Looking for a fast and easy way to get your hands on a new car? Are you living in Kenya and have a low or no-deposit budget? Then you’ve come to the right place! We’ll teach you everything you need to know about zero-deposit car finance in Kenya, from the pros and cons to the best providers.
What is zero deposit car finance?
Zero deposit car finance is a type of unsecured loan product that does not require any upfront cash or cash equivalent for the approval process. Instead, you will make a down payment or pay in for nothing at all.
Why choose zero deposit car finance?
- The main benefit of zero deposit car loans in Kenya is that the approval process is very fast. You will not have to wait weeks or even days for a response from the lender. In fact, Mwananchi Credit the best provider in Kenya can provide you with your car loan approval in as little as 6 hours.
- The second reason why you should consider zero deposit car finance is that there are no payments until you actually drive the vehicle. This means there are no interest payments or hidden fees. You will only pay once you have driven the vehicle.
- The third reason is that no credit checks are required. This means you do not have to worry about your credit score or history. You can get approved for a loan even if you have a bad credit score or no credit score at all.
- In addition, zero deposit car finance does not require collateral and is therefore risk-free for the lender. The lender will not lose any money if you fail to make any payments on time. However, this doesn’t mean that they will be lenient with late payment fees!
The pros of Zero Deposit Car Finance
- There are many advantages to zero deposit car finance in Kenya. The best thing about these types of loans is that you do not have to put down any cash upfront. This means you can get the car that you want without worrying about how you will finance it.
- Another great thing about zero deposit car finance is that you can choose from a wide range of options. This means that you can get a car that is suitable for your lifestyle and your budget.
- Zero deposit car finance is also very flexible. You can choose a loan term that suits your needs and repay it over a period of time that you are comfortable with.
- Zero deposit car finance is also very convenient. You can get approved for a loan without having to go through the hassle of visiting a physical location or filling out long forms. All you have to do is apply online and wait for your application to be approved. You can then use the funds to buy your car.
The cons of Zero Deposit Car Finance
Even though zero deposit loans have many benefits, they also have some downsides as well. For one thing, these loans tend to be more expensive than other types of loans, such as bank loans and hire purchase agreements, because the lender does not put down any money upfront. This means that there is no security for them in case you fail to make payments on time or default on your loan completely. As a result, they charge high interest, but with Mwannanchi credit, we are fair enough to our customers, hence we are offering low-interest rates.
Should you apply for zero deposit car finance?
If you have a low or no-deposit budget, then you should definitely consider applying for a zero deposit car loan. With these loans, you won’t have to put down any money upfront like with a regular loan. You can usually get a car loan approval in as little as 6 hours.
Best Zero Deposit Car Finance Companies in Kenya
If you are looking for a fast and easy way to get a new car, then you should consider applying for a zero deposit car loan at Mwananchi Credit. We are the best zero deposit car loan provider you can ever get in the country.
Frequently Asked Question (FAQs)
Can you finance 100% of a car?
Yes, we can finance 100% of the car. You will only pay the insurance premium.
What if I am on a tight budget?
If you are on a tight budget, then you can apply for a zero deposit car loan and get approved in as little as 6 hours. All you need is your salary slip and some personal information. We would also require a letter of recommendation from your employer or your current bank manager. This letter should confirm how long you have been working with them and how much they are willing to vouch for you.
How long does it take to get approved for a loan?
We usually approve loan applications within 6 hours after receiving all the necessary documents. We will give you an instant approval once we have verified all the documents that we need to verify from our end. Our team of experts will go through your credit profile, employment history, and other relevant information that might be needed to make a decision on whether or not to approve your application.
In conclusion, zero deposit car finance is a type of unsecured loan product that does not require any upfront cash or cash equivalent for the approval process. Instead, you will make a down payment or pay-in of nothing at all.