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How to Secure an Autochek Car Loan in Kenya
In Kenya, owning a car is often viewed as a symbol of financial stability and independence.
However, the high upfront costs associated with purchasing a vehicle can be a significant limitation for many individuals.
This is where autochek car loan come into play, offering a feasible solution to spread out the expense over time.
Among the various options available, Autochek car loan in Kenya stand out for their accessibility and convenience.
In this article, we’ll delve into the ins and outs of obtaining an Autochek car loan in Kenya, giving you with the knowledge to make informed decisions and drive away with your dream car.
Perks of Autochek Car in Kenya
- First, you can select from their wide selection of top-notch used cars to match your needs.
- Before you see any of their assortment of automobiles, the cars go through a 150-point inspection.
- Also, you can contact their customer experience team at +254 111 034 300, and they will be happy to help you at every stage.
- Overall, Autochek Kenya makes arrangements for prompt delivery to the address of your choice.
Autochek Car Loan in Kenya
Autochek is a leading provider of automotive solutions in Kenya. They offer a range of services, including vehicle inspections, valuations, and financing.
With commitment to making car ownership more attainable, Autochek provides car loan options designed to meet the needs of customers.
You can start the Autochek car loan process by visiting their website here. Check out the section tagged “Find Your Dream Car” to get more information about the car you would like to purchase or apply for an Autochek car loan.
You can search by price to see cars that cost under 1M Ksh and over 5M Ksh. You can also search by brand to see brands like BMW, Isuzu, MaZDa and Toyota, among others.
Note that before you can apply for an Autochek car loan in Kenya, you have to make a 30% down payment.
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Pre-Qualification Process
Before you can go ahead and apply for an Autochek car loan, you have to go through the Pre-Qualification stage. This is where you check how much you qualify for before proceeding with the Autochek car loan application.
During this stage, you fill out a form where you will indicate your personal details, such as your name, email, phone number, net monthly income after expenses, BVN, duration of your loan, and your employment type (salary earner or business owner).
After filling out the form, you will be presented with a list of cars that you are eligible to apply for an Autochek car loan. This is based on the pre-qualification form you filled out.
Assess Your Financial Situation
Before diving into the Autochek car loan application process, it’s crucial to assess your financial situation thoroughly.
Take stock of your income, expenses, and existing debts to determine how much you can comfortably afford. This is to be allocated towards the Autochek car loan each month.
Additionally, consider factors such as your credit score, as this will impact the interest rate you qualify for.
Research Autocheck Car Loan Options
Autochek offers various car loan options, each with its own set of terms and conditions.
Research the different loan products available, paying close attention to factors such as interest rates, repayment periods, and eligibility criteria.
By understanding the specifics of each option, you can choose the one that best aligns with your preferences.
Gather the required documents
To streamline the Autochek car loan application process, gather all the necessary documents beforehand.
Typically, you’ll need to provide proof of identity, proof of income, and documentation related to the vehicle you intend to purchase.
Be sure to double-check the specific requirements outlined by Autochek to ensure a smooth process.
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Autochek Car Loan Application Process in Kenya
After filling out the pre-qualification form, you will be presented with a list of cars that you are eligible for when you fill the loan form. The loan form consists of four phases:
The first phase is tagged “About me” and here, you fill in your personal details, such as your name, email address, national ID, your KRA number, and your phone number, among other persona details.
The next phase is “My Profession,” where you will describe what best describes you between a salary earner or a business owner.
The third phase is tagged “My Loan Preference,” and this is where you will indicate details about your Autochek car loan.
In this section of the form, you’ll indicate your desired equity contribution, your desired payment type, and your preferred interest rate.
It could be a variable interest rate type or a fixed interest rate type.
You also have to indicate your desired repayment date and loan term; this could be between 6-60 months, depending on your plan.
The next step is to indicate if you want to continue your insurance and maintenance plan subscription after the first year of the loan.
The last section in the third phase is to indicate if you want to add payments Logbook transfer, vehicle tracking, credit life insurance, insurance (12 months), maintenance plan, and spare key to your loan or pay any of them upfront.
Note that before you can apply for an Autochek car loan, you have to pay 30% of the car amount upfront.
The last phase of the Autochek car loan application process is tagged “Consent & Terms and Conditions.” This is where you read the terms and conditions of the Autochek car loan application process and agree or disagree.
Submit Your Loan Application
Once you’ve assembled the required documents and filled out the Autochek Car loan form, it’s time to submit your Autochek car loan application.
You can do this either online through Autochek’s website or by visiting one of their branches in person.
Ensure that all information provided is accurate and up-to-date to avoid any delays in processing.
Await Car Loan Approval
After submitting your Autochek car loan application, the next step is to await loan approval from Autochek.
This process typically involves a thorough review of your financial background and creditworthiness.
While the timeline for approval may vary, Autochek strives to provide timely decisions to applicants. They assert that car loan applicants will get a feedback from their financial partner within 1 day, after the form submission.
Sign the Loan Agreement
Upon approval, you’ll be required to sign a loan agreement outlining the terms and conditions of the loan.
It’s essential to read this document carefully and ensure that you fully understand your obligations as a borrower.
If you have any questions or concerns, don’t hesitate to seek clarification from Autochek’s representatives.
Fulfill Any Additional Requirements
Depending on your car loan agreement, you may need to fulfill additional requirements before the loan is approved.
This could include providing collateral or obtaining insurance coverage for the vehicle.
Be proactive in addressing any outstanding tasks to expedite the process.
Repay the Loan
With the purchase complete and the vehicle in your possession, it’s time to start repaying the loan according to the terms outlined in your agreement.
Make timely payments each month to avoid incurring additional fees or damaging your credit score.
If you encounter any difficulties, communicate with Autochek promptly to explore potential solutions.
Conclusion
Securing an Autochek car loan in Kenya doesn’t have to be a daunting task.
By following the steps outlined in this article and approaching the process with diligence and preparation, you can go through the loan application process with confidence.
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