What documents do I need for a car loan in Kenya?

You typically need a valid ID/passport, KRA PIN, proof of income (payslips or bank statements for 3-6 months), and proof of residence. Self-employed individuals may need additional business documentation.

What is the minimum down payment for a car loan?

Most lenders require a down payment of 20-30% of the vehicle price. A higher down payment can help you secure better interest rates and reduce your monthly payments.

How long does car loan approval take?

Pre-approval can be obtained within 24-48 hours. Full approval and disbursement typically takes 5-7 working days, depending on the completeness of your documentation.

What are the interest rates for car loans in Kenya?

Car loan interest rates in Kenya typically range from 12% to 18% per year, depending on factors like your credit score, down payment amount, loan duration, and the lender. We work with multiple financing partners to get you the best rates.

Can I get a car loan with bad credit?

Yes, it's possible to get a car loan with less-than-perfect credit. You may need a larger down payment or a guarantor. We work with various lenders who offer flexible options for different credit profiles.

What is the maximum loan repayment period?

Car loan repayment periods in Kenya typically range from 12 to 60 months (1-5 years). Longer terms mean lower monthly payments but higher total interest costs.

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