In today’s article, we will look at Equity bank car loan.
Equity Bank is that bank for the common Mwananchi. Since its founding, this bank has existed only to come up with innovative products that will make the lives of Kenyans better. Through economically empowering them in order to achieve their dreams.
One of the ways that Equity Bank has been able to do this is by offering innovative loan products that are affordable and have a flexible repayment period.
It is, therefore, no wonder, that its car loan is acclaimed to be one of the most affordable in the Kenyan Market. Let’s discuss in detail Equity Bank’s car loan below.
Read More: Types of Equity Bank Loans in Kenya
Equity Bank Car Loan Features
- Equity bank offers 100% financing to support you in purchasing the car of your dreams
- Moreover, the loan repayment period for second-hand cars is 60 months while that for new cars is 120 months.
- The car loan is extended to you based on your ability to pay.
What requirements do I have to meet in order to be eligible for Equity Bank car loan?
There are various preliminary requirements to meet in order to qualify for the equity bank car loan. These include:
- An introduction letter from your employer confirming employment or appointment
- Three original copies of your payslip
- 2 copies of KRA pin and ID
- Fully completed and signed valuation forms
- The sales agreement
- For second-hand vehicles present a valuation report as well as the original logbook.
- Ensure that your employer has an MOU with Equity Bank and that they are able to deduct checkoffs straight to the bank.
Should I finance my car via dealership or Bank?
Early last year, Equity bank got into partnership with Toyota Kenya in order to provide financing for individuals who would like to purchase cars.
Despite this, there are various other dealerships in Kenya that offer car loan financing with other banks in order to facilitate the acquisition of a car.
On which is the best way to refinance your acquisition of a car is highly debatable. Say by using the dealership way you are able to get a grace period before starting to repay your loan but at a higher interest rate.
A bank, on the other hand, say, Equity bank car loan, maybe at a slightly lower interest rate and over a longer period of time. Therefore, it all boils down to whether you have a good credit rating or not.