TOP 15 Best Car Financing Companies in Kenya For 2024(Interest Rates and Loan Benefits)

Explore the top Car Financing Companies in Kenya 2024. Discover ideal interest rates, flexible terms, and comprehensive loan benefits for your vehicle purchase

Jan 29, 2024 - 10:45
Jan 29, 2024 - 10:45
TOP 15 Best Car Financing Companies in Kenya For 2024(Interest Rates and Loan Benefits)
TOP 15 Best Car Financing Companies in Kenya For 2024(Interest Rates and Loan Benefits)

In Kenya, the dream of owning a car is a shared aspiration among many. As we stride into 2024, the landscape of car ownership in Kenya is increasingly being shaped by the pivotal role of car financing companies. These institutions are not just mere facilitators of dreams; they are the bridges that connect Kenyans to the empowering reality of vehicle ownership. Why is choosing the right car financing company so crucial in this journey? Let’s delve into that.

Car financing in Kenya has transformed from a complex labyrinth into an accessible path, thanks to a diverse range of financing companies. These entities have tailored their services to cater to varying needs, offering loans and financial support with varying terms and conditions. From traditional banks with their rich history and trustworthiness to agile and innovative microfinance institutions and community-rooted SACCOs (Savings and Credit Cooperative Organizations), the spectrum of options is vast. But here's the catch – not all that glitters is gold. The choice of a car financing company can significantly impact the overall experience and financial health of a buyer.

So, what makes the selection of the right financing partner so pivotal in this journey? It's about aligning financial goals with the terms, understanding the intricacies of interest rates and repayment schedules, and navigating through the promises to find a choice that truly fits one's unique situation. The journey of owning a car in Kenya is not just about the destination; it's about the financial route taken. Thus, this comprehensive guide to the top 15 car financing companies in Kenya in 2024 aims to illuminate this path, providing insights and information to make this journey not just successful but also empowering.

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Overview of Car Financing in Kenya

In Kenya, the journey of acquiring a vehicle is increasingly entwined with the services of car financing companies. This symbiotic relationship has blossomed over the years, with the car financing sector experiencing robust growth. According to a report from Unilada Kenya​​, a diverse array of institutions, including banks, microfinance institutions, and Savings and Credit Cooperative Organizations (SACCOs), are pivotal in this sector. These entities cater to a broad spectrum of financial needs and preferences, making car ownership more accessible to Kenyans from various walks of life.

Types of Institutions Offering Car Financing

  • Banks: Traditional banks are key players in the car financing market. They offer structured car loans with a range of terms and interest rates. For example, NCBA Bank and Equity Bank are known for their flexible and competitive car financing options​​​​.
  • Microfinance Institutions: These institutions, like Faulu Microfinance and Mogo Kenya, have carved a niche in providing car loans, particularly to individuals and small businesses. Their approach is often more flexible compared to traditional banks​​​​.
  • SACCOs: These member-based organizations offer unique advantages in car financing. For instance, Safaricom SACCO offers loans at 12% per annum on a reduced balance, requiring members to save for a certain period before accessing loans​​.

The Car Financing Process and Requirements

The process of securing a car loan in Kenya typically involves several key steps:

  1. Eligibility Assessment: Financial institutions first assess the applicant's creditworthiness. This consists in reviewing their financial history, income level, and sometimes the purpose of the vehicle.
  2. Application Submission: Applicants must submit relevant documents such as identification, proof of income (like payslips), bank statements, and, in the case of used cars, vehicle-related documents​​.
  3. Loan Approval: Depending on the institution, the approval process can vary in duration. Some, like Mwananchi Credit, pride themselves on quick processing times​​.
  4. Interest Rates and Repayment Terms: These vary significantly across institutions. For example, banks typically offer interest rates ranging from 13% to 18%, with repayment periods extending up to 60 months or more for new vehicles​​.

