Car financing has become a critical solution for many Kenyans aspiring to own vehicles but lack the full funds needed for a purchase. Whether for personal use, business, or investment, car financing offers a way to acquire a vehicle while spreading the cost over a manageable period. With numerous financial institutions offering competitive financing options, potential car owners have various choices to explore.
This list covers some of the best car financing companies in Kenya, including microfinance institutions, car dealers, and banks. These institutions offer flexible repayment plans, quick approvals, and affordable interest rates.
1. Watu Gari
Watu Gari, launched in 2021, offers flexible car financing solutions across Kenya. The company focuses on quick processing and same-day approvals for those looking to finance vehicle purchases.
Features:
- Financing up to 80% of the vehicle’s market value
- Monthly interest rates starting at 2.5%
- Loan terms ranging from 6 to 60 months
- Comprehensive motor insurance included in the loan principal
Requirements:
- National ID/Passport
- KRA PIN certificate
- Registered NTSA TIMS account under the borrower’s name
- Bank and Mpesa statements for the last 6 months
- Logbook copy and a proforma invoice from the dealer
Contact:
- Phone: 0790 000 999 / 0709 739 000 / 0719 111 000
2. MOGO Kenya
MOGO Kenya is part of the Mogo Finance Group and provides financing for used cars, logbook loans, boda boda loans, and tuk-tuk loans. MOGO is known for its flexible payment terms and affordable interest rates.
Features:
- Car financing for vehicles of any make, model, or age
- Financing up to KES 2.5 million, with a repayment period of up to 60 months
- Covers up to 80% of the vehicle’s value
Requirements:
- National ID
- KRA PIN
- Bank or Mpesa statement for the last 6 months
- Age between 23-70 years
Contact:
- Phone: 0768 469 112
3. Mwananchi Credit
Mwananchi Credit is known for offering quick financing solutions, enabling borrowers to access funds for purchasing a wide range of vehicles. The company provides flexible repayment terms up to 48 months.
Requirements:
- 6 months of certified bank statements
- KRA PIN and ID copy
- Passport photos
- Proforma invoice and sale agreement from the car dealer
Location: Ecobank Towers, Muindi Mbingu Street, Nairobi
Contact:
- Phone: 0709 147 000
4. HAKKI Africa
HAKKI Africa is renowned for offering car financing with up to 90% of the car’s value covered. With a 24-hour processing period, this company promises fast service with no hidden costs.
Features:
- Financing up to 90% of the vehicle’s value
- Interest rate of 2.5% monthly
- Loans approved within 24 hours
Location: 3rd Floor, Above Equity Bank, Dagoretti Corner
Contact:
- Phone: 0711 082 132
5. Ngao Credit
Ngao Credit offers up to 70% financing for new, used, or showroom vehicles, including zero-mileage cars. The company offers loans up to KES 5 million with a repayment period of up to 36 months.
Requirements:
- Proforma invoice from the dealer
- Original ID and KRA PIN
- Bank statement for the last 12 months
- Comprehensive insurance
Location: Morningside Office Park, Ngong Road
Contact:
- Phone: 0709 650 000
6. CFAO Motors
Formerly Toyota Kenya, CFAO Motors offers car financing solutions to individuals and businesses. They partner with banks to provide competitive interest rates and fast loan approvals for car buyers.
Requirements for Individuals:
- ID and KRA PIN
- Latest 6 months bank statement
- Salary payslip
Requirements for Businesses:
- Certificate of registration
- 6 months bank statements
- Financial statements for the past 3 years
Contact:
- Phone: 020 760 4238
7. Autochek
Autochek provides an integrated automotive platform, offering car financing solutions with low-interest rates, fast loan approvals, and flexible repayment plans.
Location: Westpark Towers, Mpesi Lane, Nairobi
Contact:
- Phone: 0111 034 300
8. Motorhub
Motorhub is a leading car dealership that partners with various banks, SACCOs, and microfinance institutions to offer car financing solutions. It connects buyers with lenders for quick, affordable financing.
Location: Kiambu Road
Contact:
- Phone: 0727 200 200
9. Maridady Motors
Maridady Motors offers car financing options for salaried individuals, businesses, and self-employed people. They provide flexible repayment terms of up to 60 months and accept deposits as low as 10%.
Contact:
- Phone: 0798 000 111
10. ASL Credit
ASL Credit was established in 2007 to meet the demand for structured capital solutions. It provides financing for personal and commercial vehicles, as well as construction machinery.
Location: The Odyssey, Muthithi Road, Westlands
Contact:
- Phone: 0705 633 343 / 0738 189 724 / 0771 497 447
Banks Offering Car Financing
In addition to specialized car financing companies, several Kenyan banks also provide affordable car loan options with flexible terms. These include:
- National Bank
- Stanbic Bank
- I&M Bank
- Co-operative Bank
- Family Bank
- NCBA
- KCB Bank
- Equity Bank
Key Considerations Before Opting for Car Financing
Before applying for car financing, ensure you assess your ability to repay the loan. Carefully review the interest rates, hidden fees, and any penalties for early repayment or defaults. It’s advisable to compare offers from different lenders and choose one that suits your financial situation.
Car financing can be a great way to own your dream vehicle, provided you select the right lender and ensure you can comfortably manage the repayments. This list offers a starting point to explore the best car financing options available in Kenya.
