Owning a car is something that many people strive for in their life for a variety of reasons. For one thing, being able to commute on your own terms comfortably or being able to take your family alongside is one of the main reasons. Besides convenience, owning a car can also be a status symbol as it can symbolize your progression. It feels good to own a car as it is a significant investment, and most people like spending big on valuable things. Chances are, you are someone who dreams of owning a car too.
However, not every one of us is lucky enough to do so, as getting our dream car or closest realistic alternative can be pretty challenging. This is because buying a car is a significant investment that requires a lot of money. If you are a salaried employee, you might be waiting for a long time before you have accumulated enough cash to buy a car.
So is there any other alternative to get your car fast? Additionally, is this way safe? We at Mwananchi Credit may have the solution for you.
The answer is car financing.
Our car finance loans are optimal for you to get your car safely and quickly on the best terms possible. Don’t believe us? Please keep reading to find out.
What exactly is car financing?
Before we proceed, it is crucial you first understand what car financing is. Car financing essentially is loans provided to a borrower so they can buy a car that they desire. The borrower then repays the loan along with interest monthly until the loan has matured. Typically, there is a repayment period which the borrower and lender will have agreed upon in their contract. Sometimes, these loans will also have a penalty if the borrower repays the loan amount and interest before the period has ended.
What makes our car finance loans better than the rest?
There are a whole host of reasons which make our car finance loans the ideal way for you to fulfill your Finance Your Dream of owning a car. For starters, Mwananchi Credit Ltd. is the number one provider of loans in Kenya, and we have existed for more than a decade. It can be distressing when looking for car finance loans in the country, as many lenders provide so many different terms and processes. However, we are not like these typical lenders. We make sure to remove all these distressing situations so that you can get your cash as soon as possible. Our loans have improved many lives, which is why so many customers choose to deal with us. But this is all talk, let’s provide you with the details.
What are our car finance loan terms?
We offer very flexible loan terms for our car finance loans that will usually depend on the vehicle that you are looking to buy. We look at factors such as model, make, engine capacity, and manufacturing year, and whether it’s new or old. You can even get a lorry or matatu financed. After all, the prices of cars in the actual market will also differ based on these factors. However, the range of the loan amounts will typically differ from 150,000 KSH to 25,000,000 KSH.
Additionally, the repayment period will also depend on the loan time but will typically be 12 months with a maximum of 48 months. If you are still curious about our rates, you can use the financing calculator on our website to determine the interest rates based on factors related to the car you wish to buy. Unlike other lenders, we do not have any penalties as we only take your vehicle as collateral. However, during the loan contract, you get to own the car you have bought with the loan.
How quickly do we provide our loans?
We typically try to make sure you get your loan amount as quickly as possible without as little hassle as possible. We make sure that the pre-approval, approval, and review processes are conducted as swiftly as possible so we can reimburse you with the cash. This includes any necessary paperwork. You’ll find our offices all over the country so that you can visit one of our offices with ease when it comes to accessing cash. Our offices are available in Nairobi, Mombasa, Kisumu, Thika, and Eldoret, ensuring easy access.
What are our requirements?
Now that you understand how our car finance loans work, it is time to discuss our requirements. Again, we make sure that the requirements are as minimum as possible to ensure that you can apply swiftly and with ease. Our requirements are:
- Six months certified bank statement
- Applicant’s KRA
- Applicant’s ID Copy
- Passport size photos (typically two)
- Sale agreement
- Proforma invoice
And that’s it! That’s pretty much all you need to provide us, and once the necessary paperwork and processes have been completed, we will provide you with the agreed amount of funds.
Do we provide other loans related to cars?
Yes, we provide a range of other loans that include those related to cars. You can get a logbook loan from us at the best rates possible within only 6 hours (during working hours) if you own a car. We are the number one provider of logbook loans in Kenya and are typically our most popular loan. You can check out our website to look into logbook loans in detail.
Additionally, we also provide import financing when you wish to import a car from another country. For example, you may want a car from Japan, known to have some of the best automobile companies in the world. You can import a vehicle with only a 30% deposit of the car’s total value, and we will import and register it at the port of Mombasa. Typically, we can bring the car to your doorstep within 45 working days.
The bottom line
If you need a car or dream of buying one, then car financing is a fantastic solution if you do not have the necessary funds. In essence, you take a loan from us and then return the loan to us with interest every month until the contract is up. As you can see, we provide ideal loan terms for your auto financing and try to make the process as quick for you as possible. In addition, we provide a penalty-free and flexible repayment schedule so that you can do so without any hassle. We also have a range of other auto loans if you require emergency funding or need some quick cash.
So what are you waiting for? Try us out and get your dream car with us.