Car Loans in Kenya-80% to 100 % financing



Car loans in Kenya are available for individuals who would not be able to save until the amount totals what they should pay to acquire a personal car. Several banks, micro finance institutions and SACCOs offer car loans but only a few listed on this article eclipse others in terms of terms of the loans.

When planning to take a loan, there are factors to consider before you make the decision. One of the factors is the interest rate on the loans, another is terms of the loan-which include repayment period, requirements to qualify for the loan and the maximum amount to receive as loan.

Before you make the decision, we shall make it easier for you to decide on the best route to take by listing the best companies based on customers review. Here are places to take a loan in Kenya.

  1. SACCO

SACCOs emerge as the best institutions to go for a car loan. The beauty of securing a loan from a SACCO is that you have flexible payment period which also comes with low interest rate-usually 1% on the principal amount every month.

  1. NIC Bank

If you have an account with NIC Bank,you will qualify for a car loan of up to Ksh 15 million.


  • Minimum loan of KES 300,000
  • Maximum loan amount depends on the customer’s ability to pay.
  • Financing up to 90% of car value
  • Repayment period: Up to 72 months


  • Copy of the log book of car to be purchased
  • Copy of accepted sale agreement with proof of contribution

AA of Kenya/Franchise dealers valuation


Another bank where you can get up to Ksh 20 million to purchase a car is Standard Chartered Bank. Since there is interest cap, you won’t be charged above 14 % on the principal amount you take for a loan.


  • Finance available for both new and used cars.
  • High loan amount of up-to Kes 10M for new cars and upto Kes 5M for used cars.
  • Financing of upto 90% for new cars and 80% for used cars.
  • Repayment period of upto 5 years (60 months).
  • Peace of mind knowing that we will finance both the cost of insurance and car tracking device*
  • Attractive premium on comprehensive insurance, significantly lower than what is available in the market.
  • Fast hassle free processing.


    • Salaried with a minimum gross salary of KES 75,000 per month*
    • Salary account with Standard Chartered Bank before the loan is disbursed.
  •     Documents Required
    • Introduction letter from employer on company letterhead
    • Proof of income (certified copy of pay slip) and last 6 months bank statement (for new accounts)
    • Copy of ID / passport
    • 1 x passport sized photograph for new customers
    • PIN certificate
    • Proforma Invoice

Additional requirements for used vehicles:

    • Log book
    • Valuation report
    • Agreement of Sale

Stanbic is a reputable bank,which does not change agreed upon interest rates. It’s very easy to secure a loan from Stanbic bank as long as you have a bank account with the institution.

What it offers you?

  • Competitive interest rates in both local and foreign currency
  • Prompt response to hire purchase applications
  • Flexible financing terms for up to 48 months
  • Financing of motor vehicles ranging from saloons and pick-ups to prime movers and earthmovers
  • New or used assets may be financed
  • Assets remain our property for term of the loan. Ownership is transferred to you after the last payment has been made
  • An insurance premium financing option is available to help you with your insurance payments
  • Automatic reminders of insurance expiry.

Requirements include:

  • Completion of our application form
  • 6 months latest bank statements
  • Certified copies of ID and Pin
  • Memo’s and articles for companies
  • Pro-forma invoice from seller/dealer
  • Valuation report for used units
  • Copies of log book (for used units)

KCB Bank is another financial institution that you should think of approaching for a car loan.The bank offers up to 80 % financing.

Below are terms of the loan

Heavy Commercial Vehicles, Trucks, Trailers, Pick-Ups and other Commercial Vehicles

  • New Vehicles – 90% finance for maximum 60 months.
  • Used Vehicles – 80% finance for maximum 48 months.
  • New trailers but with P/Mover as collateral at 80% loan of 60 months.

Machinery, Tractors, Heavy Earth Moving Equipments’ & Specilized Equipment

  • New machines and equipment 80% financing for maximum of 60 months.
  • Tractors – maximum 50% finance for 24 months any additional finance be covered by additional collateral.
  • Specialized machines – maximum 50% finance for maximum 36 months.
  • IT and Computer Equipment at 70% for 36 months.
  • Heavy earth moving equipment’s for a maximum 80% finance
  • Moratorium period for machines is allowed to facilitate installation and testing.

KCB ‘’Car Loan’’

  • 90 % financed for new vehicles and 80% financed for the used vehicles
  • Maximum loan period 5years new vehicles and 4years for Used vehicle