Quick answer
In October 2024 Stanbic Bank Kenya partnered with CarMax East Africa to finance up to 90% of pre-owned vehicles, subject to credit appraisal, with nil facility fees. It also finances imports through Motokaa Shop, CarMax's importing arm, at up to 80% for cars imported to order.
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Stanbic Bank Kenya has signed a partnership with CarMax East Africa to finance pre-owned vehicles for their shared customers, offering up to 90% financing with no facility fee. The deal also covers loans for cars imported through Motokaa Shop, CarMax’s vehicle importing arm.
The bank announced the agreement in October 2024. It said customers could visit any Stanbic Bank branch or CarMax East Africa showroom to start an application.
What the Stanbic and CarMax deal offers
- Up to 90% financing on pre-owned vehicles sold by CarMax East Africa, subject to Stanbic’s credit appraisal.
- Nil facility fees on the vehicle loans under the partnership.
- Import financing through Motokaa Shop. Buyers can pick a vehicle from more than 50,000 units listed on motokaa.shop and get the purchase financed by Stanbic.
Gilbert Maina, a director at CarMax East Africa, said the arrangement covers up to 80% financing on cars imported to order and up to 90% on imported cars already in CarMax’s local showrooms. He added that imported cars come with a 10,000 km warranty.
Kimani Njagi, Head of Vehicle Asset Finance at Stanbic Bank Kenya, shared the announcement, describing CarMax as a sound partner for the bank’s car loan business.
Who can apply and what documents are needed
CarMax lists separate document requirements for salaried borrowers, sole traders and partnerships, and limited companies.
Salaried individuals
- Copy of ID and KRA PIN
- Latest three months’ payslips
- Letter of employment
- Copy of the logbook for the vehicle being financed
- Pro forma invoice from the dealer
- A valuation report, which is requested after approval
Sole traders and partnerships
- Copies of IDs and KRA PINs
- Certificate of registration
- Business permit or trade licence and contracts
- The vehicle logbook, pro forma invoice and valuation report, as above
Limited companies
- IDs and KRA PINs of directors
- Memorandum and articles of association or certificate of incorporation
- Permit or trade licence and contracts
- Board resolution to borrow
- Latest annual returns with the filing receipt, plus a CR12
- Logbook, pro forma invoice and valuation report
Audited accounts are not required for company facilities of up to KSh 15 million. CarMax’s financing page also notes that the logbook for the vehicle being financed should be no more than five years old.
How Stanbic’s wider car loans work
The CarMax deal sits within Stanbic’s Vehicle and Asset Finance business, which funds new and used vehicles for individuals and businesses, from saloons and pick-ups to prime movers and earth movers. The financed vehicle serves as security for the loan, so most buyers do not need extra collateral. Stanbic’s vehicle finance page lists repayment periods of up to 96 months for new private cars and 72 months for new commercial vehicles, with shorter terms for used vehicles depending on their age. The bank also offers insurance premium financing, so the comprehensive cover required on a financed car can be paid in instalments.
With 90% financing, a buyer of a KSh 2 million car would put down about KSh 200,000 as a deposit and borrow the remaining KSh 1.8 million, before insurance and other costs. Our car loan calculator shows what the monthly repayment would be at different interest rates and terms.
Why the partnership matters
Most cars bought in Kenya are used imports, mostly from Japan, and many buyers need financing to afford them. Bank-dealer partnerships of this kind cut the paperwork, because the dealer and the bank already know each other’s processes, valuations and pricing. A nil facility fee also lowers the upfront cost, since banks usually charge a percentage of the loan as an arrangement fee.
The import financing option is aimed at buyers who want a specific model that is not in local stock. Instead of saving the full price and paying for the import in cash, a buyer can choose a car online and have Stanbic finance most of it. If you are weighing that route, our guide on how to import a car into Kenya and estimate duty explains the import rules and the taxes that make up the landed cost.
What buyers should check
- The full cost of credit: ask for the interest rate, insurance, valuation fee, tracking fee and any other charge in writing, not just the deposit and monthly instalment.
- The logbook position: banks financing a car normally hold joint registration on the logbook until the loan is paid off, so ask how and when it will be released.
- The vehicle’s history: run an NTSA copy of records search on any used car before you commit.
- Warranty terms: confirm exactly what the 10,000 km warranty on imported units covers.
Stanbic customers paying instalments from mobile money can also check our table of Stanbic to M-Pesa transfer charges.
Frequently asked questions
How much will Stanbic finance on a CarMax car?
Up to 90% of the price of pre-owned vehicles sold by CarMax East Africa, subject to credit appraisal. Cars imported to order through Motokaa Shop can be financed up to 80%.
Is there a facility fee on the Stanbic CarMax car loan?
No. Stanbic said it would charge nil facility fees on vehicle loans under the partnership.
What is Motokaa Shop?
Motokaa Shop is the vehicle importing arm of CarMax East Africa. Buyers choose a car from more than 50,000 units on motokaa.shop and can get it financed by Stanbic.
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