Buying the car of your dreams is becoming quite easy these days, thanks to the great number of choices available from every car maker. With car financing in Kenya too readily available rather freely, getting that car into your parking lot isn’t all that tough either. What is tough, however, is getting the financing at the best rate & at the most favorable terms possible.
If you're planning to purchase a car in Kenya, financing is
one of the crucial aspects you need to consider. Most people can only afford to
pay part of the car price upfront, and that's where car financing companies
come in handy. Car financing is an excellent way to own a car without breaking
the bank.
In this article, we'll explore Kenya's top car
financing companies.
Banking Institutions Offering Car Financing in
Kenya
NCBA Bank Car Financing
NCBA Bank is one of the leading banks in Kenya
offering car financing services. The bank provides car loans to individuals,
companies, and organizations. NCBA Bank offers competitive interest rates,
flexible repayment periods, and loan amounts ranging from Ksh. 100,000 to Ksh.
10 million. Besides, the bank has an extensive network of branches nationwide,
making it easy for customers to access their services.
I&M Bank Car Financing
I&M Bank is another reputable bank in Kenya
offering car financing services. The bank offers car loans to individuals and
companies at affordable interest rates. The loan amounts range from Ksh—100,000
to Ksh. 10 million, with flexible repayment periods of up to 60 months.
Additionally, the bank has an online car loan calculator that helps customers
determine the loan amount and repayment period that suits their budget.
KCB Bank Car Financing
KCB Bank is one of the largest banks in Kenya,
offering a wide range of financial services, including car financing. The bank
provides car loans to individuals, SMEs, and corporate clients. KCB Bank offers
competitive interest rates, loan amounts ranging from Ksh—100,000 to Ksh. 10
million, and flexible repayment periods of up to 60 months. Besides, the bank's
fast loan processing system ensures customers get their loans quickly.
Standard Chartered Bank Car Financing
Standard Chartered Bank is a leading international
bank with a presence in Kenya. The bank provides car financing services to
individuals, SMEs, and corporate clients. Standard Chartered Bank offers
competitive interest rates, loan amounts ranging from Ksh—100,000 to Ksh. 10
million, and flexible repayment periods of up to 60 months. Besides, the bank's
fast loan processing system ensures customers get their loans quickly.
Deposit-Taking Microfinance Institutions (DTMs)
offering Car Financing in Kenya
DTMs are microfinance institutions licensed by the
Central Bank of Kenya to accept deposits from the public. Besides accepting
deposits, DTMs offer various financial services, including car financing. Here
are some of the leading DTMs offering car financing in Kenya.
Rafiki Microfinance Bank
Rafiki Microfinance Bank is a leading DTM in Kenya
offering car financing services. The bank provides car loans to individuals and
SMEs at competitive interest rates. The loan amounts range from Ksh—50,000 to
Ksh. 5 million, with flexible repayment periods of up to 48 months.
Faulu Microfinance
Faulu Microfinance is another reputable DTM in Kenya
offering car financing services. The institution provides car loans to
individuals and SMEs at affordable interest rates. The loan amounts range from
Ksh—50,000 to Ksh. 5 million, with flexible repayment periods of up to 48
months.
SMEP Microfinance Bank
SMEP Microfinance Bank is a leading DTM in Kenya offering
car financing services. The bank provides car loans to individuals and SMEs at
competitive interest rates. The loan amounts range from Ksh—50,000 to Ksh. 5
million, with flexible repayment periods of up to 48 months.
Credit-Only Microfinance Institutions are offering Car
Financing in Kenya.
Credit-only microfinance institutions are Regulated by the
Microfinance Act and provide credit services to customers without accepting
deposits. Here are some of the credit-only microfinance institutions offering
car financing in Kenya.
Mogo Kenya
Mogo Kenya is a reputable credit-only microfinance
institution that provides car financing services to individuals and companies.
