Car Loans in Kenya

Below are different types of car loans in Kenya that may be of help to you. Did you know that getting a car loan in Kenya is not that hard?

All you need to do is have collateral in case things go zigzag. Security can either be a title deed or logbook of the car to be purchased.

Car loans in Kenya depend on the borrower’s ability to repay the loan.

Types of Car Loans in Kenya

1. NIC Bank Car Loans

It is issued to customers who have monthly income and want to purchase a vehicle for personal use.


  • Minimum loan amount is Ksh. 300,000.
  • Maximum loan amount depends on the borrower’s ability to pay back.
  • Financing up to 90% of the vehicle’s value.
  • Loan repayment period is 6 years.


  • Copy of logbook for the vehicle to be purchased.
  • Copy of validated sale agreement with proof of contribution.
  • AA of Kenya/Franchise dealers valuation.

2. Stanbic Bank Car Loans

It is short term and is normally issued to borrowers who want to buy a car for their personal use.


  • Interest rates are very competitive.
  • Financing terms for up to 4 years. They are very flexible.
  • Stanbic bank finances cars ranging from saloon cars to pick-ups and also prime and earth movers.
  • Used or new cars may be financed.
  • The car remains the property of Stanbic bank until the borrower completes the loan. The ownership of the car will be transferred to the borrower once the last payment has been made.
  • The insurance premium financing option is available to help the borrower with insurance payments.
  • Automated updates of insurance expiry.

3. AMREF Sacco Car Loans

It is tailored for AMREF Sacco members who want to buy vehicles for personal use. The same car will be used as security for the financing of the loan.

Product Features

  • The maximum loan amount is Ksh. 5 million. A borrower needs to demonstrate the ability to repay the loan.
  • Financing can be up to 80% depending on the value of the car.
  • 36 months is the maximum tenure.
  • The interest rate is 1.5% p.m on a reducing balance.
  • Collateral will be the car being acquired.
  • The car being purchased should be less than 10 years old from the manufacture’s date.

4. Family Bank Car Loans

It is available to people who bank with Family Bank to help them purchase cars.


  • Get up to 80% of the money for brand new cars.
  • Loan repayment of up to 48 months for brand new cars.
  • Get up to 70% of the money for second-hand cars.
  • Loan repayment period of up to 36 months for second-hand cars.
  • Borrower’s minimum salary should be at least Ksh. 10,000 per month.
  • Minimum loan amount is very low.
  • No maximum loan requirement.
  • Car insurance will remain comprehensive for the period the car loan is being serviced unless a complication arises.
  • The repayment period of the car loan is between 12 to 48 months.
  • You buy the car and service the loan in installments as you continue to use it.
  • Loan approval is 2 days.


  • All used cars should be older than 10 years at the end of the loan expiry.
  • Application form.
  • Bank statement for the last 6 months.
  • Copy of ID.
  • Copy of KRA PIN.
  • Proforma invoice from the car dealer or seller.
  • Copy of logbooks.
  • The car should not be more than 12 years old at loan expiry.
  • Recent AA/ Regent Automobile valuers and assessors valuation.
  • Sale agreement.

5. Gulf Africa Bank Car Loans

It is given to individuals who want to buy new or used cars. The product is based on the Shariah contract – Diminishing Musharaka.


  • Profit rates are very competitive.
  • Service is personalised.
  • Financial consultation is free.
  • Monthly installments of up to 5 years. They are very competitive.
  • Easy access to insurance premium financing for the motor comprehensive insurance.


  • Financing new and used vehicles.


  • The application form that has been duly completed.
  • Payslips for the last 3 months. They must be certified.
  • Bank statements for the last 6 months. They must be original and certified.
  • Copy of ID or passport and KRA PIN certificate.
  • Colored passport size photo.
  • Copy of vehicle logbook.
  • Proforma invoice or sale agreement.


I hope that his post on different types of car loans in Kenya has been of great help to you.

About the Author

Sande Kennedy is the founder and Editor in Chief of & He is a Kenyan-based Internetprenuer,blogger Political Activist & informer who has an interest in politics, governance, corporate-fraud and human-interest. Kindly drop me a note if you feel aggrieved on any matter that you would want to be highlighted  WhatsApp: +254791890826 Read More about me here