Mogo Car Financing in Kenya Review

Last Updated on 02/11/2021 by Steve Wanjie

Mogo car loan is our topic today. Mogo is a relatively new name in Kenyan’s corporate scene.

Car loans are the type of debt that you are not supposed to take lightly.

It is not something to be taken lightly because it can have a large impact on your finances.

The best way to manage your car debt is by carefully choosing the car that you want, negotiating the terms of the loan, and finding a lender that offers flexible repayment terms.

What is car financing?

*Car financing is a car loan.*

Car finance is a type of financing that helps in the purchase of a new or used vehicle.

It provides financing for the purchase through a loan or lease.

Car finance is typically provided by banks, leasing companies, dealers, credit unions, auto manufacturers, and other automotive suppliers.

Car finance deals with the purchase, trade-in, and financing of cars.

A car finance company finances the cost of buying or leasing a car for an individual or business.

a white Lamborghini Huracán LP610-4 Coupé - Mogo car
a white Lamborghini Huracán LP610-4 Coupé

What is Mogo?

Mogo is a car finance company that focuses on secured car loans. They give you a loan to purchase a new or used car.

Mogo, founded in 2012 in Latvia, is one of the world’s leading providers of secured car loans.

They offer attractive loan rates with no hidden fees and flexible terms.

Their zero-hassle application process means that people can get to the business of getting behind the wheel sooner.

They are currently available in more than 14 countries.

What is Mogo Car Finance?

Mogo car finance is a form of loan that is secured against the car.

It comes with no hidden costs, no installments, or any other fees.

Mogo car finance allows borrowers to get a loan for their used car in an instant.

So they don’t have to spend time looking for loans, waiting for approval, or worrying about interest rates and penalties.

The service makes it easy to take out an auto loan and pay it back within an agreed time in the future.

The company provides various financing options ranging from Kenya shillings 100,000 to 2 million.

When did Mogo Finance start its operations in Kenya?

Mogo finance, from Latvia, arrived in Kenya in 2019.

Why did Mogo choose Kenya as its first base in Africa?

My opinion:

Because Kenya is one of the largest used car markets in the world. Kenyans like second-hand cars just like second-hand clothing.

Mogo Vihecle loan terms in Kenya

What is their car loan interest at Mogo?

Mogo offers car loans for all types of cars.

They also offer lower interest rates that typically run between 3-9% which is lower than the industry standard of 11%. The company also provides transparent quotes with no hidden fees or commissions.

But currently, their interest rate is 2.5%

How much does mogo ask in car loan down payment?

Mogo car finance’s business model has been successful so far because of how easy it is to apply.

They ask potential customers to put down a 20% deposit and start using the car as soon as the deposit is paid.

What percentage of the car cost does Mogo finance?

***80% in Kenya***

Mogo Finance, a popular car loan company from Latvia, offers car loans of up to 80% of the market value of the car regardless of model and age.

How long is the Car Loan Repayment Period at Mogo Finance

… Up to 60 months in Kenya …

Mogo Finance has recently made headlines after announcing its latest product for consumers in the Baltic States, Latvia, Lithuania, and Estonia.

The Flexible Loan Program allows Mogo’s customers to repay their loan over a period of up to 60 months without any interest charges.

The Flexible Loan Program is based on the principle that people can’t afford their loan payments if they don’t earn enough income or if they lose their job.

If someone were to need more time than 60 months, someone else would be willing to provide them with another loan without any increase in their monthly payment during the repayment period and with no interest charged at all on this loan.

How does it take Mugo finance to approve your car loan application?

… 24 hours …

Mogo, a car loan company from Latvia, provides loans in 24 hours and the process is efficient.

They have an innovative approach to car loan processing where their website is designed to ensure that there’s no waiting time for an application.

It uses AI-based solutions like facial recognition software or text messaging apps so that its customers can get approved quickly and easily.

How Do You get a Car Loan from Mogo Kenya?

How to get a car loan at Mogo steps:

  1. Choose the type of car model you like at Mogo cars portal or any other vihecle dealer in Kenya.
  2. Determine how much you want to borrow from Mogo. The amount must be 80% of the cars total cost or less.
  3. Select the car loan terms you are comfortable with
  4. Fill a car loan application form online at Mogo Kenya
  5. Visit the nearest Mogo Finance branch to sign the contract

Where can you find a Mogo branch in Kenya?

You shall find a Mogo branch in the following towns in Kenya:

  • Nairobi
  • Mombasa
  • Kisumu
  • Nakuru
  • Eldoret

What are the conditions for car loan applications at Mogo Kenya?

  1. You must have a driving lisence
  2. You must have a National Identification Card
  3. You must have a proveable source of income

Mogo Car loan comparison with Equity Bank and Safaricom Sacco

Mogo:

Deposit 20%

Period 60 months

Interest 2.5%

Financing Kshs 100K to 2M

Equity Bank:

0%

Used 60, new 120

16%

varies

Safaricom Sacco:

20%, new 10%

48

12%

300K to 7M

How Mogo Fueled Their Success to Change the Car Loan Industry

Mogo, a car finance company, is an AI-driven company that has made the car loan market more affordable for everyone.

Mogo’s success can be attributed to its innovative digital marketing and customer service solutions.

Their digital marketing solution, MogoFueled®, is a well-honed platform that generates data from the online behavior of its users. From this data, Mogo can provide personalized promotions and offers to their customers.

The platform not only ensures that the customer will have a good experience with the company but also helps them by providing better shopping offers and information about financing vehicles.

In addition to these innovations, Mogo also has an amazing customer service solution called MogoCare® which provides a 24/7 customer contact management system that allows customers to get in touch.

Conclusion:

Car financing institutions are a good idea for those who can’t afford a car but still want to buy one.

A lot of people have been finding it tough to save money for a car, especially when they have no family member to help.

Car financing companies help with these issues by providing credit terms that range from six months to five years

The importance of car financing institutions is that they provide loans for those who can’t afford a car or those who don’t have family members to help out with the cost.

They also offer flexible payment options, such as interest-free payments and monthly installments.

Car financing institutions come in different shapes and sizes, so consumers should do their research before getting a loan from a financing institution

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By Steve Wanjie

Steve Wanjie is a digital marketing specialist, SEO Expert, expert article writer, blogger, sex educationist, and businessman. He is the founder of Dijito Marketing and Laikipo.com. He works and lives in Nairobi Kenya.