Top 15 Car Financing Companies in Kenya

1. NCBA Bank

NCBA Bank stands out in the Kenyan car financing landscape for its comprehensive loan solutions. Offering financing terms ranging from 12 to 60 months, NCBA caters to both individual and business needs. With competitive interest rates starting from 13% per annum and the possibility of up to 100% financing based on creditworthiness, NCBA Bank positions itself as a flexible and inclusive option​​. Their extensive network across Kenya ensures accessibility for a wide range of customers.

2. Equity Bank

Equity Bank is renowned for its favourable terms and competitive interest rates in car financing. They also extend additional services like insurance packages, adding value to their car financing options. Their emphasis on customer convenience and investment protection makes them a popular choice among Kenyans​​.

3. KCB Bank

KCB Bank's approach to car financing is tailored to individual budgets and aspirations. They are recognized for their commitment to customer satisfaction, providing personalized financing options that cater to the specific needs of each customer. This customer-centric approach is a significant factor in their strong reputation in the market​​.

4. Stanbic Bank

Stanbic Bank offers the Vehicle and Asset Finance facility, a versatile option designed for both individuals and businesses. This facility includes competitive interest rates, flexible financing terms of up to 60 months, and the convenience of insurance premium financing. The absence of collateral requirements makes it an attractive option for many prospective car owners​​.

5. Cooperative Bank

The Cooperative Bank provides up to 80% financing for new and used vehicles, with competitive pricing in both local and foreign currencies. Their flexible repayment period, ranging from 60 to 96 months, and the provision of automatic reminders for insurance expiry add to the customer-friendly features of their car financing options​​.

6. Standard Chartered Bank

With a global presence, Standard Chartered Bank offers quick processing times and flexible loan repayment terms of up to 60 months. Their car loans are available to individuals, corporations, and SMEs, featuring competitive interest rates. This broad accessibility and efficiency in processing make them a favoured choice for many Kenyans​​.

7.I&M Bank

I&M Bank's car financing covers up to 80% of a vehicle’s cost and offers a loan duration of up to 48 months. This flexibility, coupled with an interest rate of 13% per annum, positions I&M Bank as a viable option for a wide range of assets, from saloon cars to heavy commercial vehicles​​.

8. Faulu Microfinance Bank

As a leading Deposit-Taking Microfinance in Kenya, Faulu offers car loans ranging from KES 50,000 to KES 5 million, with a repayment period of up to 48 months. Their competitive interest rates and high financing percentages cater to both individuals and SMEs, making them a prominent choice in the microfinance sector​​.

9. Mogo Kenya

Mogo Kenya, an international company with a local presence, finances up to 80% of the car's value, irrespective of age or make. They offer low-interest rates of up to 2.5% per month and boast a swift processing time, with the possibility of receiving a car in just 24 hours​​.

10.Mwananchi Credit Ltd

Mwananchi Credit provides fast and flexible car financing, with loan durations ranging from 12 to 48 months. Their straightforward requirements and quick processing times make them an accessible option for various borrowers​​.

11. Ngao Credit Ltd

Ngao Credit is known for its flexibility in financing both new and used vehicles, offering up to 70% financing. With a loan cap of KES 5 million and a repayment period of 36 months, Ngao Credit provides a viable option for those seeking quick and substantial financing​​.

12.Rafiki Microfinance Bank

Rafiki Microfinance Bank stands out with its high financing percentage, offering up to 90% of a vehicle's value. This, combined with competitive interest rates and flexible collateral requirements, makes it an attractive choice for borrowers looking for affordable and accessible car financing options​​.

13. Safaricom SACCO

Safaricom SACCO offers car loans at an appealing annual rate of 12% on a reduced balance. Members are required to save for a minimum period, after which they can borrow up to three times their savings, providing a structured path to car ownership​​.

14. Stima SACCO

Stima SACCO caters to a broad membership base, offering car loans at a yearly interest rate of 12.75% on a reduced balance. Members are eligible to borrow up to three times their savings, with a repayment period of up to 36 months. This makes Stima SACCO a competitive option for those willing to invest in savings before acquiring a car​​.

15. Waumini SACCO

Founded in 1980, Waumini SACCO requires members to save for six months to access loans up to four times their savings. Their loans are priced from 14% per annum on a reduced balance, and the SACCO can use the car's logbook as collateral or require a guarantor. This blend of tradition and flexibility makes Waumini a considerable choice for a variety of borrowers​​.

