Motor Bike/Cycle -Boda Boda Loans In Kenya

    March 12, 2016   No comments

motor bike
Where to get boda boda or motor cycles on credit terms in kenya?Who are the best Motorcycle loan lenders in kenya?The boda boda business is already at its peak in kenya.There's no doubt, the kenyan youths are already earning a living riding the most common motor bike makes from Bajaj,Haojin,Honda motor companies, and the motor bike owners are earning profits daily.For this reason, many Kenyans have wanted to venture into this business. They therefore wanted to know where they can get motorcycles however on credit but with the best affordable rates.


Must read Car loans from dealers

In Kenya there are different types of lenders who are providing boda boda asset financing facilities. It all depends with your financial ability weighted in terms of the capability to repay the loan.This will include but not limited to employment status, business ownership and credit score.

Read also Loans for blacklisted people in kenya

Let's look at the potential lenders that provide motor bike financing.

Savings Societies
Saccos are the easiest places to get a boda boda loan.As a member, you have a voice and fellow members already know you better. Interest rates are low.Some big saccos like Imarika and Faulu and kwft have well defined motorcycle loan faculties. If the boda boda loan facility is not readily made ask for it.Imarika's Jiajiri leo and Faulu/Kwft boda boda loans are currently the best examples.

Non Deposit taking lenders
If you are permanently employed, 'lending only' popularly non deposit taking financiers like platinum credit kenya and Real people kenya can give out loans to purchase motor cycles. The advantage with these lending institutions is that they loan processing and disbursements is quick and takes less than 24hrs.Platinum credit's asset finance' facility is currently the talk of the town.

Motor cycle dealers
Motor cycle dealers like Honda,General Motors(GM),Dt Dobie,Toyota &Toyotsu and Car and General(C&G) can on special arrangements, give out motor cycles on credit. This arrangement usually involves the customer, his/her bank and the motor cycle dealer.

Commercial banks
Almost all commercial banks in Kenya this loan facility. Its popularly known as 'asset finance' in general or 'motor loans' specifically for movable assets. Banks can therefore partner with a motorcycle dealer which will give out the motorbike or simply give out cash to the borrower who will then buy the motor cycle from any preferred motor dealer.Asset financing from commercial banks is rarely 100% the value of the motor cycle.If interested, you can ask your bank about this loan facility.

That's enough for now though there other sources of general loans in Kenya. Read now Kenyan sources of loans
Advertisements

Mwabaya Katana

Posted By Mwabaya Katana

Mwabaya Katana is a Personal Finance online writer.He is the founder of 'Loans Kenya' Blog.

Previous
Next Post