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

Rates available from as of 1st April 2021
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MyCredit Limited

Local Car Finance
Easy Apply
Up to 60% of car's market value
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
visit website
Easy Apply

Loan Type

Car Loan

Loan Cost

  • Monthly Interest : 4.5%
  • Processing Fee: 3%
  • CRB Check: ksh300
  • Late fees: 3% of monthly installment

Additional Third-Party Fees:


  • Valuation: ksh3500 small car/5500 big car

Other Fees

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

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


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

Representative Example of Loan Costs:

  • Example Loan Amount: ksh500,000
  • Example Loan Tenure: 12 months
  • Representative APR: 54%
  • Total Third-Party Fees (See Cost Breakdown above): ksh6,050
  • Total Loan Repayment Amount: Ksh771,240
  • Monthly Loan Repayments: Ksh64,270

Money254 Review


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


  • 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

MyCredit Asset Finance is financing given to individuals who wish to purchase a personal/ private use vehicle. They offer car financing of up to 60% of the car’s market value.

Who is Eligible for MyCredit Asset Finance?

MyCredit Asset Finance Security/Collateral 

MyCredit Asset Finance Loan Limits and Interest Rates

Total Upfront Fees

Other Fees

MyCredit Asset Finance Interest Structure

Estimated Total Minimum and Maximum Monthly Cost of MyCredit Asset Finance

How to Apply for Your First MyCredit Asset Finance

How to Make MyCredit Asset Finance Loan Repayments

MyCredit Asset Finance Late Fees and Penalties

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