Top Zero Deposit Car Finance Providers in Kenya 

The concept of zero-deposit car finance is revolutionizing the path to car ownership in Kenya, making it more accessible to people than ever. This financing model helps people looking to drive off in their dream car without the upfront financial burden of a deposit. 

Our article explains the top providers in Kenya who excel in providing zero-deposit car finance options, combining competitive interest rates, flexible repayment plans, and easy application processes. 

Whether you’re a first-time car buyer or looking to upgrade your car, these providers in Kenya are paving the way for a smoother journey to car ownership, all without the initial deposit hurdle.

What is Zero Deposit Car Finance?

Zero deposit car finance is a credit option that allows borrowers to buy a car without making an upfront down payment. This means buyers can purchase a car immediately and start making monthly payments on the loan amount, without making the initial financial deposit.

Benefits of Zero Deposit Car Finance

The benefits of Zero-deposit car finance include:

• It gives buyers immediate ownership of a car without waiting to save for a deposit to pay upfront before owing the car.
• Promotes cash flow management which helps preserve your savings to use for another need
• Makes car ownership accessible for a lot of people 
• It is budget-friendly. Zero deposit car finance helps spread the cost of a car over monthly payments.
• It is flexible and gives one opportunity to get a better car.

Best/ Top Zero Deposit Car Finance Providers in Kenya

Name of Loan Provider	Interest rate	Loan amount	Repayment duration
Mwananchi Credit Ltd	10% to 14% per annum	Up to 25 million	Spans up to 48 months
NCBA Bank	11.9% to 14% per annum	Up to 25 million	Duration Spans up to 72 months
Rafiki Microfinance Bank	14% to 16% per annum	Up to ksh. 5 million	Spans up to 60 months
Toyota Kenya	10.5% to 15%	Up to ksh. 20 million	Up to 60 months repayment period.

Eligibility/Requirements For Zero Deposit Car Finance

To qualify for a zero deposit car finance in Kenya, there are requirements to meet:

• You must be 18 years to 60 years 
• Have a valid driver’s license 
• A good credit score
• Proof of steady source of income.
• Applicant’s ID and KRA PIN Certificate 
• Letter of Introduction from your employer 
• Your latest 3 months’ certified pay slips 
• Recent 6 months’ bank statements (if you’re not banking with the loan provider) 
• Copies of employment contract, or letter of appointment to office.

How To Apply For a Zero Deposit Car Finance in Kenya

• First, go for the right dealer who has a relationship with a bank or who is reputable with a competitive interest rate
• Know what you are eligible for or check out your zero deposit car’s finance eligibility.
• Get your good credit score records ready.
• Go for the right amount you can afford to pay off
• Fill and complete the zero deposit car finance loan application form. You need to write all necessary personal and financial details down.
• Provide other required documents and submit them.
• Wait to have the loan application approved.
• Meet your existing bank and let them know. You can write a letter to your bank telling to initiate an installment payment monthly to the loan provider

Frequently Asked Questions 

Does KCB offer car loans?

Yes, KCB offers car loans in Kenya. They cover 90% of the value of the car with a five-year loan term and 80% to 100% for used cars with a longer loan period.

Can I pay for a car in installments in Kenya?

You can pay for a car in installments in Kenya depending on the agreement with the lender. Each lender has their unique features, so find out before moving ahead with them.

Most of the time, you have to deposit 10% to 40% of the vehicle before you can begin the installment payments.

Which bank gives 100% car loans in Kenya?

We have many banks that offer 100% car loans in Kenya and they are:

• Co-operative Bank
• National Bank of Kenya
• Family Bank 
• NCBA Bank 
• Rafiki Microfinance Bank and so many others.