How to Apply For The Co-op Bank Used Car Loan

Owning a car is no longer a status symbol. It is regarded as a necessary upgrade that makes life smoother in a country where public transport is chaotic. Mornings and evenings present a nightmare for many Kenyans who commute to school and work.

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During rush hours it’s often survival for the fittest as everyone battles to get a seat in the next available PSV, manned by often rough crew who overcharge at the slightest hint of high demand. These chaotic scenes have forced Kenyans to desire to have their own private means of transport.

Car purchases have been rising over the years as middle class Kenyans dump PSV and to take control of their lives. Also, the emergence of taxi-hailing companies such as Uber, Little Cab and Bolt, among others, has stimulated demand for affordable cars that are contracted by these companies.

Whichever situation you find yourself in, it is time for an upgrade. And Co-operative Bank is offering the direct link to the car of your dreams – be it for taxi business, private commuting or just for fun. Under this new credit facility, Co-op Bank is funding up to 100% for those seeking to buy private pre-owned motor vehicles.

Features of the loan

• The loan will enable you to purchase a private vehicle that is pre-owned.
• The car has to be a maximum of eight years old
• Loan interest at 13%
• Repayment period of between 60 months to 96 months.
• The vehicle being purchased acts as the security.

 Requirements

• Applicant’s ID and KRA PIN certificate
• Letter of introduction from the employer
• Latest 3 months’ certified pay slips
• Latest 6 months’ bank statements (if you’re not banking with Co-op Bank)
• Copies of employment contract or letter of appointment
• Motor Vehicle sale agreement/proforma invoice
• Copy of logbook/import documents/NTSA search records
• Original valuation report from approved valuer

How to apply

• Fill this application form (you can also pick it from your nearest Co-op Ban branch)
• Attach all the requirements and submit it to the nearest Co-op Bank Branch.

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