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Top 10 Car Loans in Kenya


Cars are expensive to acquire and this makes it difficult to put together the necessary finances to ensure this venture is successful. Therefore, when borrowing money to purchase a car take time to look at the terms involved and make a conscious plan rather than being impulsive and ending up making the wrong decision.

Obtaining a loan from the bank is one of the popular decisions most consumers take, this is due to the benefits that are enjoyed by choosing this route.  The first benefit is ease. This allows you to apply for an auto loan and get a pre-approval letter before you have even visited the showroom. This helps in knowing how much you can afford and prevents the disappointment if a car you pick out is not approved.

Banks can also negotiate a lower interest rate, which is beneficial in the long run as you will pay less for the car in the long run. The best place to obtain a car loan is therefore through the bank, this article will highlight the various terms offered by banks in Kenya to help you make a decision when deciding how to finance your car purchase.

Car Loans in Kenya

Get the best Car loans in Kenya


Through asset finance Equity Bank allows you to borrow to facilitate the purchase of the car of your choice.  The following are the requirements necessary to sign up;

  • Three original latest payslips
  •  2 Copies of the ID & PIN certificate
  •  An Introduction/Appointment/Confirmation letter from the employer
  •  Duly signed authorization forms
  •  Duly completed loan application and appraisal form
  •  Pro forma Invoice / Sale Agreement
  •  Valuation Report
  •  Original Log Book

Duration of the loan

Equity offers an auto loan that typically lasts for a period of 36 to 84 months. A longer-term loan typically has a lower monthly payment than a shorter-term loan; however you end up paying more in the long run over the life of a longer-term loan

For example, you might have Ksh 30,000 monthly payment on 36-month loan or a Ksh 15,000 on a 60 month loan. Though the short term 36 month loan seems expensive initially the 60 month loan will cost more in interest


The auto loan’s monthly payment is typically fixed for the entire life of the loan. This thus means the payment will not fluctuate which is an important factor to take into consideration.

A portion of each payment will be diverted towards interest and reducing the loan’s principal balance. This means that with each payment made, the portion is applied to principal increases,

This means you pay the loan off faster toward the end than toward the beginning. For example Ksh 10,000 out of a Ksh 20,000 payment might go toward principal at the beginning of a loan, while Ksh 17, 500 might go toward principal at the end.


An auto loan is a type of secured loan, which means that the car you purchase is collateral for the loan. If by chance you fail to make payments, the car may be repossessed. Therefore ensure necessary research is done before deciding on this huge purchase.

You can easily get Equity car loan financing at cheap rates.



KCB offers car loans to its customers under its asset finance program. The facility provides 90% of the value for new cars and 80% for used cars. In cases where the vehicle is bought through dealer promotion schemes, KCB finances up to 95% of the value for new vehicles. The maximum loan term for the KCB car loan is five years for new vehicles and four years for used vehicles.

It also has a Parliamentary Vehicle Scheme where it finances up to 100% for brand new cars for a loan period of not more than 54 months. This PSV scheme allows you to buy vehicles for commercial purposes by providing up to 80% financing. The main requirement for this scheme is that you should be a member of a sacco.

The following information is required when applying for the loan;

  • Duly filled KCB application form
  • Certified copies of Directors’ ID & KRA PIN certificates
  • Certified copies of Certificates of Incorporation and PIN
  • Company’s memos and Articles of Association
  • Last 6 months bank statements (for non-KCB customers)
  • Proforma invoice from seller or supplier
  • Recent valuation report (for used vehicles)
  • Copy of log books (for used vehicles)


You can access Kcb car loans at affordable prices.


  1. I & M BANK

The bank offers up to 80% of the value with a maximum loan term of four years for new cars.  I&M finances up to 70% for used saloon cars for a period of not more than three years.

It also offers insurance premiums finance which is a short term loan that is designed to facilitate financing of insurance premiums. It is given against the customer’s insurance premium bill for a maximum of 10 months with a minimum finance of Ksh 25,000.

The requirements for the loan are;

  • I&M asset finance form (filled)
  • A copy of your ID
  • A proforma invoice from the car vendor/dealer
  • PIN certificate
  • For salaried persons, a copy of the latest pay slips
  • Bank statements for the latest six months
  • Certificate of business registration (business persons)
  • Business PIN
  • Copies of contract if you are purchasing the vehicle to meet contractual requirement

You can access I&M bank car loans to get affordable rates


  1. Standard Chartered Bank

Standard chartered offers auto loans that finance up to 90% for new vehicles and 80% for used vehicles. The maximum amount you can access for new cars is Ksh 10 million and for used cars it is Ksh 5 million  and it is for a repayment period of not more than five years.

It also provides financing for the cost of the car tracking device and insurance. Salaried persons with a gross salaries of Ksh 75,000 a month are eligible for the loan provided they have a salary account with the bank before Standard Chartered processes the car loan.

Requirements for Standard Chartered car loan;

  • 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
  • Log book (only for used vehicles)
  • Valuation report (only for used vehicles)
  • Agreement of Sale (only for used vehicles)

Access the best Standard Chartered bank car loans at convenient rates



It offers salaried customers a facility to buy cars and finances up to 90% of the car’s value. The minimum car loan amount is Ksh 300,000 and the maximum amount is dependent on your ability to pay. The repayment period for the loan is a maximum of 6 years

The car loan requirements are:

  • Valuation from AA of Kenya/Franchise
  • Copy of sale agreement showing proof of contribution
  • Copy of the vehicle’s log book



The bank offers financing of between 50% and 80% of the total cost for repayment of between 12 to 48 months. However, the car will act as security for the loan. Its advantage is that it offers competitive interest rates and the installments to be made match your income. The bank will also process and disburse the loan in a week if all the requirements are met.

The following are the terms and conditions to consider;

  • The vehicle should not be more than eight years old
  • The vehicle must have a comprehensive insurance policy covering its full value and the interest indicated on the policy document
  • Bank of Africa must approve the insurance company issuing the vehicle’s policy
  • The vehicle you purchase must be installed with anti-theft devices
  • The car will be owned by the bank and the client until the loan is cleared

Requirements for the loan are as follows;

  • BOA application form
  • Bank statements for the latest six months
  • Evidence of the value of a new car from the dealer
  • Original valuation from AA of Kenya for used cars
  • Certified copies of ID or passport and PIN certificate
  • For an imported vehicle which is not registered, you have to submit copies of import documents plus duty receipts and a copy of the vehicle’s log book
  • A letter from your employer detailing the terms of employment for salaried employees


Access Bank Of Africa car loans at affordable rates


Requirements for the loan;

Business customers

  • 6 months’ statements for non-customers
  • National ID or passport of the directors/sole trader/partners
  • PIN certificate of the directors/sole trader/partners
  • Certificate of registration (sole trader/partnership)
  • Certificate of incorporation (limited company)
  • Memos and articles of association (limited company)
  • PIN certificate of the company
  • Resolution to borrow (limited company)
  • Business permit/Sale agreement/Pro-forma invoice
  • Copy of log book and valuation report for used vehicles
  • Last 3 years’ audited accounts (for loans above KES15 million)

Personal customers

  • National ID or passport
  • PIN certificate
  • Payslips for the last 3 months.
  • Letter from employer confirming terms of employment
  • 6 months’ statements for non-customers
  • Sale agreement/Pro-forma invoice
  • Copy of log book and valuation report for used vehicles


You can access Absa car loans at cheap affordable rates



Check out the various terms and conditions of the various banks and compare them to your current situation and make an informed decision.

Visit carhubb and check out the galore of vehicles and make a choice you will not regret.

Carhubb has a financing plan that will suit you click the link below to access it and obtain a loan that enables you to achieve your goals;












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