Choosing the Right Financing Option

Evaluating Interest Rates and Repayment Terms

Interest rates are a pivotal factor in any financing decision. They can significantly impact the total cost of the loan. For instance, while NCBA Bank offers competitive rates starting from 13% per annum, Mogo Kenya provides rates as low as 2.5% per month​​​​. This disparity underscores the importance of thorough comparison.

Repayment terms also play a critical role. Longer repayment periods may reduce monthly payments but increase the total interest paid over time. For example, Standard Chartered Bank offers terms of up to 60 months, providing flexibility but potentially leading to higher overall costs​​.

Additional Benefits and Features

Some financing companies offer additional benefits that can sway your decision. Equity Bank, for example, provides not just financing but also insurance packages, adding extra value to their service​​. On the other hand, institutions like Safaricom SACCO require members to save first, offering a structured approach to financing which might appeal to disciplined savers​​.

Navigating the Fine Print

Understanding the terms and conditions of a financing agreement is crucial. Hidden fees, penalties for early repayment, and other stipulations can impact the overall desirability of a loan. It’s essential to read and understand every aspect of the agreement before committing.

Making an Informed Decision

The decision-making process should be guided by a comprehensive assessment of personal financial situations and long-term goals. For instance, if immediate ownership is a priority, options with quicker processing times, like Mwananchi Credit Ltd, may be more appealing​​. Conversely, for those focused on lower overall costs, institutions with lower interest rates, albeit with longer saving periods, such as Stima SACCO, might be a better fit​​.

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Frequently Asked Questions About Car Financing in Kenya

What is the average interest rate for car loans in Kenya?

    • The interest rates vary widely among different financiers. For instance, NCBA Bank starts from 13% per annum​​, while Mogo Kenya offers rates as low as 2.5% per month​​. It's essential to compare rates from different lenders to find the most favourable option.

Can I finance a used car in Kenya?

    • Yes, many financing companies in Kenya offer loans for both new and used cars. For example, the Cooperative Bank provides up to 80% financing for used vehicles​​.

How long does it take to process a car loan in Kenya?

    • Processing times vary. Some institutions, like Mwananchi Credit Ltd, offer quick processing times​​. In contrast, others may take longer, depending on their procedures and the completeness of your application.

Are there any additional benefits offered by car financing companies?

    • Yes, some companies offer additional benefits. Equity Bank, for instance, provides insurance packages along with its financing options​​.

What are the requirements for obtaining a car loan in Kenya?

    • General requirements include proof of income (like payslips and bank statements), identification documents, and, in some cases, vehicle-related documents for used cars​​.


The journey through the landscape of car financing in Kenya is both intricate and enlightening. From understanding the diverse range of financial institutions and their unique offerings to grasping the importance of interest rates, repayment terms, and additional benefits, the process demands careful consideration and informed decision-making.

In 2024, as potential car buyers in Kenya navigate this terrain, the key lies in aligning their financial goals and personal circumstances with the right financing option. Whether it's the quick processing times of companies like Mwananchi Credit Ltd or the comprehensive loan solutions of NCBA Bank, each institution offers a path to car ownership that caters to different needs and preferences.

Remember, the right financing decision is not just about acquiring a vehicle; it’s about embarking on a financially prudent journey that aligns with your long-term aspirations and economic stability. By arming yourself with knowledge and a clear understanding of your financial landscape, you can steer towards a decision that not only puts you behind the wheel of your desired car but also keeps you on the right track of your financial journey.

Joseph Richard Joseph Richard is a distinguished contributor to, where he leverages his extensive background in finance, business, and technology to provide insightful guides and analyses. With over a decade of experience in Kenya's dynamic market, Joseph has become a trusted voice in helping individuals navigate complex topics with ease. His work, recognized for its clarity and reliability, spans critical reviews, educational content, and comprehensive guides on making informed decisions in finance and business. Joseph's commitment to empowering Kenyans through accessible information underscores his reputation as a dependable and authoritative figure in the industry