Get A Car Finance? Here Are Top Banks and Microfinance Institutions Offering Car Finance In Kenya

car finance in kenya

I need a car which I saw here right now but my bank account says I can’t afford a car. Many of us think of a car loan as the next best option and the only way out to fulfill the desires of our hearts of one day owning a car. Getting a car financing institution which will offer affordable loans, which can finance a car at least 80% of the value of the car and give a flexible loan repayment period of 60 months is everyone dream. In Kenya car financing loans is one of the best-selling products in banks today. Many Kenyans today are going for car loans to finance the cars they have fallen in love with. However not many people are aware which is the best bank to finance a car or which is the best microfinance to finance a car. Today we have highlighted the most famous banks which finance a car in Kenya and which are the most popular micro finances are financing cars in Kenya. We have also touched the requirements needed to qualify for a car finance in Kenya and which banks of microfinances in Kenya finance both used or new cars in Kenya. So in case you’re looking to get a car through financing in Kenya, or a quick loan or used or a new car in Kenya we have provided more information regarding car financing in Kenya.


To view some of the cars in our stock visit this page and see what excites you most we can always negotiate on payments and pricing.


General requirements to get a car finance in Kenya.

Here are some of the requirements in Kenya many banks or microfinances institutions in Kenya ask for before financing a car. Remember this is a general view and it differs with the institution.

Source of income

  1. Salaried with a minimum gross salary of ( depending with the value of the car and the finance finance your looking for)
  2. If in business produce the proof of business, accounts where you bank or some evidence you earn money
  3. Introduction letter from employer on company letterhead
  4. Log book ( a requirement for used vehicles only in kenya)
  5. Valuation report (a requirement for used vehicles only in kenya)
  6. Agreement of sale (a requirement for used vehicles only in kenya)
  7. Certified copies of Certificates of Incorporation and PIN
  8. Proof of income (certified copy of pay slip) and last 6 months bank statement (for new accounts)
  9. Copy of ID / passport
  10. PIN certificate
  11. Proforma Invoice.

Other options available for you to buy a car in kenya are.

  1. You can buy a car in Mombasa with only 50% of the value of the car and a balance payable in 18-24 months interests free.
  2. You can also buy a car in Mombasa with only 30% of the value of the car and the balance is payable in 18-24 or 36 months depending on how you will talk with the owner of the car.

These Mombasa car deals are in-house arrangements with the showroom (car dealer) and they are not subject to bank or microfinance scrutiny. There arrangements based on trust and a guarantor.

In Kenya today to buy a car in Mombasa through hire purchase its simple all you need to have is 30%-60% of the value of the car and the balance which might be interest free is payable within 18-36 months.

Here are some of the banks offering car loans to Kenyans if you need to buy a car and you don’t have enough money then these banks and micro finance institutions do offer car loans to a Kenyan who qualify.

1.Standard Chartered Bank

one of the banks loan products is the auto loan where they claim they can give you a loan for 10 million for new cars and they can finance upto 5 million for used cars. In there website they have also indicated they have longer repayment periods of upto to 60 months which is 5 years. Standard Chartered Bank have also indicated  they can finance all types of cars both old and new cars that are purchased in our local dealerships.  The bank has also indicated they have minimum formalities and a very simplified documentation procedure required . Standard Chartered has also stated that there interest rates are very competitive both for new and used cars . Check them here for more information.

2.NCBA Bank

NCBA bank is one of the leading banks in Kenya today. On car financing they do claim to finance both new and used vehicles with a 12 hour loan approval time. They do finance used vehicles of up to 8 years. To check more details regarding NCBA car financing please visit here  you will get more information regarding what they do.

3.Equity bank kenya   

Among the banks in Kenya offering an auto loan is equity bank of Kenya.  The bank is one of the largest bank in Kenya and as of today it has spread its wings to east African countries and some parts of west Africa. The bank offers motor vehicle loans to anyone who is in need of car financing if they have the capacity to pay. They claim there repayment terms are flexible and loan disbursement is quick. For you to be financed they require a collateral in the option of asset finance and in this case we are assuming the car is the collateral. You also need to be an account holder with equity bank which might be disadvantage for none account holders and also you need to have a source of income which is can be used to pay the loan. To learn more about equity bank car financing you need to click here.

