There are various financial institutions in Kenya offering affordable car loans in Kenya. In today’s articles we will evaluate these places and come up with a list of the best car loans in Kenya. Sometimes, owning a car becomes a necessity. It is at these times when this list may come in handy.
Therefore, in this articles we will outline the necessary requirements for one to qualify for an affordable car loan anywhere in Kenya.
Top Car Loans in Kenya
There are various places where one can secure 100% or even 85% financing of a car/ motor vehicle without having to sign a million documents. Join me as we discover these places below.
1. Mogo Car Loans
Mogo is here to enable you drive your dream car while paying back as low as Kes 20,000 a month. In addition to this, Mogo credit does not require you to present a lot of documentation. All that is required is for you to present Identification documents, drivers license as well as proof of income.
Once you are able to show all this and fill your application form, it only takes 24 hours for you to be notified whether you are successful or not. It is worth noting that Mogo has been rated as one of the best places to secure car loans in Kenya.
Read More: Top 10 Driving Schools in Kenya
2. Kenya Car Bazaar
Kenya Car Bazaar is also another best place for you to secure a car loan in Kenya at an affordable price. Irregardless of the model of the car, Kenya car bazaar promises to finance 100% of the value of the car when you approach them. All you have to do is to choose them from the wide range of places to choose from.
Moreover one can pay as low as Kes 30,000 a month for 12 months to facilitate owning and driving your big car. If you have been thinking of rewarding yourself with a car. Try Kenya car bazaar today to get the best loans at an affordable interest rate.
3. KCB Bank Asset Financing
KCB Bank offers to help you purchase your car at the best price while paying minimum interest rate. All that you have to do before approaching KCB bank for this is get the best deal! Moreover, KCB bank financing does not end at only financing car loans, you can use their loan to finance purchase of a truck or plant and machinery.
In addition to this, with KCB Bank, you get flexible repayment periods of up to 60 months unlike other places where the repayment period is limited to 12 months.
4. Cheki.co.ke
Cheki offers you inexpensive car loans in Kenya to help you acquire that drive that you have been thirsting for. Moreover, Cheki ensures that you get the best deal when scouring for a place to get a loan from as it has partnerships with various financial institutions to facilitate this.
Therefore visit cheki.co.ke if you are looking for the best place to secure a car loan in Kenya.
5. Stanbic Bank
Stanbic bank has always been at the forefront of serving its customers with the best interest rates for car loan financing. Sometimes you may find that Stanbic bank has some Memorandum of understanding with some particular employers to offer loans to their employees at a given rate.
You could find this out from your people or HR person. If this is the case then, be assured that you will be able to get the best car loan below the market rate.
Moreover the repayment period required by this bank is up to 48 months.
6. Motorshop
Motorshop just like cheki is committed to offering its customers the best rates in the market. As a result, Motorshop has various agreements with various financial institutions to offer car loans to its customers at affordable rate.
Moreover, in addition to connecting you to the best places to acquire a car loan, motorshop educates you on the best practices in order to prevent you from getting schooled.
7. Mwananchi Credit
By now, if you own a television set, you’ve seen Mwananchi credit car loans adverts. Mwananchi credit is a leading microfinance institution that invests in people in all sorts of ways. Therefore if in need of car financing, try them and see how much it would cost you.
8. NIC Bank
NIC bank can finance up to 90% cost of the value of the car as long as you have proof that you are able to pay. Moreover, their repayment period is up to 72 months which is longer than what some other microfinance institutions offer. All the application and processing of this loan can take place online.
9. Standard Chartered Car Loan
Standard chartered offers something unique to anyone who would like to acquire a car loan. They will work with you to tailor make the best car loan for you depended on your circumstances.
10. Musomi Microfinance
Musomi microfinance is a leading microfinance institution in Kenya that is helping Kenyans achieve their dreams in all areas of life including owning a car. Check out their car loans today!
