A Step By Step Guide To Your Car Financing

Car financing is the process of taking a loan so that you can buy a car. This loan is then repaid over time with interest and fees within a specified amount of time. Financing a car is often the only means for most people to get a car due to inadequate funds. Having a car is essential for many people for their daily commute to work, and so this type of loan enables them to pay off their vehicle. There are many car financing dealers in Kenya, which include individual lenders and financial institutions. They offer so many car loan types that it can often become daunting for people to decide which one to get. This is where Mwananchi Credit Limited steps in to save the day. We offer some of the best car financing options in Kenya, quick, affordable, and hassle-free. In addition to car financing, we even offer various other services such as logbook loans, title deed loans, and trade finance services. Here is a step-by-step guide to your car financing, where we discuss what you need to know and the requirements. 

Understanding Our Car Financing Terms

Mwananchi offers the best car financing in Kenya and simplifies the process for you. Before we explain the process, it is essential you first understand our car financing terms. This is to ensure that you know all the facts before you make this critical decision. We offer excellent loan terms and ensure you get the cash as fast as possible. The terms of our loans vary and depend on the different types of cars that people want to buy. After all, everyone wants different cars, and we try to adjust according to them. Our loan amounts, therefore, can vary between a minimum of 150,000 KSH to 25,000,000 KSH. This all depends on the make, model, engine capacity, and manufacturing year of the car you want to buy. The repayment period can vary up to 24 months, during which you can pay in monthly installments, all the while owning the car you have brought. We offer financing on all forms of vehicles, which include matatus and lorries. 

We also offer motorbike financing and used car financing in Kenya. You don’t need to worry about providing additional collateral for this type of loan, as the car you purchase will be used as security. If you fail to pay back the loan within the given time, we will have the right to possess the vehicle. However, our repayment periods are pretty reasonable, ensuring you can repay the loan without being penalized. You may be wondering what the interest rates of our loans are? These will vary depending on the car you purchase, but you can use the car financing calculator on our website to determine them based on the various factors of the car type. Additionally, if you already have a car, you can obtain a loan on a logbook from us at very reasonable rates. 

How to Obtain a Car Finance Loan?

You can obtain a car finance loan from us by getting a quote through the online financing calculator we provide on your website. After that, you can simply apply for a car finance loan on our website, after which we will guide you through the necessary steps. We try to provide you with these loans as quickly as possible with speedy pre-approval and approval processes. After the required paperwork is completed, we provide you with the funds. Our offices are available all over the country so you can obtain a loan wherever you may be. These offices are available in Mombasa, Nairobi, Thika, Kisumu, and Eldoret. Here are the requirements necessary for you to get the loan: 

  • Certified bank statement of six months
  • ID copy and IRA of applicant
  • Passport photos
  • Proforma Invoice
  • Sale agreement

The bottom line

Car financing is an excellent way for anyone to obtain a car when they do not have the necessary funds to acquire one. This enables them to commute to their work more, enabling them to get into a financially better position. Mwananchi Credit Limited offers the best car financing service, in addition to cheque discounting, import duty financing, and insurance premium financing in Kenya. You can obtain loans anywhere within the country at highly reasonable terms that you can easily repay. These are adjusted according to the type of car you want to get. So what are you waiting for? Get your dream car now.  

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