4.KCB Bank kenya

Among the top banks in Kenya offering car financing is KCB bank. To qualify for a car financing with the KCB bank you need to have a copy of log books, recent valuation report, proforma invoice, bank statement for the last 6 months and a few more items . If you need to know more get in touch with them through here.

  1. National Bank of Kenya

National Bank is one of the banks in Kenya offering car financing loans. The Bank claims they can finance 100% the value of the car and provide a stable repayment period of up to 60 months for new cars and used cars up to 48 months.  Apart from the usual requirements you also need to have with you the valuation fee, group life cover, a comprehensive insurance, car tracker charges and registration and transfer of logbook charges. To learn more regarding the car loans offered by National bank you can visit them here

  1. Co-operative Bank of Kenya
    incase you have been dreaming for a car and maybe you don’t have enough finances well cooperative bank of Kenya is a good option for you. This is one of Kenya’s banks that’s offering car financing to its clients. The bank claims they will finance both new and used cars such as these here. They have a flexible repayment period up to 60 months and did we say they can even finance your import vehicle. To know about there car financing here is the link to check more information.
  2. Sidian Bank Kenya

Sidian bank is another bank in kenya that also offers car finance to its customers. Sidian can does offer its clients up to 80% financing and the bank must withhold the 20% client contribution throughout the process of purchase. To get a car financing from sidian bank one of there requirements is to have an active account with them which has been in operations for the last six months. There are other requirements needed but you can check them here.

Other credit companies in kenya offering car financing are

1.Mwananchi .

Mwananchi Credit is one of the credit companies in Kenya that is offering car financing loans to its clients. Apart from car financing they do also offer import finance. They have indicated they can finance a client with a maximum of 25,000,000 and a minimum of 150,000. The maximum time borrowers can take to clear the loan is about 24 months. Whether you are looking to buy used or a new car, any type of the vehicle, they will finance you. To be financed by Mwananchi you need a six months bank statements, sale agreement, a copy of your id card, a proforma invoice and a few more items. To learn more check them here. They do have an interest rate of about 2% per month , do engage them to learn more.

2.Mogo Car Finance.

MOGO is an international company but with offices in kenya and sub branches in the parts of kenya. Mogo finances upto to 80% of the value of the car regardless of age or make. They claim to have some of the lowest interest rates of up to 2.5% per month and you can get your car in 24 hrs with a deposit of as low as ksh 20,000 per month. They have a long term repayment period of up to 60 months. If you need to check them out here is the link

3.North Wave Credit LTD

This is another company in kenya that offers car finance loans to kenyans. They claim to finance people up to 80% with interests rates from 2.5% monthly and can stretch upto 60 months.  They can offer you a car finance loan in 6hrs and some of there basic requirements include a sale agreement, proforma invoice, 12 months bank statements or mpesa statements, a KRA pin and a copy of your national ID. On top of used and new car loans they also do offer import financing just incase your importing a vehicle from somewhere.  To check them out here is there link.

4.Platinum Credit Limited

If your looking for an import duty financing option or direct import financing option Platinum Credit is one of the companies in kenya offering such a service.  The good thing with the company from the information given they have a repayment period of up to 96 months and you can borrow upto 2 million. To learn more about the credit company check here.

5.Ngao Credit

Ngao Credit offers car finance loan upto 60% of the value of the car. They are one of Kenyans financial institutions offering car finance loans to both used and new vehicles. If you choose them they claim they can finance you within 6 hrs and they have a repayment period of upto 24 qualify to get a car finance with them they require from there clients a proforma invoice, an original ID, post dated cheques, last 12 months bank statements and a comprehensive insurance. There interest rates from there website is about 3.5% per month and they do also offer import finance of upto 70% of  CIF, Duty and Port Charges To learn more click here.


This is another company in kenya that offers car finance loans to individuals who need a car finance loan. The company claims it can finance both new and used cars in kenya of upto 90% of the value of the car and a flexible loan repayment of upto 60 months. To get in touch with them check them here.



The above are some of the banks microfinance and Sacco’s plus other credit companies in Kenya offering car financing loans to their clients. Before you pick any option do get to read every institution terms of service and everything should be revealed to you before you append your signature to the agreement of sale. There many people who take car finance option without fully understanding of hidden charges and they end up losing their car due to failure of honoring the terms of service they agreed to.  Incase your looking for a car new car or a used car to buy in kenya visit this site here you will find what we have in stock just engage you.