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Asset Financing
Mwananchi Credit Limited automotive financing application process is fast, competitive, and features car loan options tailored specifically to Mwananchi Credit Limited customers.
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Asset Finance Application Form
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You Qualify for Auto Financing of up to! [item-409_price] with an interest of [item-410_price] and a max loan period of [item-407_quantity] months
Summary
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Buy a car from any dealership using our Car Financing Solution.
We work with the majority of Kenyan dealerships. As long as you have identified the vehicle and pass our application criteria, be sure you have a partner in Mwananchi Credit Limited.
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FAqs about asset Financing
Who is Eligible?
Very few buyers have the financial reserves to buy a car without resorting to a finance agreement. However, not all buyers are eligible for car finance, and it depends on two main factors: creditworthiness and income.
i). Creditworthiness
As with any loan, we want to be sure that we are lending money to a dependable client. To this end, the loan applicant is screened according to their credit rating. The credit rating is determined by the applicant's prior credit history: how much they've borrowed in the past, and how dependably the repayments on those loans have been.
ii). Income
An applicant also needs sufficient disposable income to pay off a car loan..
Alternatively, longer term loans can be negotiated, which will have the effect of dropping the monthly loan repayment, albeit at the cost of an increased interest load. It also helps if the loan applicant can put down a substantial deposit before attempting to obtain finance, as that deposit will reduce the total loan amount, lower the risk of a default on the loan, and ultimately result in lower monthly repayments.
iii). A steady income helps a lot
In most cases, we will require proof of employment and at least 3 (but in many cases, 6) month's bank statements as well as corresponding payslips. That's fine and well for applicants with full-time employment, but self-employed people will have a considerably more difficult job to prove their loan-worthiness.
That's where financial stability would come in handy: if the applicant's bank statements can prove that they do in fact earn enough (and steadily enough) to qualify, and with a well-managed debt load, the chances of a successful application improves considerably
Why Mwananchi Credit?
At Mwananchi Credit Limited our focus is on a positive customer experience.That is why we offer a best rate promise and will beat another lender's price by a significant margin.
We also offer a Switch and Save policy, allowing you to switch over to us, saving you a lot with a swift and hassle-free transition. While some lenders will penalise customers by charging unnecessary fees, we make a point of not charging admin fees, exit fees or repayment fees.
Eco Bank Towers 10th floor, Nairobi. Opp. 680 Hotel.
Tel: 0709 147 000
Email: info@mwananchicredit.com
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