đ Loans for Car Purchase & Vehicle Financing in Kenya
Get on the road with affordable car financing. Compare car loans, logbook loans, and asset financing options for new and used vehicles in Kenya.
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Best Loans for Car Purchase
4G Capital SME Working Capital Loan
4G Capital
0.75% - 0.9% p.a.
KES 5,000 - 3,000,000
KWFT Biashara Business Loan
Kenya Women Microfinance Bank
1.5% - 2% p.a.
KES 5,000 - 2,000,000
Mogo Car Logbook Loan
Mogo Kenya
2.5% - 4% p.a.
KES 50,000 - 5,000,000
Lipa Later Merchant Advance
Lipa Later
3% - 5% p.a.
KES 10,000 - 1,000,000
Marble Capital Biashara Loan
Marble Capital Solutions
3% - 5% p.a.
KES 50,000 - 2,000,000
Letshego Personal Loan
Letshego Kenya
5.25% - 24% p.a.
KES 250 - 500,000
Faulu Imara Loan
Faulu Microfinance Bank
9.5% - 34% p.a.
KES 10,000 - 3,000,000
Jijenge Merchant Advance
Jijenge Credit
10% - 15% p.a.
KES 50,000 - 2,000,000
Tips for Getting Car Purchase Loans
- đĄDealer financing sometimes offers lower rates than banks
- đĄNew car loans have better rates than used car loans
- đĄKeep loan term to 4 years max to avoid negative equity
- đĄInsurance is usually required - factor this into costs
- đĄCompare total cost including fees, not just interest rate
Frequently Asked Questions
What is the best car loan in Kenya?
Top car loans include: KCB Car Loan (from 13% p.a.), Equity Asset Finance, Stanbic Vehicle Loan, and NCBA Auto Loan. Rates range from 13-18% depending on whether new or used, loan amount, and your credit profile. Dealer financing from Toyota Kenya, Simba Corp also competitive.
How much deposit do I need for a car loan?
Most lenders require 10-30% deposit: New cars typically 10-20%, used cars 20-30%. Some dealers offer zero deposit with higher rates. A larger deposit reduces monthly payments and total interest paid.
Can I get a car loan without payslip?
Self-employed individuals can get car loans with: 6-12 months bank statements, business registration documents, and M-Pesa statements showing income. Rates may be slightly higher. Logbook loans are another option if you have an existing vehicle as collateral.
What is the maximum car loan amount in Kenya?
Car loan limits depend on income: Typically 3-4x gross annual salary. Maximum amounts range from KES 500,000 for digital lenders to KES 20 million for high-net-worth individuals at banks. Most common range is KES 1-5 million for salaried employees.
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