List Of Best Banks For A Car Loan In Kenya

This is a list of the best banks for a car loan in Kenya. Owning a car at some point in life is almost everyone’s dream. What hinders most people from achieving this dream is finance or inadequate capital.

Well, this should no longer bother you as there are a lot of financial institutions that offer affordable car loans in Kenya.

In no particular order, Here is a list of the best banks for a car loan in Kenya.

1. KCB Bank

KCB offers a personal car loan, which is a secure and friendly auto loan with a comfortable repayment of up to 72 months. All you need is an active account for at least 3 months and proof of security, and you will be on cruising with your dream car.

Interest rate is 13% per annum.


  • It is available to both salaried and self-employed individuals.
  • Flexible repayment periods that match your needs, up to 72 months.
  • Higher loan limits based on the maximum value of your security.

2. National Bank

National Bank offers cash-backed car loan that allows you to purchase a new or used car. You can also do major repairs or replacement of parts at negotiable rates.

Rates and fees

  • Financing is 100% of the value of the car.
  • Interest rate is 13% per annum.
  •  Tenure- 60 months for a new car and 48 months for a used car.

3. Stanbic Bank

Stanbic Bank offers vehicles and asset finance facilities with favourable terms. It offers up to 60 months finance for the purchase of assets such as motor vehicles and machines for your business. With over 50 years of experience in vehicle and asset financing, they are able to offer competitive and flexible terms to customers.


  • Competitive interest rates in both foreign and local currency. Interest rate is 14.5% per annum.
  • Insurance premium financing option to help you with your insurance payment.
  • Automatic reminder of insurance expiry.
  • Flexible financing term for up to 60 months.
  • Financing of motor vehicles ranges from saloon cars, pick ups, prime movers to earth movers.


  • Application form giving details of the application.
  • Bank statements for the last six months from applicant’s current bank.
  • Certified copies of ID, passport and KRA PIN.
  • Pro-forma invoice from seller.
  • Logbook copy of valuation report (for used vehicles only).

4. I&M Bank

With I&M Bank, you can get your dream car today, through financing of up to 80% on cost over a loan duration of 48 months. The banks finances the purchase of assets such as new and used saloon cars, commercial tracks, prime movers, heavy commercial trucks, earth movers, tractors, school buses and motor cycles

Interest rate is 13% per annum.


  • Quick and simple application process.
  • Financed assets are self securing.
  • Option of direct import finance through selected dealers.
  • Insurance premium financing option available.
  • Effective working relationship with vehicle dealers.

Terms of the loan

  • Finance of up to 80% on cost over a loan duration of 48 months is available for assets, subject to credit evaluation.
  • Concession for lower deposits and extended loan tenure is available under structured joint dealer/ car loan schemes.

5. Co-operative Bank

Co-op Bank offers a self servicing loan product for the financing of moveable assets such as cars, pickups, tractors, prime movers and school buses.


  • Interest rate of 13% per annum.
  • Competitive pricing in both local and foreign currency.
  • Automatic reminder of insurance expiry.


  • Copies of ID.
  • Copy of KRA PIN.
  • Invoices and importation documents.

6. Family Bank

Family Bank offers loan products to business account holders, intended to assist in the acquisition of moveable assets such as motor vehicles, pickups, lorries, buses, tractors, earth movers and motorcycles.


  • Receive up to 80% finance for brand new vehicles.
  • Interest rate of 13% per annum.
  • Loan repayment periods of up to 4 years for brand new vehicles.
  • Up to 70% finance for used vehicles.
  • Loan repayment period of up to 3 years for used personal/ commercial vehicles.
  • Up to 60% finance for used PSV vehicles, with a loan repayment of two years.
  • Eligibility with a minimum income of Kshs 10,000.
  • Insurance for vehicles.
  • Low minimum loan amount and no maximum loan requirement.


  • All used assets must not be older than 10 years at the end of loan expiry.
  • Pre-printed application forms available at all Family Bank branches.
  • Bank statement for a period of 6 months.
  • Copy of ID and KRA PIN.
  • Pro-forma invoice from the dealer.
  • Copies of logbook for other motor vehicles owned by the applicant.
  • Recent AA/Regent automobile valuation for used vehicles.
  • Sales agreement and copy of logbook for used vehicles.


NCBA offers car loans at an interest rate of 13% per annum. You can get a number of convenient payment options to spread out the cost. Your loan will be approved within 12hours if you qualify, with no hidden costs and additional insurance premium should you need it, whether a new vehicle or a used car of up to 8 years.

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Zack Abuyeka

I am the third eye.My duty is to keep you updated of the current trends and events happening round the globe.