Car Loans Kenya 2026

Compare auto financing options and find the cheapest car loan rates from top banks

Reviewed byPesaMarket Research Team

Compare Car Loan Providers

Side-by-side comparison of top car financing options in Kenya

KCB Bank

Popular

Interest Rate13.5% - 16%

Max LoanUp to KES 10M

Max TenureUp to 60 months

FinancingUp to 90%

Features

Salaried & self-employedNew & used carsCompetitive rates

Apply Now

Equity Bank

Interest Rate14% - 17%

Max LoanUp to KES 8M

Max TenureUp to 48 months

FinancingUp to 85%

Features

Quick approvalFlexible termsInsurance included

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Stanbic Bank

Best Rates

Interest Rate13% - 15.5%

Max LoanUp to KES 15M

Max TenureUp to 60 months

FinancingUp to 95%

Features

Premium vehiclesHigh limitsRelationship pricing

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Mogo Kenya

Fast

Interest Rate2.5% - 4% monthly

Max LoanUp to KES 5M

Max TenureUp to 48 months

FinancingUp to 80%

Features

Fast approvalUsed cars focusFlexible docs

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NCBA Bank

Interest Rate14% - 16.5%

Max LoanUp to KES 10M

Max TenureUp to 60 months

FinancingUp to 90%

Features

Asset financingCommercial vehiclesSalary check-off

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Co-op Bank

Interest Rate14% - 17%

Max LoanUp to KES 8M

Max TenureUp to 48 months

FinancingUp to 85%

Features

SACCO members bonusInsurance financingTrade-in accepted

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Car Loan Calculator

Calculate your monthly payments and total cost

Car Price

Down Payment (20%)

Interest Rate (14% p.a.)

Loan Term (48 months)

Loan Summary

Car Loan Requirements

For Salaried Employees

✓ 3+ months payslips
✓ Bank statements (6 months)
✓ Copy of ID
✓ Employment letter
✓ KRA PIN

For Self-Employed

✓ Business registration
✓ Bank statements (12 months)
✓ Copy of ID
✓ KRA PIN & returns
✓ Business permits

Vehicle Documents

✓ Proforma invoice
✓ Car valuation report
✓ Logbook (for used cars)
✓ Insurance quote
✓ Inspection report

Types of Car Financing

🏦

Bank Car Loans

Traditional financing from commercial banks with competitive rates and longer terms. Best for employed individuals with stable income.

📋

Asset Financing

The bank buys the car and you pay in installments. Often has tax benefits for businesses.

📄

Logbook Loans

Borrow against a car you already own. Higher rates but faster processing.

🚗

Hire Purchase

Car dealers offer financing directly. Convenient but often more expensive than bank loans.

Tips for Getting the Best Car Loan

✓Compare rates from at least 3 lenders before deciding

✓Save for a larger down payment (20-30%) to get better rates

✓Consider total cost including insurance, not just monthly payment

✓Check if your employer has partnerships with specific banks

✓Used cars often have higher rates - factor this into your decision

✓Maintain a good CRB record for faster approval and better terms

Frequently Asked Questions

What is the minimum salary for a car loan in Kenya?

Most banks require a minimum gross salary of KES 50,000-80,000 for car loans. Some lenders like Mogo may approve with lower incomes for used cars.

Can I get 100% car financing in Kenya?

Most banks offer 80-95% financing, meaning you need a 5-20% down payment. 100% financing is rare and typically requires strong banking relationships or collateral.

How long does car loan approval take?

Bank loans typically take 3-7 working days. Alternative lenders like Mogo can approve in 24-48 hours with faster processing for pre-approved customers.

Can I finance a used car?

Yes, most banks finance used cars up to 8-10 years old. Expect slightly higher interest rates (1-2% more) compared to new car loans.

What happens if I default on a car loan?

The lender can repossess the vehicle, and you may still owe the difference if the sale doesn't cover the loan balance. Your CRB record will also be affected.