Ngao Local Car Finance: Product Details & How to Apply

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Good for people with bad credit history - no CRB checks

Ngao Credit

Local Car Finance

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View the Loan Breakdown

Loan Amount

Up to 50% of car's forced sale value

Loan Period

3 months - 3 years

Interest Rate

3.5% per month

Total Cost
(incl fees)

3.56% - 6.17% per month + 6k upfront fees

Loan Cost

‍‍Monthly Interest tiers:

2-5 months: 5.5%
6-12 months: 5%
13-36 months: 3.5%

Processing Fee: 2%
Credit insurance: 1.9%-6.8%
Chattel Registration: ksh3000

Additional Third-party fees:

Valuation:ksh3000
NTSA Search: ksh3,000
Logbook In-charge: ksh3000
Car Tracker: ksh4000

Loan structure

Type: Secured
Interest structure: Flat rate

Loan Details

% Financed: Up-to 60% of FSV
Year of Manufacture cut-off: 2005
Maximum tenure: 24 Months
Minimum Amount: ksh100,000
Max amount: ksh5,000,000
Repayment Frequency: Monthly
Early Repayment: Allowed
Late fees: 6.5% weekly (of installment balance)

Documents

Proforma invoice from the dealer/ sale agreement
Original Logbook
ID & PIN
Logbook transfer forms
Latest 12 months bank statements
Post-dated cheque(s)
Comprehensive insurance

Representative Example of Loan Costs:

Example Loan Amount: Ksh500,000
Example Loan Tenure: 12 months
Representative APR: 60%
Total Third-Party Fees (See Cost Breakdown): Ksh13,000
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

Will Finance purchase from individuals and dealerships
No CRB Checks
Waiver on interest for early repayments

Cons

Will finance the FSV of the vehicle and not the Market value of the car

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Ngao Credit Asset Finance is financing given to individuals who wish to purchase a personal/ private use vehicle, either brand new or used.

Ngao Credit offers car financing for 50% of the car’s forced sale value, thus the client will be responsible for the 50% deposit to expedite the end-to-end procedure.

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