List of Best and Cheapest Car Logbook Providers in Kenya in 2024

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In need of quick access to funds but don’t want to part with your car? Look no further than a logbook loan! This secured loan option leverages your vehicle’s value to provide financial relief. But with numerous lenders in Kenya, finding the best and cheapest option can be overwhelming. Fear not!

What is a logbook loan?

A logbook loan is a type of secured loan where you use your car, van, tractor, or motorbike as collateral to borrow money. The amount borrowed is usually against the value of the vehicle. The lender holds onto your vehicle’s logbook until the loan is fully repaid. Vehicle ownership is usually temporarily transferred into join ownership with the lender until you fully repay your loan.

Who Offers Logbook loans in Kenya

This comprehensive guide, updated for 2024, unveils a list of top logbook loan providers in Kenya, focusing on both excellent service and budget-friendly terms.

  1. MOGO Kenya
  2. Momentum Credit
  3. Platinum Credit
  4. Ngao Credit Limited
  5. Mwananchi Credit
  6. Citizens Credit Limited
  7. Bidii Credit Limited
  8. FinCredit Limited
  9. Jijenge Credit Limited
  10. Auto Advance Logbook Loans
  11. Hakki Africa
  12. Progressive Credit Limited
  13. NCBA Bank
  14. Bashy Africa Credit
  15. Phoenix Capital
  16. Samchi Credit
  17. Meridian Acceptances Limited
  18. Century Microfinance Bank
  19. Sonix Credit Limited
  20. Wezesha Credit Limited
  21. Mombo
  22. Africa Credit Limited
  23. Fin Credit
  24. Maendeleo Credit

Things to Consider Before Taking a Logbook Loan:

  • High-Interest Rates – Logbook loans typically come with higher interest rates compared to conventional car loans.
  • Risk of Losing Your Car – If you fail to repay the loan, the lender can repossess and sell your vehicle to recover their dues.
  • Alternatives – Explore other loan options like personal loans or seeking an overdraft from your bank, which might have lower interest rates if you qualify

Overall, logbook loans can be a quick way to access funds, but they come with significant risks and high costs. Carefully consider your financial situation and explore alternative options before deciding on a logbook loan.