If it's time to own a car or a vehicle ,majority of Kenyans go for auto loans. This is because financing the purchase of a motor vehicle directly from one's pocket is not easy.The Kenyan commercial banks as the biggest lenders in the economy can always help by giving auto loans.
|A woman driving a car|
What comprises a good car loan? There are many features of a good auto loan but today I will highlight four.
1) Partnership auto loans.
-Auto loans offered by banks in partnership with Auto Companies like General Motors, Car&General or DT Dobie happen to be the best.Here you get the real people and advise that you would need with ready autos on display.
2) Car as security.
-The vehicle associated with the auto loan should serve as the collateral. This will reduce the losses involved in looking for guarantors or loosing other property assigned as security to the loan.
3) Car insurance and Third Party insurance.
-The auto loan package should include car insurance and third party insurance during the loan period.This will help in covering expenses incase of damage to the car or passengers or pedestrians.
4)Prior vehicle usage.
-Good auto loan should allow the borrower to use the motor vehicle even before completing loan repayment. This will allow the borrower to achieve their intended goals faster.
If you are thinking of applying for an auto loan for personal or business purposes ,then consider the above loan tips.