In this article, we will be discussing various non-bank car financing companies in Kenya. Purchasing a car in Kenya is a significant financial decision that often requires careful consideration and planning, especially regarding financing. Choosing the right car financing can be daunting, as there are various options available, from bank loans to SACCO and dealer financing.
These loans come in various forms, each with different terms and conditions to suit different needs. It is of utmost importance to select the most suitable car financing option, as it can significantly impact your financial health and satisfaction with your vehicle purchase. The list below highlights the best non-bank car lenders in the country.
Non-Bank Car Loan Companies In Kenya
1. Â MOGO Kenya
MOGO has been offering financial services in Kenya since 2018 as a part of the Eleving Group. What sets Mogo apart is its outstanding customer support. They consistently commit to providing high-quality financial products tailored to borrowers’ needs.
The company provides its clients with up to 80% of their automobile’s value. Their car financing option allows you to borrow up to KES 2,500,000 with a repayment period of up to 60 months. Mogo approves all loans within 24 hours, and it does not matter your car’s age. They accept any vehicle of any age as collateral.
One has to provide the following requirements before approval:
- National ID.
- Own KRA PIN.
- Be 23-70 years old.
- Provide 6 months’ Mpesa/Bank statement.
Contact: 0768 469 112
2. Mwananchi Credit
Mwananchi Credit Limited is a leading car financing provider in Kenya that aims to make car ownership more accessible to Kenyans by offering quick, affordable, and hassle-free financing options. With Mwananchi Credit, you can borrow up to Kshs 25 million for a car loan. This high limit lets you buy almost any new car. They provide car financing options with the following key features:
- Loan approval in less than 6 hours.
- Financing up to Kshs 25 million.
- Guaranteed and affordable loans.
Besides car loans, Mwananchi Credit provides other options like logbook loans and title deed loans. This makes them a versatile choice for different financial needs. One has to provide the following requirements before approval:
- 6 months certified bank statement.
- KRA and ID copy of the applicant.
- Passport photos.
- Sale agreement.
- Proforma invoice.
Location: Ecobank Towers, 10th Floor, Muindi Mbingu Street, Nairobi
Contact: 0709 147 000
3. Ngao Credit
Ngao Credit describes itself as a non-deposit-taking microfinance institution created with an interest in offering financial services. They specialise in customised, fast solutions for needy clients. It offers 70% financing for showroom and zero-mileage cars and used cars from local or foreign dealers. It offers loans up to Kshs 5,000,000 with a repayment period of 36 months.
One has to provide the following requirements before approval:
- Proforma invoice from the dealer.
- Original PIN and National ID.
- Latest 12-month bank statement.
- Comprehensive insurance.
Location: Morning Side Office Park, 4th Floor, Ngong Road
Contact: 0709 650 000
4. HAKKI Africa
HAKKI is yet another non-bank institution that supports car financing. The company has its roots in Japan. Their structure is a bit different from that of MOGO in that they require you to exclusively source the car from Japan via a company called Beforward.
HAKKI offers some highly competitive financial products. They offer car financing solutions, financing up to 90% of the value of the car. It offers loans within 24 hours with no hidden costs, a quick process and a 2.5% monthly interest rate.
Contact: +254 711 082 132
5. Watu Credit
Watu Credit was founded in 2015. Since then, the Fin-Tech company has grown in leaps and bounds to become one of the largest financial services providers to those at the bottom of the pyramid in Kenya. The company provides up to 80% financing on your preferred car’s market value. That is to say, if you are buying a Toyota Probox valued at Kshs 1,300,000, they finance you to the tune of Kshs 1,040,000.
With WATU the cost of the loan is 2.5% per month or roughly 30% per annum. As such, a Kshs 1,000,000 borrowed for 36 months will cost you roughly Kshs 51,000 per month, and this is inclusive of loan processing fees and insurance costs.
