top 7 best asset financing banks in Kenya

Last updated on June 26th, 2023 at 10:30 pm

This article is about top 7 best asset financing banks in Kenya. Owning a car at some point in life is almost everyone’s dream. What prevents many people from realizing this dream is money or insufficient money.

Well, that shouldn’t bother you anymore as there are many finance companies that offer cheap car rentals in Kenya.

best asset financing banks in Kenya

In no particular order, here is a list of the best banks for car rentals in Kenya.

1. KCB Bank Company

KCB offers a personal car loan, which is a secured and friendly car loan with a good repayment period of up to 72 months.

All you need is an active account for at least 3 months and proof of security, you will drive around in your dream car.

The interest rate is 13% per annum.

Gains

It can be accessed by both employees and self-employed.

Flexible repayment periods to suit your needs, up to 72 months.
The maximum loan amount depends on the value of your contract.

2. National Bank

National Bank offers car loans and financial guarantees that allow you to buy a new or used car.

You can also perform major repairs or replacement parts at negotiable rates.

Costs and fees

The amount is 100% of the value of the car.

The interest rate is 13% per annum.
Duration of service – 60 months for new cars and 48 months for used cars.

3. Stanbic Bank

Stanbic Bank offers car finance and facilities in good terms. It provides financing up to 60 months for the purchase of equipment such as vehicles and machinery for your business.

With more than 50 years of experience in cars and finance, they are able to offer customers competitive and flexible terms.

Gains

Competition rates in the amount of the city and country.

Interest is 14.5% per year.

Insurance premium options to help pay for your insurance.
Automatic reminder of insurance pass.

Fixed term of deposit up to 60 months.
Car financing ranging from sedans, pickups, trucks and vans drives the world.

required

The application form provides a description of the application.
Bank statements for the last six months from the applicant’s current bank.

Valid copy of ID card, passport and KRA PIN.
pro-forma invoice of the seller.

A copy of the invoice (for used vehicles only).

4. I&M Bank

With I&M Bank, you can get your dream car today, with up to 80% financing over a 48-month loan period.

The bank pays for the purchase of assets such as new and used sedans, commercial vehicles, freighters, heavy commercial trucks, earth moving machinery, tractors, school buses, and motorcycles.

The interest rate is 13% per annum.

Gains

Quick and easy application process.
Financial assets are maintained independently.

Cash is available directly from selected retailers.
Funding options are available.

Effective relationships with car dealers.
Loan conditions

Financing up to 80% of the value over a 48-month loan period is available for assets, subject to credit analysis.

Decrease for incorrect income and investing loans in loans / drawings to a vehicle.

5. cooperative bank

The Co-op Bank offers personal loan products for financing mobile assets such as cars, vans, tractors, vans and school buses.

Plan

Interest rate of 13% per annum.

Competitive prices in local and foreign currencies.
Automatic reminder of insurance pass.

required

• ID.
• KRA PIN number.
• Invoices and import documents.

6. Family bank

Family Bank offers loan products to business account holders to enable them to purchase movable equipment such as cars, vans, trucks, buses, tractors, earth movers and motorcycles.

Plan

Get up to 80% discount on new cars. Interest rate of 13% per annum.
The loan repayment period is up to 4 years for a new car.

Up to 70% discount on used cars.
Loan repayment period up to 3 years for used personal/commercial vehicles.

Up to 60% finance for used PSV cars, with two-year loan repayments.
Eligibility has a minimum amount of Kshs 10,000.

Insurance for cars.
Minimum loan amount and no minimum amount required.

required

All used properties must not be more than 10 years old at the end of the loan.
Pre-cut copies are available at all Family Bank branches.

Bank statement for a period of 6 months.
ID card and KRA PIN.

pro-forma invoices of vendors.
Copies of logbooks from the applicant’s other vehicles.

Recent AA/Regent car reviews for used cars.
Sales contract and registration documents for used cars.

7. ncba

The NCBA provides a car loan who likes 13% per year.

You can get a lot of great payment options to spread the cost.

Your loan will be approved within 12 hours if you qualify, with no hidden fees and no additional insurance if you don’t.