Best & Cheapest Car Loan Companies in Kenya 

In Kenya, owning a car is not just a luxury but a necessity for many especially for facilitating mobility. The quest for affordable car financing has led many prospective car owners to search for the best and cheapest car loan companies in the country. 

This article explains Kenya’s car financing platforms, highlighting institutions that stand out for their competitive interest rates, ensuring your journey to car ownership is both affordable.

The key lies in comparing these options, taking into account not just the interest rates but also other additional fees, loan repayment terms, and the speed of processing. 

Best and Cheapest Car Loan Companies in Kenya 

Car Loan Companies	Interest Rates
Safaricom Sacco	12%
Stima Sacco	12.75%
Waumini Sacco	14%
Equity Bank of Kenya	14.6%
Standard Chartered bank	16%
Diamond Trust bank	16%
NCBa Bank	18.1%
ABSA bank	18.5%
National Bank	18%

Tips for Securing the Cheapest Car Loans

The major tips for securing the cheapest car loans in Kenya are:

• Shop around and conduct proper research
• Check your credit score because a higher credit score means a low interest rate and vice versa
• Negotiate terms
• Go for a shorter loan tenure
• Consider a bank or its affiliated dealership
• Make a large down payment
• Read everything about the loan and fine for defaulters
• Beware of any additional fees or charges that can affect the total cost of the loan
• Consider refinancing 

Conclusion

Reading through different car loans in Kenya reveals a competitive market ripe with options for prospective car owners. Whether you prioritize lower interest rates, flexible repayment plans, or quick loan approval, there’s a financial institution ready to meet your needs. 

The best and first approach is to conduct thorough research, check different interest rates, compare the different offers, and consider your financial situation and repayment capacity before making a decision. Check whether saccos, banks, or microfinance institutions are the best for your needs.

By doing so, you will find a car loan that not only meets your budget and needs but also turns your dream of car ownership into a reality, marking a great step in your financial journey.