MyCredit Limited Local Car Finance: Product Details & How to Apply is not a lender. We verify loan rates and provide cost breakdowns from Kenya's top lenders to help you apply for loans with confidence.
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MyCredit Limited
Local Car Finance
Loan Amount
Up to 60% of car's market value
Loan Period
3 months - 2 years
Interest Rate
4.5% per month
Total Cost
(incl fees)
4.6% - 7.5% per month + ksh3500 upfront fees
Product Details
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Loan Cost

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

Pre-approval Fees:

  • Valuation: ksh3500 small car/5500 big car

Additional Third-Party 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

  • % Financed: Up-to 60% of Market Value
  • Year of Manufacture cut-off: 2013
  • Maximum tenure: 24 Months
  • Min Amount: ksh100,000
  • Max amount: ksh10,000,000
  • Repayment Frequency: Monthly
  • Early Repayment: Allowed
  • Late fees: 3% monthly (of installment balance)


  • Original Logbbok
  • 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
  • Monthly Loan Repayments: Ksh64,270
  • Total Loan Repayment Amount: Ksh771,240

This product is provided by MyCredit Limited. MyCredit Limited is a Non-deposit taking Microfinance Institution duly registered under the Companies Act No 17 of 2015.

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


  • Cars should be not older than 8 years from Year of Manufacture
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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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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.

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