[Update: 13.01.2022]

Mogo started its operations in 2012 and specialises in consumer finance for used cars. They operate in Europe, Asia and Africa. Mogo Kenya is part of Mogo Finance Group and provides financing for used cars and other services such as Boda Boda and logbook loans.

Trusted in over 18 different markets around Europe, Asia and Africa, you can get any model of any car with Mogo. Simply choose and search for your dream car on their list.

What We Know About Mogo Finance

Where do you go when you want car financing but don’t want to use a bank or offline credit facilities? Well, Mogo Finance is one of those companies you want to check out. Their financing is purely on cars, and they have competitive prices.

Their interest rates for car financing range from  2.5% – 4.5% per month. Their APR rates play from 26.4% – 92.5%.

The look and feel of the website leave much to be desired hence the ranking of 4. And who still uses YU cash!!

What services Does Mogo Finance Offer, And What Is It Best Known For?

The services that are offered by Mogo finance range from,  offering car financing as well as Boda Boda to providing logbook loans.

Car financing with Mogo is made convenient by giving you up to 80 % of the market value of the car. With just a 20% deposit and average monthly repayment for a standard period, the car of your dreams is just a few steps away.

Interested in taking a Boda Boda loan? With Mogo, the terms are Ksh.300/day with a downpayment of Ksh.15,000.

The Exact Cost Of The Loan And A Representative Example

In the Vehicles industry, the same cars have different values and prices depending on the age and overall condition of the car. We will show you a representative example of the Cost of getting a car with Mogo Finance. 

The calculation is indicative, and we advise you to contact Mogo directly or visit them to get a direct quote for your desired car model.

 For a car with the value of Ksh.  600,000:

The loan repayment term  of 48 months,

Monthly payments = Ksh 28,102.

First deposit: Ksh 120,000.

Total repayment: Ksh 1.468.896.

In the case of Boda loan: Deposit Ksh.15,000. Make daily payments of Ksh 400 for a duration of 18 months. ( 528 days) Total cost looks like this- 211,200+15,000=226,200. ( Add daily transaction costs of Ksh.4,000+)

Bear in mind cash value for Boda’s ranges between Ksh.100,0000-300,000.

How Can You Get A  Car Loan From Mogo Finance?

Interested in getting car financing from Mogo finance? Well, what you will need first is to have the following requirements,

  • Personal id, 
  • Proof of income,
  • CRB evaluation,
  • 6 months bank statement, 
  • KRA Pin,
  • Drivers License, 
  • Mpesa statements.
  • 2 referees.

Once you have all of these ready, you will

  • Choose a car, select loan amount and term.
  • Fill an application, sign a contract at a branch near you. 
  • You will receive an email with the preliminary offer information.
  • 20% down payment after evaluation on car type.”

Disbursement And Repayments At Mogo Finance

After approval, you get the car within 24 hrs. 

Mogo Finance will retain ownership of the car until all debt is paid.

Reminder and text alerts will be sent to you when your due date of repayment nears.

If unable to repay, contact mogo for adjustment to the repayment plan as their repayment plans stretch to 5 years.

Should you come into some money and choose to offset your outstanding debt, you are at liberty to do so. 

What Unique Mogo Finance Has To Offer?

Mogo Finance is one of the few companies that allow you to finance any car of any age and model and repay them for up to 60 months. The same goes for Boda Bodas plus you can ride within 24hrs.

Promotions/Offers/Discounts  And Rewards From Mogo Finance

There is a car for everyone and affordable rates with Mogo. Check out car deals that Mogo finance has here. They are discounts on various cars. Maybe what you are looking for is there?

How Can I Contact With Mogo Finance?

Directly get in touch with Mogo using the email [email protected]

Or call them on 0768469112.

Mogo Finance is located along Prestige Plaza, Ngong road and their working hours are from 9 am-6 pm Monday through Friday and half-day till 1 pm on Saturdays.

For Social media assistance, Mogo is active on Facebook and Instagram.

Chat with Mogo via an online website.

For browsing purposes on the types of cars or to get an understanding of the quality of their vehicles, check them out via Social media handles Twitter, Facebook  Instagram.

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