Car financing has become an essential solution for many Kenyans aspiring to own vehicles but lacking the upfront capital. The increasing demand for affordable car ownership options has led to the growth of numerous financial institutions in Kenya offering car loans, both for new and used vehicles. These companies provide flexible repayment plans, competitive interest rates, and varying loan amounts, allowing Kenyans from different walks of life to access their dream vehicles.
Whether you’re looking to finance your first car, upgrade your current one, or even acquire a commercial vehicle, there are several reputable institutions offering car financing solutions to suit your needs. Below is a detailed list of the top car financing companies in Kenya.
1. Watu Gari
Location: Nationwide
Contact: 0790 000 999 / 0709 739 000 / 0719 111 000
Watu Gari, established in 2021, offers flexible car financing solutions tailored to meet the needs of Kenyans across the country. The company provides financing for up to 80% of a vehicle’s market value, with affordable monthly interest rates starting from 2.5%. Loans can be repaid over a period of 6 to 60 months, and comprehensive motor insurance is included in the loan package. Watu Gari offers same-day processing and has various branches in Nairobi and beyond.
Key Features:
- Financing up to 80% of the vehicle’s market value
- Interest rates from 2.5% monthly
- Loan period from 6-60 months
- Comprehensive motor insurance included
- Same-day processing
Requirements:
- National ID/Passport
- KRA PIN certificate
- NTSA TIMS account registered under the borrower’s name
- 6 months bank and Mpesa statements
- Proforma invoice from the dealership
2. MOGO Kenya
Location: Nationwide
Contact: 0768 469 112
MOGO provides affordable car financing for both new and used vehicles, along with logbook loans, boda boda loans, and tuk-tuk loans. The company offers loans for cars of any age, with a down payment of only 20%. MOGO finances up to 80% of the car’s value and offers loan repayment terms of up to 60 months.
Key Features:
- Loan up to 80% of the vehicle’s value
- Down payment of 20%
- Loan amounts up to Ksh 2,500,000
- Flexible repayment terms (up to 60 months)
Requirements:
- National ID
- KRA PIN
- Mpesa/bank statement for the past 6 months
3. Mwananchi Credit
Location: Ecobank Towers, 10th Floor, Muindi Mbingu Street, Nairobi
Contact: 0709 147 000
Mwananchi Credit offers fast and efficient car financing solutions, especially for those looking to acquire any type of vehicle. The company provides loan terms from 12 months to a maximum of 48 months. Mwananchi Credit is known for its quick processing and flexibility in terms of loan repayment.
Key Features:
- Fast loan processing
- Loan terms from 12 to 48 months
- Wide selection of vehicles financed
Requirements:
- 6 months certified bank statement
- KRA PIN and ID copy
- Passport photos
- Proforma invoice from the car dealer
4. HAKKI Africa
Location: 3rd Floor, Above Equity Bank, Dagoretti Corner
Contact: 0711 082 132
HAKKI Africa specializes in financing cars with a loan amount that can cover up to 90% of the vehicle’s value. The company offers a quick loan approval process, often within 24 hours, with monthly interest rates starting at 2.5%. The loan duration can vary, providing flexibility for borrowers.
Key Features:
- Financing up to 90% of the vehicle’s value
- Quick approval (within 24 hours)
- Competitive interest rates of 2.5% monthly
Requirements:
- National ID
- KRA PIN
- Proof of income
- Proforma invoice from the dealer
5. Ngao Credit
Location: Morning Side Office Park, 4th Floor, Ngong Road
Contact: 0709 650 000
Ngao Credit provides car financing solutions for both showroom and used cars. The company offers financing for up to 70% of the vehicle’s value, with loans available for up to Ksh 5,000,000. Ngao Credit also offers loans for cars from local or foreign dealers.
Key Features:
- Financing for up to 70% of vehicle value
- Loans for showroom and used cars
- Loans up to Ksh 5,000,000
- Flexible repayment terms
Requirements:
- National ID
- KRA PIN
- 12 months bank statement
- Proforma invoice from the dealer
6. CFAO Motors
Location: 020 760 4238
CFAO Motors provides car financing solutions for individuals and business entities. The company specializes in financing new cars from major brands like Toyota and is known for offering competitive interest rates and flexible loan terms. CFAO Motors works closely with banks and financial institutions to offer comprehensive financing options.
Key Features:
- Financing for individuals and businesses
- New car financing, particularly from Toyota
- Competitive interest rates and flexible loan terms
Requirements:
- ID and PIN
- Bank statement for the last 6 months
- Completed application form
7. Autochek
Location: Westpark Towers/ Mpesi Lane, Off Muthithi Road, 4th Floor, Nairobi
Contact: 0111 034 300
Autochek simplifies the car buying process by offering car financing options with low interest rates, flexible payment terms, and fast approval. The platform acts as a one-stop shop for automotive needs, connecting buyers to financial institutions and car dealerships.
Key Features:
- Low-interest rates
- Flexible payment terms
- Fast approval process
Requirements:
- National ID
- KRA PIN
- Proof of income
- Car dealership invoice
8. Motorhub
Location: Kiambu Road
Contact: 0727 200 200
Motorhub connects potential buyers with the best financing institutions in Kenya. By collaborating with banks, saccos, and microfinance institutions, Motorhub offers customers the opportunity to finance their vehicles through multiple lending options. The dealership ensures that buyers can access the best car deals and financing rates available in the market.
Key Features:
- Wide range of financing options
- Connections with top banks, saccos, and microfinance institutions
- Competitive rates for financing
9. Maridady Motors
Contact: 0798 000 111
Maridady Motors, a renowned car dealership, offers financing solutions for salaried individuals, businesses, and the self-employed. With a deposit of just 10-30%, you can drive away with your vehicle, and the remaining balance is repayable in easy monthly installments for up to 60 months.
Key Features:
- Deposit of 10-30%
- Financing terms up to 60 months
- Accessible to salaried individuals, businesses, and self-employed
10. ASL Credit
Location: The Odyssey, 6th Floor, Muthithi Road, Westlands
Contact: 0705 633 343 / 0738 189 724 / 0771 497 447
ASL Credit provides commercial vehicle financing, construction machinery financing, and personal car financing. The company is well-known for offering structured working capital solutions to clients, making it a great option for both personal and business vehicle financing.
Key Features:
- Financing for personal cars, commercial vehicles, and machinery
- Structured financing solutions
- Flexible repayment plans
Requirements:
- National ID
- KRA PIN
- Proof of income
- Business registration documents (for businesses)
Car Financing Banks in Kenya
In addition to the microfinance institutions and car dealerships listed above, several banks in Kenya also offer car loans with favorable terms and competitive interest rates. Some of these banks include:
- National Bank
- Stanbic Bank
- I&M Bank
- Cooperative Bank
- Family Bank
- NCBA
- KCB Bank
- Equity Bank
Car financing has made vehicle ownership more accessible to Kenyans across different income levels. Whether you’re buying your first car or upgrading your current vehicle, the institutions listed above provide affordable car financing solutions with flexible terms, making it easier than ever to own a car. When considering car financing, be sure to evaluate your repayment capacity, interest rates, and any additional fees before proceeding.
