Vehicle Financing in Kenya:Most people dream of owning a car at one point in their life. This dream also includes vehicle owners who also aspire for their dream cars. But oftentimes, financial abilities limits the number of people who own cars. This means that most people actually never get to own any car, leave alone their dream car.
But this situation has now changed. The dream to own a car can now easily become a reality.
This follows Kenya’s top ranked bank, Co-operative Bank, entrance into the car importation business. The bank has an attractive asset financing package that will enable you to own a brand new car easily.
Previously, the bank has had packages that allow customers to acquire among others the popular ‘Box’ Hiace matatu and the Isuzu pick-up to advance their businesses at either low interest rates or zero interest rates.
The latest addition to these solutions come as a relief to borrowers in Kenya. It is also an additional solution to vehicle financing in Kenya. The bank is providing vehicle financing from Sh. 300,000 on wards.
Interestingly, when you purchase the car of your dreams with Co-op bank, you will access up to 80 per cent financing of the total amount. Additionally, says the bank, you will get a guaranteed saving of up to 10 per cent upon purchase.
Strikingly, your application will not be limited to brand new vehicles. The bank currently finances both new and used cars.
The bank will use your source of income to confirm whether you qualify for an asset loan or not. “This means that you should at least have a constant source of income either through formal employment or a profitable business,” says Co-op Bank.
Usually, the assessment of your qualification will be done at your nearest Co-op Bank. Alternatively you can CLICK HERE to start your Co-op Bank asset financing application.
The repayment period for the loan you get can be spread up to 60 months. To apply successfully, you will need to provide the following:
- Your copy of I.D and KRA PIN
- Your copy of business PIN and Copy of Certificate of Registration
- 6 months certified bank statements (for non-Co-op Bank clients)
- Copy of Log Book and, or import papers for used vehicles