100 Car Financing in Kenya: Offers and the applicable terms

A car has become almost a necessity yet we don’t expect the prices to fall any time soon so the emergence of bankers offering 100 car financing in Kenya is quite welcome.

And so unless you’ve been working hard and saving up for your dream car, you want to look up the following institutions offering 100% loans on cars in Kenya.

Of course, not everyone qualifies so I have included the minimum requirements plus other terms for each of the current 100 car financing in Kenya offers.

100 car financing in Kenya: Loan offers and applicable terms

1.   Toyotsu Kenya Financing

Toyotsu and Toyota Kenya leasing department offer 100% car financing in Kenya mostly to salaried buyers.

The standard maximum repayment period is 5 years and the interest rates are pegged on the prevailing interest rates.

Toyotsu does this under their partnership with CFC-STANBIC Bank and has been running for several years.

For assistance, contact the Toyotsu auto ventures showroom located in South C, along Popo Road (off Mombasa road).

Features of Toyotsu 100% Car Loan

  • No minimum loan amount.
  • Can finance up to 100% for qualifying applicants.
  • Market interest rates (as per the Central Bank of Kenya’s CBR rate)
  • 60 months maximum repayment period.

Minimum requirements

You will be asked to provide the following documentation when applying:

  • Your latest 6 months bank statements
  • Your latest 3 months payslips
  • Copy of your KRA PIN certificate
  • Copy of your national ID card.
  • A copy of your employment letter (from your employer)


2.   Cooperative Bank Kenya Car Loan

Co-operative bank generally offers 80 percent financing under their joint venture deal with leading Japanese of exporter of used cars, World Navi Company.

And in most cases, it’s only when you’re importing a car costing a minimum of Sh500, 000 from big markets like UK, Japan, and Thailand.

If you opt for this option, you get a 3-months warranty on the transmission and engine issues on your imported vehicle.

Besides, the bank has pledged to import only accident-free cars with genuine mileage certificates.

This coop bank car financing is open to both Coop bank account and non-account holders.

Standout Features of Coop Bank Kenya car loan

  • 80% financing
  • Market-based interest rate.
  • Prompt processing.

Minimum requirements

  • Latest bank statements.
  • Your national ID card.
  • Your KRA PIN certificate.
  • A completed application form (available from any Coop bank branch).
  • A proforma invoice from the importer (the bank will link you to World Navi company officers).


ALSO READ: New cars in Kenya (locally assembled): where to buy, Financing offers and service packages


3.   KCB motor vehicle financing.

KCB , one of Kenya’s biggest banks has several near 100 percent car finance options for selected groups if you prefer to pay for car in installments.

The bank organizes both new and used car financing in Kenya at friendly terms.

They also have some financial packages to fit those buying hire purchase cars in Kenya.

Note that KCB additionally offers 100% financing on insurance premiums for your car under the bank’s bancassurance section.

Here are the full details…

car loans in kenya

·       KCB Car Loan

Under the KCB car loan, you’re awarded 90% financing if you’re buying a new vehicle and 80% if purchasing a second-hand car.

You can, however, be financed up to 95% of the car value if you’re procuring a car under any existing dealer promotion scheme.

KCB periodically run such promotions in collaboration with car dealers so you need to keep checking the media for advertisements.

The allowable repayment period is set at 60 and 48 months for new and used cars respectively.


·       Individual /Companies KCB car/PSV loan

The bank as well funds 90% of the cumulative personal car price and 70% (maximum 80%) if you’re buying a PSV.

But there is a catch…

To access this car credit facility, you need to have been in business for 3+ years as the bank requires that you apply using your business or company name.

Besides, you can only qualify if the vehicle you’re negotiating to purchase has a 2-years warranty period.

Moreover, you should be prepared to finish paying off the advance within 24 months (or 36 months in some cases)- not very easy!

Those applying for PSV financing are further supposed to be members of a registered transport SACCO and must already own 2 PSVs.


·       Heavy Commercial Vehicles financing (KCB Asset finance)

The bank can also help you start a commercial transportation business by funding your purchase of the requisite Commercial Vehicles such as Trucks, Pick-Ups, Trailers, and more.

If new, you get 90% finance payable in 60 months maximum while the financing drops to 80% repayable in 48 months if purchasing used vehicles..

·         ALSO READ: car dealers in mombasa: get the best car deals in mombasa


4.   NIC Bank Car Loan

If you have been considering taking up a 100 car financing option, NIC Bank can organize for you an affordable loan under their car asset finance products.

Like with most car loans, NIC bank car loan is mainly for salaried customers purchasing a car for private use.

I should add that NIC bank can also finance cars purchased during NIC bank vehicle auction if you’ve met the loan requirements.

Salient Features of NIC Bank Car Loan

  • Minimum loan: Kshs 300,000
  • Maximum qualifying loan: This depends on your ability to pay.
  • Financing limit: 90% of your target car value
  • Repayment period: Maximum 72 months

Minimum requirements

  • Copy of your chosen car’s logbook
  • Copy of the sale agreement agreed between you and the seller.
  • Proof of your contribution (10% of the value).
  • Car valuation preferably from AA of Kenya or their franchise dealers.

Tip: you can use the NIC car loan calculator Kenya to get an estimate of the actual loan repayment amount and interest.


5.   Toyota/Prime Bank 100 car financing in Kenya

Toyota Kenya has partnered with Kenya’s Prime Bank to roll out a 100 car financing deal christened Drive Loan that allows registered insurance brokers to access financing on Toyota Kenya cars.

Through the arrangement, insurance brokers (under the AIB -Association of Insurance Brokers) will get 100 car financing when buying RAV4, Suzuki Ertiga, Toyota Rush, and Fortuner car models.

The repayment period is 36 months.


Other 100% car financing in Kenya options

Some asset financing SACCOS in Kenya also provide 100 car financing. These include OASIC SACCO and Unaitas SACCO  (100 car financing in Kenya)

On top of that, you can consider the following choices:

  • Family bank car loans: You are financed up to 80%.
  • CBA asset financing: You get 90% of the total car value at about 14% interest rate per annum.
  • Asset finance Barclays Kenya: Funding percentage depends on the type of vehicle but can rise up to 95%.
  • I&M car loan: 80% maximum financing available for both new and used vehicles (for 48 months).


ALSO READ: Top 5 places to shop for toyota cars for sale in kenya


The various 100 car financing in Kenya offers can help you own your dream car even when you’re short of cash.

The leading options are Toyota Toyotsu financing Kenya and perhaps Unaitas.

Besides, KCB, Co-operative bank, and NIC – some of the best banks in Kenya for loans- also offer you a couple of interesting options.

Overall, most offers range between 50-100% so you might need to have some cash to cater for the deposit.

The repayment terms are between 24-60 months so do your financial analysis and be sure you will be able to pay before taking up any of the car loans.

Lastly, it’s always advisable that you compare all of the above-listed 100 car financing in Kenya offers before settling on the best.

This could help you save a significant amount in the form of fees and interest.

Good luck!


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