Buying a vehicle is not the easiest decision. However, you have options to explore, especially if you do not have enough money. Auto financing is one of the ways to enable you to own your dream car. The financial assistance can be as high as 80% for any vehicle of your choice. Car financing in Nairobi has never been so easy, thanks to Mwananchi credit who can lend as high as Ksh 25,000,000.

An ideal lender should finance both new and used vehicles at low interest and give affordable car financing in Nairobi. Anyone looking forward to borrowing an auto loan should use the car loan calculator Kenya to know how much it will cost them.

Car Financing in Nairobi

Car financing Kenya

Car financing Kenya is not a walk in the park. You must have a good income that will cover your regular monthly income and still have enough money to repay the loan. Also, saving for a significant down payment reduces the amount of financial assistance that lowers your loan amount.

Do you want to finance a car, get a loan logbook or own a boda?

Car loans

Car financing companies in Kenya have their terms, and most of the loans take up to 60 months. The best lender should also offer you flexible and convenient terms. Nothing makes buying the vehicle of your choice like the ability to buy car and pay installments in Kenya. Look for an auto finance service provider that allows applying for financing online. The loan should be for all car models, makes and ages that meet our criteria.

Logbook loans

Another option for car financing in Kenya is getting a logbook loan. While some logbook loans have to be paid within 24 hours, others can be paid within a duration of up to five years. This allows you to continue using your old car and buy a new one. The interest should be reasonable with a minimum amount of 100 000 KES to as high as 25,000,000 . Logbook loans can also be used for other purposes, including booting a business or an emergency need.

Boda boda loans

Boda boda loan enables you to buy a motorcycle. However, you are required to make a deposit of 15,000 and be ready to pay a minimum of 350 daily. Boda boda loans can be paid within a year, one-half years or one year three months. You choose the repayment period that suits you best. Motocycle financing is processed fast, and you can ride your boda boda the same day you apply for the loan.

Calculator for Car Financing in Nairobi

Car finance calculator

To know your loan repayment instalments, use an online car finance calculator. All you have to do is enter all information regarding the auto loan, and you will see estimated monthly repayments. Try different repayment periods, down payments or interest loan to see how they affect your repayments.

The insights from the car loan calculator Kenya helps you to decide on which model to use. The calculator gives you information you need to make the judgements and start buying today.

FAQs

Which is better: car financing in Nairobi through dealership or asset finance institution?

Either an asset finance institution or car dealership is a great option to explore when looking for car financing Mombasa. A dealership is convenient when buying a second-hand car, and an asset financier tends to offer better interest rates on a new car.

How can I qualify for an auto loan?

  • Have a good credit history- not necessary with Mwananchi Credit
  • Have an income
  • Verify personal identity
  • Get preapproval
  • Have some deposit
  • Get to know how auto financing works

What is a reasonable financing rate for a car?

Most auto loans from credit unions or banks are repaid within a period of 36 and 72 months. The shorter the loan repayment period, the lower the interest rate, so for reasonable financing rate, you should repay the loan as quickly as possible.

What is the smartest way to buy a car?

The most brilliant way to buy a car is using 0% financing. If you can save money and pay for it in cash, you save money spent on interest and get your vehicle as soon as you want by going through a loan application process. During this covid-19 pandemic most people are suffering from financial constraints, you may opt to for car financing to grow your hassle!

There is no specific best asset financing for a car loan in Kenya. Find a creditor whose terms and conditions that suit you. Car financing in Nairobi is not hard and once you get it, be sure to adhere to the agreement and become a car owner. Apply today!

Apply for a loan today!

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *