Most of us dream about having a car, whether it be because we are passionate about them or the ease of transportation it provides. Additionally, cars represent a higher standard of living as they let us commute on our own terms. Generally speaking, owning a car is a nice feeling, and most of us would never forgo the chance to own one. However, buying a car is no simple feat. They tend to require a high initial investment, not to mention the costs of fuel and maintenance that come up after.
Many people cannot afford this due to a lack of funding, and it can take a long time to afford a car. This is because salaried employees earn nowhere near the amount business owners tend to make. Additionally, the challenge here is that people need a vehicle to move around as part of their job commute. But they also need a job to earn money. Do you see the problem here? There is a need for these people to get a car as fast as possible. Is there any way they can do so?
Yes, the answer is… auto financing.
At Mwananchi Credit Ltd., getting your dream car has never been faster and easier. Our excellent auto financing loan terms ensure you come out on top with your dream car. Continue reading to find out how you can do so!
What is auto financing?
Auto-financing, or car financing, is a type of loan where a lender provides money to a borrower to buy the car the latter wants. In return, the borrower will repay the loan with interest in monthly installments until the contract has expired. The contract will include terms that the borrower and lender will have agreed upon, including the interest rate, repayment period, amount borrowed, grace periods, etc. If the borrower cannot repay the money, the lender has the right to take the car, which will be used as collateral for the loan. Sometimes, some lenders may even have a penalty if the lender repays the money earlier than stipulated in the contract.
Why get your car financed with Mwananchi Credit Ltd.?
We at Mwananchi Credit Ltd. have been in the business for many years and have a lot of experience in the industry. We have changed the lives of many customers who have chosen to do business with us, and because of this, our customer base continues to grow. By simply searching us up on Google, you can see all the good reviews and news about us.
Additionally, there are four factors to look out for regarding money lending businesses. These are:
- Loan Variety and Specialty
- Disbursement and Processing Speed
- Interest Rates
- Repayment Periods
Mwananchi Credit Ltd. thrives in all these factors, ensuring that you get a fantastic auto loan as fast as possible. We are a leader in the money lending business because we do not compromise on these factors.
What are our auto-financing loan terms?
Compared to other lenders, we provide loan terms that are a lot more favorable for you. The loan terms will depend on many factors, mainly the type of car you want to be financed. This includes factors like make, model, engine capacity, and whether the car is old or new. You can also get automobiles like a matatu or lorries financed, as we know that these are very popular in Kenya. We look at these factors to determine the car’s market value and offer the loan amount accordingly. Therefore, you can get auto loan amounts from 15,000 KSH to 25,000,000 KSH.
We also offer flexible repayment periods that are typically 12 months long but can be as long as 48 months. It is essential to note that more extended repayment periods will typically have higher accompanying interest rates. If you want to get an idea about these interest rates, we recommend checking out the calculator module available on our website to help you determine this. You will have to add these details into the calculator, like the amount borrowed and the repayment period you prefer. The car will be used as collateral in this loan, but unlike most lenders, we do not have any penalty if you repay the loan earlier than stipulated in the contract.
How quickly can you get your car financed with us?
When it comes to any of our loans, we strive to provide you with cash as soon as possible. After all, getting a loan can be a stressful process, and we try to ease your anxiety as much as possible by providing it to you early. Therefore, we make sure that all pre-approval, approval, and review processes are conducted as swiftly as possible so that you can get your car financed fast. Additionally, we have branches that are available all over the country in Nairobi, Mombasa, Kisumu, Thika, and Eldoret so that you can get the contract signed fast. Even our customer service team will get back to you quickly if you have any queries or inquiries about auto-financing. We are confident that you will not find any other lender that will provide you with your dream car as swiftly as we do.
What are the requirements for an auto-financing loan?
We try to keep any requirements to a minimum so that you can submit them with ease. This will ensure you will have a hassle-free experience and that you can apply for this loan as swiftly as possible. These requirements for applying for a car finance loan are:
- Certified bank statement of six months
- Applicant’s KRA PIN
- Applicant’s National ID Copy
- Colored Passport Photos
- Proforma Invoice
- Sale Agreement
After this, the processing and paperwork will occur, including approval and pre-approval processes. Once everything has been wrapped up, we will provide you with the car finance funding.
Can you get a loan if you already own a car?
Yes, if you have a car and are looking for a loan, you can apply for our logbook loans. We pride ourselves in being the number one provider of these loans, and you can get these loans even faster within only 6 hours. This loan is used against your vehicle’s logbook, with your car being used as collateral. You can find more details about logbook loans, including an online application option, on our website.
Additionally, if your dream car is present in another country, we provide the service of import financing. By depositing 30% of the car’s value, we will have the car imported and registered at the port of Mombasa. You can have the car on your doorstep within 45 working days. You can find more information about import financing on our website too.
The bottom line
Buying a car is something that a lot of us aim for, but since it is so expensive, the whole process can be time-consuming. Although auto-financing is an option, most lenders make it a long and arduous process with terrible loan terms that make them highly unattractive. There is a need for better loan terms with faster car financing, which is where we thrive, as you have seen. We ensure that all the processes involved are done quickly and hassle-free so that you can be driving away with your dream car in no time. If you have any other queries, feel free to contact us, and we will get back to you shortly, just as fast as you’ll have your car with you!