include: Premium bank, HFC Bank and Royal Bank follow with car loans rates ranging from 35.9 to 35.5%.
The trend continues with Omni Bank and Barclays Bank issuing car loans at an interest rate 34.4 and 34.2-38.5 percent respectively.
However, while Ecobank, Cal Bank, among others fall within the 30 – 36% rate, Stanbic Bank and Bank of Baroda currently offer the lowest interest rates on car loans at 25.5% and 22.0-28% respectively among commercial banks in the country.
However with car loans being a popular option among workers in the public and private sector, there is no doubt that these generally high interest rates on such loans will greatly affect the capacity of some hardworking Ghanaian families to buy a car or upgrade to better models.
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