The institution offers loans ranging from Ksh—50,000 to Ksh. 5 million, with
flexible repayment periods of up to 48 months. Besides, Mogo Kenya has an
online loan calculator that helps customers determine the loan amount and
repayment period that suits their budget.
Mwananchi Credit Ltd
Mwananchi Credit Ltd is another reputable credit-only
microfinance institution offering car financing services in Kenya. The
institution provides loans ranging from Ksh—50,000 to Ksh. 10 million, with
flexible repayment periods of up to 48 months. Additionally, Mwananchi Credit
Ltd offers personalized financial advice to customers to ensure they make
informed financial decisions.
Ngao Credit Ltd
Ngao Credit Ltd is a fast-growing credit-only microfinance
institution offering Kenya car financing services. The institution provides
loans ranging from Ksh—50,000 to Ksh. 10 million, with flexible repayment
periods of up to 48 months. Ngao Credit Ltd's fast loan processing system
ensures customers get their loans quickly.
North Wave Credit Ltd
North Wave Credit Ltd is another credit-only microfinance
institution offering car financing services in Kenya. The institution provides
loans ranging from Ksh—50,000 to Ksh. 5 million, with flexible repayment
periods of up to 48 months. North Wave Credit Ltd's dedicated customer support
team helps customers with queries.
Jijenge Credit
Jijenge Credit is a reliable credit-only microfinance
institution providing Kenya car financing services. The institution offers
loans ranging from Ksh—50,000 to Ksh. 5 million, with flexible repayment
periods of up to 48 months. Additionally, Jijenge Credit has a fast loan
processing system that ensures customers get their loans quickly.
Car Dealers Offering Car Financing in Kenya
Car dealerships are also a reliable source of car financing
in Kenya. Here are some of the country's leading car dealerships offering car
financing services.
Toyota Kenya Car Financing
Toyota Kenya is a leading car dealership in Kenya that
offers car financing services to its customers. The dealership provides loans
ranging from Ksh. 500,000 to Ksh. 20 million, with flexible repayment periods
of up to 60 months. Besides, Toyota Kenya has an online car loan calculator
that helps customers determine the loan amount and repayment period that suits
their budget.
Toyotsu
Toyotsu is another reputable car dealership in Kenya that
offers car financing services to its customers. The dealership provides loans
ranging from Ksh. 500,000 to Ksh. 20 million, with flexible repayment periods
of up to 60 months. Toyotsu's fast loan processing system also ensures
customers get their loans quickly.
Autocheck
Autocheck is a fast-growing car dealership in Kenya that
offers car financing services to its customers. The dealership provides loans
ranging from Ksh. 500,000 to Ksh. 20 million, with flexible repayment periods
of up to 60 months. Autocheck's user-friendly online car loan calculator helps
customers determine the loan amount and repayment period that suits their
budget.
Hakki Car Finance Kenya
Hakki Car Finance Kenya is another reputable car dealership
in Kenya that offers car financing services to its customers. The dealership
provides loans ranging from Ksh. 500,000 to Ksh. 20 million, with flexible
repayment periods of up to 60 months. Hakki Car Finance Kenya has a dedicated
team of financial experts who help customers make informed financial
decisions.
Magari Capital Kenya
Magari Capital Kenya is a leading car dealership in Kenya
that offers car financing services to its customers. The dealership provides
loans ranging from Ksh. 500,000 to Ksh. 20 million, with flexible repayment
periods of up to 60 months. Magari Capital Kenya's online car loan application
process also ensures customers get their loans quickly.
General Motors (GM)
General Motors (GM) is a reputable car dealership in Kenya
that offers car financing services to its customers. The dealership provides
loans ranging from Ksh. 500,000 to Ksh. 20 million, with flexible repayment
periods of up to 60 months. Besides, General Motors (GM) has an online car loan
calculator that helps customers determine the loan amount and repayment period
that suits their budget.
