Car financing is a popular solution for individuals and businesses looking to purchase vehicles but unable to pay the full price upfront. In Kenya, several financial institutions, including microfinance institutions, banks, and car dealerships, offer various car financing options with flexible terms. Below is a list of the best car financing companies in Kenya:
1. Watu Gari
Watu Gari was established in 2021 to provide flexible car financing solutions for Kenyans. The company offers financing for both new and used cars with minimal requirements and fast processing.
Features:
- Financing up to 80% of the vehicle’s market value
- Affordable monthly interest rates starting from 2.5%
- Loan repayment period ranging from 6 to 60 months
- Comprehensive motor insurance included in the loan principal
- Same-day processing
Requirements:
- National ID/Passport and KRA PIN certificate
- NTSA TIMS account registered under the borrower’s name
- Bank and M-Pesa statements for the last 6 months
- Proforma invoice from the dealership
- Minimum age: 18 years
Contact: 0790 000 999/ 0709 739 000/ 0719 111 000
2. MOGO Kenya
Mogo Kenya offers affordable car financing for used cars, logbook loans, boda boda loans, and tuk-tuk loans. The company provides financing for vehicles of any age, make, or model.
Features:
- Loan amount up to Kshs 2,500,000
- Flexible loan repayment terms up to 60 months
- 80% financing for any car’s value
Requirements:
- National ID
- Own KRA PIN
- Age: 23–70 years
- 6 months Mpesa or bank statement
Contact: 0768 469 112
3. Mwananchi Credit
Mwananchi Credit is known for providing fast car financing loans to those looking to acquire vehicles quickly.
Features:
- Loan duration of 12 to 48 months
- Fast processing
Requirements:
- Certified 6-month bank statement
- KRA PIN and ID copy
- Proforma invoice from the dealership
Location: Ecobank Towers, 10th Floor, Muindi Mbingu Street, Nairobi
Contact: 0709 147 000
4. HAKKI Africa
HAKKI Africa offers car financing solutions for both new and used vehicles, financing up to 90% of the car’s value.
Features:
- Loans processed within 24 hours
- 2.5% monthly interest rate
- No hidden costs
Contact: 0711 082 132
5. Ngao Credit
Ngao Credit is a non-deposit-taking microfinance institution that offers car financing for both new and used vehicles.
Features:
- Up to 70% financing for showroom cars and zero mileage vehicles
- Loan amount up to Kshs 5,000,000
- Repayment period of 36 months
Requirements:
- Proforma invoice
- KRA PIN and National ID
- 12-month bank statement
Contact: 0709 650 000
6. CFAO Motors
CFAO Motors is a liaison office for Toyota Tsusho Corporation. They offer car financing solutions for individuals and businesses.
Requirements for Individuals:
- National ID and KRA PIN
- Bank statement (6 months)
- Salary payslip
Requirements for Businesses:
- Certificate of registration
- Financial statements for the last 3 years
Contact: 020 760 4238
7. Autochek
Autochek provides low-interest rates, flexible payment terms, and fast approval for car financing.
Location: Westpark Towers, Mpesi Lane, Off Muthithi Road, 4th Floor, Nairobi
Contact: 0111 034 300
8. Motorhub
Motorhub is a car dealership that partners with local banks, saccos, microfinance institutions, insurance companies, and lenders to provide financing solutions.
Location: Kiambu Road
Contact: 0727 200 200
9. Maridady Motors
Maridady Motors offers financing for salaried individuals, businesses, and the self-employed. With a 10-30% deposit, you can repay the balance in easy monthly installments over up to 60 months.
Contact: 0798 000 111
10. ASL Credit
ASL Credit offers commercial vehicle financing, construction machinery financing, and personal car financing.
Location: The Odyssey, 6th Floor, Muthithi Road, Westlands
Contact: 0705 633 343/ 0738 189 724/ 0771 497 447
Car Loans from Banks
In addition to microfinance institutions and car dealerships, several banks in Kenya also offer car loans, including:
- National Bank
- Stanbic Bank
- I&M Bank
- Cooperative Bank
- Family Bank
- NCBA
- KCB Bank
- Equity Bank
Final Thoughts
When considering car financing in Kenya, it’s essential to evaluate the interest rates, loan terms, and your ability to repay the loan. Always choose a reputable company that offers transparent terms, and ensure you meet all the requirements before applying.
Note: Always assess your financial capability before committing to a car loan, as it’s essential to manage repayments alongside your daily expenses.