Whether you want to buy a new or a second-hand car in Kenya, the cost of this asset is not cheap. The best thing is to get car loan in Mombasa and own the car immediately with monthly loan repayments at affordable interest rates.
With so many lenders offering auto loans, it is essential to use the car loan calculator Mombasa to see how much it will cost you. If you choose to get also, choose a financing institution with easy steps of application. Mwananchi Credit is one of them and offers car loans in Mombasa instantly for qualifying customers.
Car loan in Mombasa
Advantages of getting a car loan in Mombasa
You have several options when purchasing a vehicle, and it’s not easy to settle for one. It is even more challenging if you want financial assistance to buy your dream car. However, nothing should stop you. It is possible to purchase a car and pay instalments in Kenya Mombasa while making money or easing your movements around the country. Here are of great benefits of getting a car loan from Mwananchi Credit to buy a car.
- Interest rates on personal loans are cheaper except when your dealer gives you 0% finance.
- The arrangements for a car loan in Kenya are easy.
- The loan is flexible and can be repaid within a period of between one and seven years.
- You own the car as soon as you pay the dealer;
- A car loan from Mwananchi Credit gives you the freedom to choose where to buy your car. You are not tied to a particular dealer.
Drawbacks of a personal car loan in Mombasa
- It is hard to access a personal car loan in Mombasa unless you have an idea of how to access Mwananchi Credit.
- You become the car owner, and therefore all repairs are your responsibility.
Things You Need to Apply for a Car Loan in Mombasa Kenya
If you want to borrow an auto loan from Mwananchi Credit as an individual, you must prove your loan ability. This means you have salary and have these documents:
- KRA pin
- The past six months, bank statements
- Identity card
- NTSA TIMS account- not a must
Business should bring the following:
- Six months most recent bank statements
- Identity card
- KRA pin
- NTSA TIMS account
- Certificate of Incorporation
Companies are required to have:
- Latest bank statements in the past six months- not necessary
- Company’s KRA pin
- Copies of directors’ KRA pin and identity cards
- Certificate of incorporation
Frequently Asked Questions
Can I negotiate my car loan interest rate?
Some asset financing institutions allow their customers to negotiate their car loan interest. The best way to do this is to research beforehand and choose a superb option with a chance to negotiate for a lower interest rate. Mwananchi allows you to come in and negotiate based on what you are borrowing.
How do you get a good APR on a car loan?
Here is how to lower APR on a car loan:
- Build credit before applying for car financing Mombasa. This is not a mandatory with Mombasa.
- Applying for a refinance
- Get a cosigner or a co-borrower
- Consider a short term for your car loan
- Negotiate interest rate
- Explore different ways to lower your APR on a car loan
What is a bad APR for a car?
Someone with an excellent credit rating is 4.96%, and someone with bad credit should be around 18.21%. Mwananchi credit rarely cares about the APR score. So long as you can repay the loan.
Can I lower my car payment without refinancing?
Yes, you can lower your car payment without refinancing. Some lenders can work with you and allow you to negotiate to get a lower interest rate.
Is a 72-month car loan bad?
72 months is the common car loan term. Up to 70% bought in the past year, the loans had a term of over 60 months. It is not bad, but it may not the best option if you want to save in terms of interest rate.
What do microfinance look at when applying for a car loan in Mombasa?
Mwananchi Credit will require the following details before giving car financing Mombasa:
- Information regarding your payment capacity
- Apply for a loan online
- Requires you to use the Mwananchi car loan calculator
- Have a proper understanding of the car dealership
The car loans in Mombasa is not easy to navigate. This is why you should talk to Mwananchi offices in Mombasa. All you have to do is let them know how much you want and provide personal details to determine how much you qualify for. Apply today.