Maridady Motors
Maridady Motors is another reliable car dealership in Kenya
that offers car financing services to its customers. The dealership provides
loans ranging from Ksh. 500,000 to Ksh. 20 million, with flexible repayment
periods of up to 60 months. Maridady Motors has a dedicated team of financial
experts who help customers make informed financial decisions.
Motorshop Kenya
Motorshop Kenya is a fast-growing car dealership in Kenya
that offers car financing services to its customers. The dealership provides
loans ranging from Ksh. 500,000 to Ksh. 20 million, with flexible repayment
periods of up to 60 months. Motorshop Kenya has a user-friendly online car loan
calculator that helps customers determine the loan amount and repayment period
that suits their budget.
Saccos offers Car Financing in Kenya.
Saccos are savings and credit cooperative organizations that
offer a wide range of financial services, including car financing. Here are
some of the leading Saccos offering car financing services in Kenya.
Unitas Sacco
Unitas Sacco is a reputable Sacco in Kenya that offers car
financing services to its members. Sacco provides loans ranging from Ksh—50,000
to Ksh. 5 million, with flexible repayment periods of up to 48 months. Besides,
Unitas Sacco has a fast loan processing system that ensures members get their
loans quickly.
Safaricom Sacco
Safaricom Sacco is another reliable Sacco in Kenya that
offers car financing services to its members. Sacco provides loans ranging from
Ksh—50,000 to Ksh. 5 million, with flexible repayment periods of up to 48
months. Safaricom Sacco has a dedicated customer support team that helps
members with queries.
Amref Sacco
Amref Sacco is a fast-growing Sacco in Kenya that offers car
financing services to its members. Sacco provides loans ranging from Ksh—50,000
to Ksh. 5 million, with flexible repayment periods of up to 48 months. Amref
Sacco's user-friendly online loan application process ensures members get their
loans quickly.
Imarisha Sacco
Imarisha Sacco is another reputable Sacco in Kenya that
offers car financing services to its members. Sacco provides loans ranging from
Ksh—50,000 to Ksh. 5 million, with flexible repayment periods of up to 48
months. Additionally, Imarisha Sacco has an online loan calculator that helps
members determine the loan amount and repayment period that suits their
budget.
Conclusion
Car financing is an excellent way to own a car without
breaking the bank. When choosing a car financing company, it's essential to
consider factors such as interest rates, loan amount, repayment period, and
loan processing time. With the right car financing company, you can own the car
of your dreams without breaking the bank.
Frequently Asked Questions (FAQs)
Q: What is car financing?
A: Car financing is a loan that individuals and companies
can use to purchase a car. Car financing involves borrowing money from a
lender, such as a bank or microfinance institution, to purchase a car and repay
the loan with interest over a specified period.
Q: What are the benefits of car financing?
A: Car financing has several benefits, including:
It enables individuals and companies to own a car without
paying the full amount upfront.
Car financing provides a flexible repayment period that
allows borrowers to repay the loan at their own pace.
Car financing enables borrowers to acquire the car they
choose, even if they don't have the full amount to pay.
Car financing helps borrowers improve their credit scores by
making regular loan repayments.
Q: How can I apply for car financing?
A: To apply for car financing, you need to identify a lender
that offers car financing services, such as a bank, microfinance institution,
or car dealership. You'll then need to provide the lender with the necessary
documentation, including proof of income, identification documents, and vehicle
details. The lender will then evaluate your application and determine whether
you qualify for a car loan.
Q: What factors should I consider when choosing a car
financing company?
A: When choosing a car financing company, you should
consider several factors, including:
Interest rates: Look for a lender that offers competitive
interest rates that suit your budget.
Loan amount: Choose a lender that provides the loan amount
you need to purchase the car of your choice.
Repayment period: Look for a lender that offers a flexible
repayment period that suits your financial situation.
Loan processing time: Choose a lender with a fast loan processing system that ensures you get your loan quickly.