MyCredit Limited Local Car Finance: Product Details & How to Apply

Rates available from as of 1st April 2021
Customise your results to find loans you're eligible for by answering 5 more questions
Customize Results
Money254 strives to provide relevant and accurate product information, which Money254 obtains directly from each institution’s tariff guide. If you believe a product’s details are incorrect, please report the product to Money254.

MyCredit Limited

Local Car Finance
Easy Apply
Amount
Up to 60% of car's market value
Duration
1 month - 2 years
Interest Rate
4.5% per month
Total Cost Including Institution's Other Fees
4.6% - 7.5% per month + 7800 upfront fees
Typically approved within 24 hours
Easy Apply
visit website

Loan Type

Car Loan

Loan Cost

  • Monthly Interest : 4.5%
  • Processing Fee: 3%
  • CRB Check: ksh300

Additional Third-Party Fees:

Pre-approval

  • Valuation: ksh3500 small car/5500 big car

Other Fees

  • Disbursement fee: ksh1000
  • Membership fee: ksh1000
  • NTSA Logbook Search: ksh550
  • Car Tracker: 2000 per month

Representative Example of Loan Costs:

  • Example Loan Amount: Ksh100,000
  • Example Loan Tenure: 12 months
  • Representative APR: 54%
  • Total Third-Party Fees (See Cost Breakdown above): ksh6,050
  • Total Loan Repayment Amount: Ksh154,000
  • Monthly Loan Repayments: Ksh12,834

Loan structure

  • Type: Secured
  • Interest structure: Flat rate

Loan  Details

  • Car Age: 8 Years
  • % Financed: Up-to 60% of Market Value
  • Minimum tenure: 1 Month
  • Max tenure: 18 Months
  • Min Amount: ksh100,000
  • Max amount: ksh10,000,000
  • Repayment Frequency: Monthly

Documents

  • KRA Pin
  • ID
  • 6 months Mpesa statements
  • 6 Months Bank statements
  • Sale Agreement
  • Profoma Invoice

Money254 Review

Pros

  • Will finance from an individual or dealerships.
  • Financing Up-to 60% of MV

Cons

  • Cars should be not older than 8 years

See other Auto Loans available in Kenya on Money254

Whether you’re looking to keep business moving, support your hustle, or get your dream car, we are here to help you find the best car loan for your circumstances today.

See all Auto Loans on Money254

Welcome to Money254!

Money254 is a new platform focused on helping you make more out of the money you have. We've created a simple, fast, and secure way to find and compare financial products that best match your needs. All of the information shown is from products available at established financial institutions that our team of experts has tirelessly collected. Instantly search loan products from established providers in Kenya and compare on the terms that matter most to you.

Explore all Products on Money254
No items found.

Stay up to date with your money - sign up for our newsletter today.

Get updates from the Money254 team on financial news and new Money254 features.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.