Ngao Import Car Finance: Product Details & How to Apply

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Good for people with bad credit history - no CRB checks

Ngao Credit

Import Car Finance

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View the Loan Breakdown

Loan Amount

Up to 60% of total estimated cost

Loan Period

3 months - 3 years

Interest Rate

3.5% per month

Total Cost
(incl fees)

3.58% - 6.5% per month

Loan Cost

Monthly Interest tiers:
2-5 months: 5.5%
6-12 months: 5%
13-36 months: 3.5%
Processing Fee: 3%
Credit Insurance: 1.9% - 6.8%

Loan structure

Type: Secured
Interest structure: Flat rate

Loan Details

% Financed: Up-to 60% of Total Estimate Cost
Year of Manufacture cut-off: 2016
Maximum tenure: 36 Months
Minimum Amount: 100,000
Max amount: 5,000,000
Repayment Frequency: Monthly
Early Repayment: Allowed
Late fees: 6.5% weekly (of monthly balance)

Documents

National ID
KRA Pin
6 months Bank statements
12 months Mpesa statements
Bill of lading
Jevic
Japanese Logbook
Certificate of road worthiness
IDF
Original Commercial Invoice

Representative Example of Loan Costs:

Example Loan Amount: Ksh500,000
Example Loan Tenure: 12 months
Representative APR: 60%
Total Loan Repayment Amount: Ksh834,000
Monthly Loan Repayments: Ksh69,500

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

Pros

‍‍Up-to 60% of the total Estimate cost Financed.
Waiver on interest on early repayments
No CRB Checks

‍Cons

Relatively high interest rates

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Ngao Credit Import Finance is financing given to individuals who wish to purchase personal or private use vehicles from Japan or other overseas dealers.

Ngao Credit offers financing for 60% of the overall cost of the vehicle (i.e., the whole cost of importing the car, clearing, and paying duty), thus the client will be responsible for the 40% deposit to expedite the end-to-end procedure.

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