Car financing is a vital solution for individuals looking to purchase vehicles without sufficient upfront funds. Below is a comprehensive list of car financing companies in Kenya offering flexible repayment plans and competitive rates:
1. Watu Gari
- Features:
- Financing up to 80% of the vehicle’s market value.
- Monthly interest rates from 2.5%.
- Loan period of 6-60 months.
- Comprehensive motor insurance added to the loan principal.
- Same-day processing.
- Requirements:
- National ID/Passport.
- KRA PIN certificate.
- Registered NTSA TIMS account.
- 6 months bank/Mpesa statements.
- Minimum age: 18 years.
- Contacts: 0790 000 999/ 0709 739 000/ 0719 111 000.
2. MOGO Kenya
- Features:
- Financing up to 80% of a car’s value regardless of age or make.
- Down payment of 20%.
- Loan up to Kshs 2,500,000.
- Flexible repayment period of up to 60 months.
- Requirements:
- National ID.
- KRA PIN.
- Age: 23-70 years.
- 6 months Mpesa/bank statements.
- Contact: 0768 469 112.
3. Mwananchi Credit
- Features:
- Loans for all car types with flexible repayment terms (12-48 months).
- Requirements:
- 6 months certified bank statement.
- KRA PIN, ID copy, passport photos.
- Sale agreement and proforma invoice.
- Location: Ecobank Towers, Muindi Mbingu Street, Nairobi.
- Contact: 0709 147 000.
4. HAKKI Africa
- Features:
- Financing up to 90% of car value.
- Loans approved within 24 hours.
- Interest rate: 2.5% monthly.
- Location: Above Equity Bank, Dagoretti Corner.
- Contact: 0711 082 132.
5. Ngao Credit
- Features:
- Financing for showroom and used cars.
- Loans up to Kshs 5,000,000.
- Repayment period of 36 months.
- Requirements:
- Proforma invoice.
- Original PIN and ID.
- 12 months bank statement.
- Comprehensive insurance.
- Location: Morning Side Office Park, Ngong Road.
- Contact: 0709 650 000.
6. CFAO Motors
- Features:
- Financing for individuals and businesses.
- Requirements for Individuals:
- ID, PIN, 6 months bank statements, salary payslip.
- Requirements for Businesses:
- Registration certificate, PIN, Articles of Association, financial statements.
- Contact: 020 760 4238.
7. Autochek
- Features:
- One-stop automotive financing solutions.
- Low-interest rates and flexible terms.
- Location: Westpark Towers, Off Muthithi Road, Nairobi.
- Contact: 0111 034 300.
8. Motorhub
- Features:
- Connects buyers with financing institutions.
- Partnerships with banks, Saccos, and microfinance institutions.
- Location: Kiambu Road.
- Contact: 0727 200 200.
9. Maridady Motors
- Features:
- Financing for salaried individuals and businesses.
- Deposit: 10-30%.
- Repayment up to 60 months.
- Contact: 0798 000 111.
10. ASL Credit
- Features:
- Commercial vehicle, construction machinery, and personal car financing.
- Location: The Odyssey, Muthithi Road, Westlands.
- Contacts: 0705 633 343/ 0738 189 724/ 0771 497 447.
Banks Offering Car Loans
- National Bank.
- Stanbic Bank.
- I&M Bank.
- Cooperative Bank.
- Family Bank.
- NCBA.
- KCB Bank.
- Equity Bank.
Note: Evaluate your ability to repay the loan before borrowing and review the terms, including interest rates and fees.
