Mogo Local Car Finance: Product Details & How to Apply

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Good for people with good credit who do not want to pay upfront fees

Mogo

Local Car Finance

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View the Loan Breakdown

Loan Amount

Up to 75% of car's Forced Sale value

Loan Period

6 months - 5 years

Interest Rate

2.1% - 2.6% per month

Total Cost
(incl fees)

4.28% - 5.43% per month

Loan Cost

‍‍Minimum Monthly Interest : 2.1%
Maximum Monthly interest: 2.6%
Processing Fee: 2%
Application fee: 10%
Monitoring fee:$20 monthly

‍Loan structure

‍‍Type: Secured
Interest structure: Reducing balance

Loan Details

Car Age: No restriction
% Financed: Up-to 75% of Market Value
Minimum tenure: 6 Months
Max tenure: 60 Months
Min Amount: ksh100,000
Max amount: ksh2,500,000
Repayment Frequency: Monthly
Early Repayment: Allowed
Late fees: 1% daily (of monthly installment balance)

Documents

KRA Pin
ID
6 months Mpesa statements
6 Months Bank statements
3 months payslips if employed
Valid Driving License
Pro-forma Invoice/Sale agreement
Original Logbook

Representative Example of Loan Costs:

Example Loan Amount: Ksh500,000
Example Loan Tenure: 12 months
Representative APR: 30%
Processing & Application Fees: ksh60,000
Other Fees: ksh27,000
Total Loan Repayment Amount: ksh760,848
Monthly Loan Repayments: ksh65,515

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

Pros

Will Finance Up to 75% of Forced Sale value of the car.
Can finance from a dealership or individual
Long repayment period of 60 months.

Cons

CRB Status checked

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Mogo Auto Car Loan is financing given to individuals who wish to purchase a personal/ private use vehicle from a car dealership or an individual. They offer car financing of up to 80% of the car’s market value.

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