What are the requirements needed to get the famous Toyota Hiace 9l zero mileage on lipa pole pole for matatu business? This is a common question that many Kenyans contemplating about venturing into the matatu business often ask.

Currently, there are two main ways that you can get this vehicle on financing. According to Gladys Munyori who is a Toyota vehicles saleslady, you can get this vehicle with as little as 10 percent of the selling price, which amounts to around Sh520,000, with the zero mileage local assembly unit going for around Sh5.2 million.

However, there are two main forms of financing that are available for the vehicle. The first form of financing caters after buyers looking to venture into the matatu industry while the second category caters for commercial private hire.

“For the commercial private, you will only need to produce ten percent of the sale amount while commercial banks will finance the remaining 90 percent. You will then repay the loan for a period of 72 months equivalent to 6 years,” she says.

If your goal is a matatu, you will produce a higher amount than the Sh520,000 deposit for your order to go into the waiting list as the vehicle is currently in demand with a queue of prospective buyers already enlisted.

Ms. Munyori says that the banks will need to see 20 percent of the sale amount which is equivalent to Sh1.040 million before financing the remaining 80 percent. This requirement is a prerequisite especially if it will be your first time to own the vehicle. The repayment period for this type of financing will be 48 months equivalent to four years.

There are other charges that you will need to factor in including seats, as the vehicle goes for Sh5.2 million without seats and Sacco branding or enrolment.

Besides the requirements that have been listed by Ms. Munyori, there are other basic financial check points you might want to consider when applying for financing for this vehicle.

READ MORE: Why you are not eligible for M-Shwari loan despite being long-time Safaricom subscriber

Some of them include your ability to repay the loan and your credit standing. For example, are you a risky borrower that no lender will want to finance because of your serial defaults when it comes to debts?

What business do you plan to get into once you acquire the vehicle and will your be able to earn enough to make the instalments for the 48 months. Bear in mind that after paying a deposit of Sh1.040, your monthly instalments could be in the range of 87,000 per month.

If you want to join a Sacco and run a matatu business, have you considered the extra costs involved including branding, seats, NTSA fees, and Sacco enrolment fees?