Monday, December 5, 2022

Tips For Financing Cars in Kenya

Whether you are a first-time car buyer, looking to trade in your unit for another or you are just adding another to your driveway, ensure you are getting the best deal possible when it comes to vehicle financing.

We have put together useful tips you should consider before signing that loan agreement.

Know Your Budget

 Always set a budget for the unit you want to purchase. Autochek ensures you get your calculations right, using the online loan calculator found on our website.

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With its help, you will get a rough estimate of the monthly installments you are to make, interest rates and the required down payment.

Know Your Credit Score  

Having a good credit score is important because it improves your chances of getting a car loan. Lenders prioritize a good credit score to measure the level of risk in lending you a loan.

In Kenya, a good score is between 300 to 850 while above 800 is excellent. While the Autochek team works with you to know the best rates for your car loan, knowing your credit score will help you budget for a car that fits your budget.

Get Multiple Quotes

Before settling for a specific offer as given by the potential lenders, get a range of options to make sure you are getting the best deal.

On the Autochek platform, your single loan application goes to multiple lenders including banks and microfinance organizations who review your profile online, within 6 hours you have received offers, and within 48 hours you have your vehicle.

Go For Short Loan Terms

Most customers are enticed by longer loan terms due to reduced monthly payments made towards the loan.

This however attracts higher interest rates which means at the end of the loan tenure.  Eventually, you will end up paying more and not forgetting the huge financial burden over the loan tenure.

Conclusion

Buying a car is an excellent idea when you get the right financing. It not only means you spread out the costs but it also improves your credit score for future projects that may require financing.

The Autochek platform offers competitive lending rates which in turn assures clients of getting great deals to finance their dream cars. We are certain your journey will be a wholesome hassle-free experience.

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