Location: Avenue Plaza, 2nd Floor, Office No. 3, Nyali-Mombasa
Phone: +254 079 000 099
6. Jijenge Credit Ltd
Jijenge Credit is a microfinance institution with its headquarters in Nairobi and branches in other locations. Their unique logbook loan gives clients access to funds they desire within the shortest time. Jijenge Credit has an Android application to ease access to their services and make the application process more manageable.
All Logbook Loans are subjected to a loan appraisal process. Once a loan has been approved the loan will be disbursed within 24 hours, either Via Mpesa, cheque, or to a bank account. The process from start to finish is just 1 hour to secure a logbook loan from Jijenge Credit.
Anyone who owns a private, commercial, or passenger service vehicle is eligible for a logbook loan. Loans can be secured against more than one motor vehicle at the same time. Minimum loan amount: Ksh. 50,000 and maximum amount: Ksh. 10,000,000
One has to provide the following requirements before approval:
- 2 Clear copies of the original ID.
- Copy of KRA Pin.
- One recent colour passport-sized photograph.
- Original Vehicle Logbook
- Valid Comprehensive Insurance cover.
- Motor Valuation Report/Renewal Notice.
- Sales Agreement.
Location: Town House, 605 Kaunda St, Nairobi
Contact: 0711 282727
7. Momentum Credit
Momentum Credit offers its clients access to up to 50% of the car’s value. Also, they can lend a maximum of Kshs 5 million to any applicant that meets their criteria.
One has to provide the following requirements before approval:
- Three month’s payslip (for employees)
- Six month’s bank & Mpesa statement
- Original logbook Copy of National ID
- Copy of KRA PIN
- Proof of residence
- Motor vehicle valuation report
- Proof of comprehensive insurance
- One passport photo
- Motor vehicle tracking certificate
There are certain age restrictions for car loans in Kenya. For Momentum Credit, the car’s manufacturing date should not exceed fifteen years. Once you have submitted all the necessary documents, you get your loan after 24 hours.
Location: Mama Ngina Street, Nairobi
Contact: 0796 444555
8. Platinum Credit Limited
The company is undoubtedly prevalent in the market as it offers excellent services with a fast disbursement process. One has to provide the following requirements before approval:
- Clear copy of your original ID
- Certified bank statements for the last six months
- Copy of KRA Pin
- One recent colour passport-sized photograph
- Original vehicle logbook
- Valid comprehensive insurance cover
- Certificate of incorporation/registration (For business owners only)
- Personal chequebook
Platinum provides a minimum of Kshs 20, 000 and a maximum of Kshs 2 million. They give their clients a maximum of one year to finish payments. Considering other logbook loans in Kenya, their services are incredible.
Location: International Life House, Mezzanine Floor, Nairobi
Contact: 0709 900 000 | 0730 900 000
9. Watu Gari
Watu Gari started operations in 2021 to provide flexible car financing solutions for Kenyans. It has several branches in Nairobi and other parts of the country. They provide car financing options with the following key features:
- Financing up to 80% of the vehicle’s market value.
- Affordable monthly interest rates from 2.5%.
- Loan period of 6-60 months on any car with no limitations.
- Comprehensive motor insurance (added to the loan principal).
- Same-day processing.
One has to provide the following requirements before approval:
- National ID/Passport and Alien ID.
- KRA PIN certificate.
- NTSA TIMS account must be registered under the borrower’s name.
- Selfie picture.
- 6 months bank statement (electronic).
- 6 months Mpesa statement.
- Duly completed application form.
- Proforma invoice from the dealership.
- Logbook copy.
- The minimum required age of the borrower is 18 years and above.
Contacts: 0790 000 999/ 0709 739 000/ 0719 111 000
10. Rafiki Microfinance
Rafiki Microfinance Bank offers car loans to help you get your dream car. You can borrow up to Kshs 5 million to buy a car. The bank gives you up to 60 months to pay back the loan. This long repayment period can make your monthly payments more affordable.
Interest rates on Rafiki’s car loans range from 14% to 16% per year. The exact rate depends on how much you borrow and how long you take to repay. The microfinance bank has 19 branches across 11 counties in Kenya. You can also use internet banking or mobile banking to manage your loan.
Contact: 0711 073000
