This is a list of companies in Kenya that offer car financing. Car financing is the only solution for those who wish to own vehicles but have inadequate funds to purchase them.
There are various financial institutions in Kenya that offer fast and affordable car financing services with flexible repayment plans. The institutions include deposit-taking microfinance institutions, credit-only microfinance institutions, car dealers and banks.
In no particular order, here is a list of car financing companies in Kenya
1. Watu Gari
Watu Gari started operations in 2021 to provide flexible car financing solutions for Kenyans. It has several branches in Nairobi and other parts of the country.
Features
- Financing up to 80% of the vehicle’s market value.
- Affordable monthly interest rates from 2.5%.
- Loan period of 6-60 months on any car with no limitations.
- Comprehensive motor insurance (added to the loan principal).
- Same-day processing.
Requirements
- National ID/ Passport and Alien ID.
- KRA PIN certificate.
- NTSA TIMS account must be registered under the borrower’s name.
- Selfie picture.
- 6 months bank statement (electronic).
- 6 months Mpesa statement.
- Duly completed application form.
- Proforma invoice from the dealership.
- Logbook copy.
- Minimum required age of the borrower- 18 years and above.
Contacts: 0790 000 999/ 0709 739 000/ 0719 111 000.
2. MOGO Kenya
MOGO provides affordable financing options for used cars, logbook loans, boda boda loans and tuk-tuk loans for Kenyans. The company has several branches in Kenya.
Features
- Car financing for cars of any age, make or model with a down payment of 20%.
- Loan amount up to Kshs 2,500,000 with a flexible loan repayment period of up to 60 months.
- Finance up to 80% of any car’s value regardless of age or make.
Requirements
- National ID.
- Own KRA PIN.
- Be 23-70 years old.
- Provide 6 months Mpesa/ bank statement.
Contact: 0768 469 112.
Mwananchi Credit provides fast car financing loans to different borrowers looking for quick funds to acquire any car type.
The loans are typically 12 months in duration, with a maximum 48 months contract.
Requirements
- 6 months certified bank statement.
- KRA and ID copy of the applicant.
- Passport photos.
- Sale agreement.
- Proforma invoice.
Location: Ecobank Towers, 10th Floor, Muindi Mbingu Street, Nairobi.
Contact: 0709 147 000.
4. HAKKI Africa
HAKKI Africa offers car financing solutions, financing up to 90% of the value of the car. It offers loans within 24 hours with no hidden costs, a quick process and a 2.5% monthly interest rate.
Location: 3rd Floor, Above Equity Bank, Dagoretti Corner.
Contact: 0711 082 132.
5. Ngao Credit
Ngao Credit is a non-deposit-taking microfinance institution that provides car financing solutions. It offers 70% financing for showroom and zero mileage cars and used cars from local or foreign dealers. It offers loans up to Kshs 5,000,000 with a repayment period of 36 months.
Requirements
- Proforma invoice from the dealer.
- Original PIN and National ID.
- Latest 12 months bank statement.
- Comprehensive insurance.
Location: Morning Side Office Park, 4th Floor, Ngong Road.
Contact: 0709 650 000.
6. CFAO Motors
Cfao Motors is a liaison office for Toyota Tsusho Corporation. It provides car financing solutions for individuals and business entities.
Requirements for individuals
- ID and PIN.
- Latest 6 months bank statements.
- Latest salary payslip.
- Completed application form.
Requirements for businesses
- Certificate of registration.
- PIN certificate.
- Memorandum and Article of association.
- 6 months bank statement.
- Directors ID and PIN.
- Completed application form.
- Last 3 years financial statement.
Contact: 020 760 4238.
7. Autochek
Autochek is a one-stop shop for your automotive needs. It makes it easier for you to buy the car of your dream by offering car financing solutions with low-interest rates, flexible payment terms and fast approval.
Location: Westpark Towers/ Mpesi Lane, Off Muthithi Road, 4th Floor, Nairobi.
Contact: 0111 034 300.
8. Motorhub
Motorhub is a car dealership that connects potential buyers with the best financing/ lending institutions. The company works closely with all local banks, saccos, microfinance lending institutions, insurance companies and lenders.
Location: Kiambu Road.
Contact: 0727 200 200.
9. Maridady Motors
Maridady Motors is a car dealership that arranges financing both for salaried individuals, businesses and those who are self-employed. With a deposit of 10-30%, you are ready to go. You can then repay the balance for up to 60 months in easy monthly instalments.
Contact: 0798 000 111.
10. ASL Credit
ASL Credit was founded in 2007 with the intention to meet an overwhelming market need of providing structured working capital solutions to clients. The company provides commercial vehicle financing, construction machinery financing and personal car financing.
Location: The Odyssey, 6th Floor, Muthithi Road, Westlands.
Contacts: 0705 633 343/ 0738 189 724/ 0771 497 447.
There are also various banks that offer affordable car loans. The banks include;
- National Bank.
- Stanbic Bank.
- I&M Bank.
- Cooperative Bank.
- Family Bank.
- NCBA.
- KCB Bank.
- Equity Bank.
NOTE: Before borrowing, please evaluate your ability to repay the loan. Also, look at the interest rates and fees carefully.
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