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Unlocking the Road to Dream Car Ownership: Your Ultimate Guide to Car Finance 

#SpaceYaMagari

When it comes to buying a car in Kenya, it’s a bit like entering a maze where the signposts are written in a language only known to finance experts. APR, interest rates, tenure, equity – it all feels like a complex code. But fear not, fellow Kenyan road warrior, for Autochek, is about to break it down for you and ensure you will have smooth sailing in your car financing journey with their instant loan approvals.

Before we jump into the car finance jungle, let’s start with the basics. Grab a hot mug of chai or Kahawa, get comfortable, and start your journey by first coming up with a budget. Think about how much you can comfortably throw at your dream car each month without sending your bank account into exile. Take a look at your monthly income, your regular expenses, and those sneaky savings goals you’ve been nurturing. This will be your roadmap to car ownership.

1. Wisdom from Francis: Making Car Dreams Come True

Francis Thuo, a Credit Analyst at Autochek Kenya, dropped a nugget of wisdom during a recent #SpaceYaMagariEpisode on X. He says, “Car finance is more accessible than you might think, regardless of your employment status. At Autochek, we believe in making car ownership a reality for everyone. Whether you’re employed or hustling in the biz if you’ve got a take-home salary north of Ksh 50,000 or can rustle up at least Ksh 18,000 for car loan repayment per month, consider the driver’s seat yours!”

2. The Interest Rate: Not as Scary as Nairobi Traffic

Interest rates – they’re like the traffic in Nairobi, intimidating at first glance. But here’s the deal: your credit score, the loan term, and your lender’s vibes all influence your interest rate. The higher your credit score, the lower the interest rate you can nab. 

3. Upgrading Your Credit Score: From Potholes to Smooth Roads

Your credit score is like the condition of some estate roads in Nairobi. Most of them are good but when you least expect it you hit a pesky pothole that wasn’t there yesterday. To upgrade your credit score from “meh” to “marvelous,” here’s what you do:

  • Check Your Credit Report: It’s like inspecting your car before a road trip – make sure there are no surprises.
  • Pay Bills on Time: Think of it as avoiding traffic fines – pay those bills on time.
  • Don’t Go Crazy with New Accounts: Opening too many accounts is like driving too many cars at once – it’s confusing and can get messy.
  • Mix It Up: Just like choosing different routes through Nairobi to get to your destination faster, maintain a mix of credit types.
  • Don’t Shut the Door: Don’t close your old accounts; they’re like vintage cars in your credit history.
Autocheck Car Finance
Car Finance platform on Autocheck

4. The All-Important Down Payment: Your Car’s ‘First Date’

Picture this: The down payment is like the first date with your new car. It sets the tone for your relationship. A substantial down payment means you’re serious, and it also reduces the total amount you need to borrow. While the required down payment varies, aim to impress – it’ll lower your monthly payments and is healthier for your wallet. Start by doing your pre-qualification check to know how much you qualify for before starting your loan application. 

5. The Loan Term: Not a Kenyan Soap Opera

Loan terms might sound like a never-ending soap opera, but they’re not. They’re just the number of episodes you’re signing up for in the car finance saga. Longer terms equal lower monthly payments but can cost you more in interest. Shorter terms mean a bit of budget tightening but less interest in the long run. Choose a term that won’t turn your car finance story into a drama.

Car Finance

6. Total Cost of Ownership: The Nairobi Commute

Now, remember, car finance is just one toll booth on your Nairobi commute. There’s insurance, fuel, maintenance, and the occasional pit stop for repairs. So, do your homework on the expected costs for your chosen make and model. No one likes surprise detours.

7. The Fine Print: Like Learning Nairobi Matatu Routes

Finally, before you hop into the driver’s seat, read the fine print. It’s like learning the intricate web of Nairobi matatu routes, especially since they no longer have route numbers displayed nowadays. Pay attention to fees, penalties, and any roadblocks in your car finance agreement. Don’t hesitate to reach out to Autochek on 0111 034 300 if the road is as confusing as finding the correct exits on Outering Road.

In conclusion, car finance might seem like deciphering Nairobi’s ever-changing traffic rules, but with the right knowledge and a bit of patience, it’s manageable. Start with your budget, consult Autochek’s experts like Francis, keep an eye on that credit score, make a sizable down payment, choose your loan term wisely, consider the total cost of ownership, and always read the fine print. Armed with this information, you’ll navigate the car finance jungle with ease and drive off into the Nairobi sunset with your dream car. Happy motoring!

Sam Amira
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#SpaceYaMagari

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