The best banks for a car loan in Kenya are listed in this article. Almost everyone’s dream is to own a car at some point in their lives. Most people are prevented from realizing their dreams due to a lack of funds.
This should no longer be an issue for you because there are numerous financial institutions in Kenya that provide affordable car loans.
Here are a number of banks that you can talk into, and walk out as a car owner.
Best Banks for a Car Loan in Kenya
1. NCBA Bank
NCBA provides car loans with an annual interest rate of 13%. To spread out the cost, you can choose from a variety of convenient payment options. If you qualify, your loan will be approved within 12 hours, with no hidden costs and no additional insurance premiums if needed, whether for a new or used car up to 8 years old.
2. Co-operative Bank
Co-op Bank provides a self-service loan product to finance mobile assets such as cars, pickup trucks, tractors, prime movers, and school buses.
Features include an interest rate of 13% per annum and competitive pricing in both local and foreign currency and an automatic reminder of insurance expiry.
Requirements include copies of ID, copy of KRA PIN, invoices, and importation documents.
3. Family Bank
Family Bank provides loan products to business account holders to help them acquire mobile assets such as automobiles, pickup trucks, lorries, buses, tractors, earth movers, and motorcycles.
Features
Get financing for brand-new cars up to 80%.
13% annual percentage rate of interest
For completely new vehicles, loan repayment terms can last up to four years.
Used car financing is available for up to 70%.
Up to a three-year loan repayment period is available for used cars and trucks.
Used PSV vehicles are eligible for financing up to 60% with a two-year loan repayment period.
Eligibility with Kshs 10,000 in annual income.
A vehicle insurance policy.
Low minimum loan amounts and no upper loan limit restrictions.
Requirements
At the time of loan expiration, none of the used assets may be more than ten years old.
At all Family Bank locations, there are pre-printed application forms available.
6 months’ worth of bank statements.
ID copy and KRA PIN.
Invoice in pro forma from the dealer.
Copies of the logbooks for the applicant’s other vehicles.
Most recent used-car valuations from AA/Regent.
Copy of the logbook and the sales contract for used cars.
4. KCB Bank
KCB provides a personal car loan, which is a safe and friendly auto loan with a convenient repayment period of up to 72 months. All you need is an active account for at least three months and proof of security to start driving your dream car.
The annual interest rate is 13%.
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Benefits
It is accessible to both salaried and independent workers.
Up to 72 months of flexible repayment terms are available to suit your needs.
Based on the maximum value of your security, higher loan limits.
Benefits