30+ Best Car Financing Companies in Kenya

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Car financing has become one of the most accessible and convenient ways for many Kenyans to own a vehicle. Whether you are a first-time car buyer or looking to upgrade your current ride, financing options can ease the burden of the upfront cost. Car financing companies in Kenya, including banks, microfinance institutions, online lenders, car dealers, and SACCOs, offer tailored financial products to suit different needs.

In this article, we will explore over 30 of the best car financing companies in Kenya, categorized by the type of financial institution or service they provide.

Types of Car Financing Companies in Kenya

  1. Banks
    • Banks offer traditional car loans where they provide a percentage of the car’s purchase price, and the buyer pays the rest as a deposit. They typically require a good credit score and a solid financial record.
  2. Microfinance Banks (Deposit Taking)
    • These are licensed microfinance institutions that offer car loans. They are often more accessible for individuals who may not qualify for traditional bank loans.
  3. Credit-Only Microfinance Institutions
    • These institutions provide financing by using the motor vehicle’s logbook as collateral, meaning you don’t necessarily need to provide a down payment.
  4. Online Lenders
    • These are tech-driven financial companies offering fast and convenient car financing options. Many online platforms allow you to apply for car loans without stepping into a physical bank.
  5. Car Dealers
    • Some car dealerships in Kenya offer financing plans directly to customers, allowing you to purchase a vehicle and pay in installments.
  6. SACCOs
    • SACCOs (Savings and Credit Cooperative Organizations) are member-based financial institutions that offer financing products, including car loans, to their members.

Top Car Financing Companies in Kenya

1. Banks Offering Car Financing in Kenya

  1. NCBA Bank Car Financing
    • NCBA offers competitive rates for car loans, providing up to 95% of the car’s purchase price. Their flexible repayment terms make them a popular choice for car buyers in Kenya.
  2. I&M Bank Car Financing
    • I&M Bank offers tailored car loan solutions for both new and used vehicles. The bank finances up to 90% of the car’s value and offers repayment periods of up to 7 years.
  3. KCB Bank Car Financing
    • KCB Bank offers up to 100% financing for vehicles, with low-interest rates and flexible repayment plans. It is one of the largest banks in Kenya, making it a reliable option for car financing.
  4. Standard Chartered Bank Car Financing
    • Standard Chartered offers car loans for both new and used vehicles, with competitive interest rates and the option to finance up to 90% of the car’s value. They have relatively flexible terms based on your creditworthiness.

2. Deposit-Taking Microfinance Banks Offering Car Financing in Kenya

  1. Rafiki Microfinance Bank
    • Rafiki Microfinance offers affordable car loans for both new and used vehicles, with a fast approval process and minimal documentation requirements.
  2. Faulu Microfinance Bank
    • Faulu Microfinance is known for offering accessible car financing to low-income individuals. They offer up to 90% financing with flexible repayment options.
  3. Choice Microfinance Bank
    • Choice Microfinance offers personal loans that can be used to purchase vehicles. Their car loans feature flexible terms and competitive interest rates.
  4. Maisha Microfinance Bank
    • Maisha Microfinance provides affordable car financing for both new and second-hand cars. They typically offer up to 80% of the car’s value and have quick turnaround times for approval.
  5. SMEP Microfinance Bank
    • SMEP Microfinance offers car loans to individuals and businesses looking to purchase new or used cars. They offer financing with a deposit requirement that is lower than traditional banks.

3. Credit-Only Microfinance Institutions Offering Car Financing in Kenya

  1. Mogo Kenya
  • Mogo Kenya specializes in logbook loans, offering easy access to financing with the vehicle logbook as collateral. They provide fast and flexible car financing, even for used vehicles.
  1. Mwananchi Credit Ltd
  • Mwananchi Credit provides financing for new and second-hand cars. They focus on using the logbook as collateral, making it easier for individuals to access car loans without a large down payment.
  1. Ngao Credit Ltd
  • Ngao Credit offers convenient and fast car loans, with an emphasis on using the vehicle logbook as collateral. Their rates are competitive, and they provide up to 80% financing.
  1. North Wave Credit Ltd
  • North Wave Credit specializes in offering quick and flexible car financing solutions. They offer car loans using logbooks as collateral, making the process faster and simpler.
  1. Jijenge Credit
  • Jijenge Credit is a fast-growing company that provides logbook loans. They offer flexible loan terms with a quick approval process and competitive rates.
  1. Musoni
  • Musoni is a mobile-based microfinance institution that offers fast and accessible car financing, including for used vehicles. They use a digital platform to streamline the application process.

4. Car Dealers Offering Car Financing in Kenya

  1. Toyota Kenya Car Financing
  • Toyota Kenya offers financing for new and used Toyota cars through various financial partners. Their car loans come with competitive terms and low-interest rates.
  1. Toyotsu
  • Toyotsu offers financing options for customers purchasing Toyota cars. They have flexible terms and a wide range of options to suit different financial needs.
  1. Autocheck
  • Autocheck partners with various financial institutions to offer car loans. Their platform allows users to buy new and used vehicles and access financing with minimal hassle.
  1. Hakki Car Finance Kenya
  • Hakki Car Finance provides simple and affordable car financing solutions for both new and used vehicles. Their approval process is fast, and they offer a range of cars to choose from.
  1. Magari Capital Kenya
  • Magari Capital provides car loans for new and second-hand cars. They offer financing with minimal documentation and provide fast approvals for both individual buyers and businesses.
  1. General Motors (GM)
  • GM Kenya provides financing for customers purchasing vehicles from their range of brands like Chevrolet and Isuzu. Their financing solutions include easy repayment terms.
  1. Maridady Motors
  • Maridady Motors offers car financing for both new and used vehicles. They have flexible loan terms and collaborate with various lenders to provide the best financing options.
  1. Motorshop Kenya
  • Motorshop Kenya specializes in offering car loans for new and used vehicles. Their partnership with several financial institutions allows them to provide flexible and accessible financing.
  1. MotorHub Kenya
  • MotorHub offers financing options for buyers looking to purchase cars from their dealership. They provide affordable loans with easy approval processes.

5. SACCOs Offering Car Financing in Kenya

  1. Unitas Sacco
  • Unitas Sacco offers car loans to their members with competitive interest rates and flexible repayment plans. They have a simple application process and quick loan approval.
  1. Safaricom Sacco
  • Safaricom Sacco provides affordable car loans to its members, with an emphasis on offering low-interest rates and extended repayment periods.
  1. Amref Sacco
  • Amref Sacco offers car loans to its members, making it easier for them to finance new and used cars. The SACCO provides up to 90% of the car’s purchase price.
  1. Imarisha Sacco
  • Imarisha Sacco is known for providing affordable car loans to its members. They have flexible repayment terms and offer up to 80% financing for new and used vehicles.

Conclusion

Whether you’re looking to buy a new or used car in Kenya, the range of financing options available makes car ownership more attainable than ever before. From banks to microfinance institutions, online lenders, car dealerships, and SACCOs, there’s no shortage of choices when it comes to securing a car loan.

It’s important to consider factors such as the interest rates, loan terms, and your eligibility before committing to a specific lender. Researching the best car financing companies in Kenya can help you make an informed decision and secure the best deal for your dream car.

Happy car hunting!

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