Financing Options
Flexible financing solutions for Open Road Market clients
Compare Financing Options
See how our financing options compare side by side to make an informed decision about which one is best for your needs.
| Feature | Mortgage | Hire Purchase | Lipa Pole Pole |
|---|---|---|---|
| Initial Deposit | 20% | 20-30% | 40-50% |
| Interest Rate | 11.5% p.a. | 15% p.a. | Minimal to none |
| Repayment Period | Up to 20 years | Up to 5 years | 1-3 years |
| Monthly Payment | Lower | Medium | Lowest |
| Credit Check Required | |||
| Documentation | Extensive | Moderate | Minimal |
| Early Repayment Fee | |||
| Ownership During Payments | Customer | Dealership | Customer |
| Suitable For | Properties & Luxury Vehicles | All Vehicles | Vehicles & Smaller Properties |
| Application Speed | Slowest (2-4 weeks) | Medium (1-2 weeks) | Fast (1-3 days) |
Payment Calculation Example
Based on a Toyota Land Cruiser 200 Series worth KES 12,000,000
Mortgage Option
Hire Purchase Option
Lipa Pole Pole Option
Frequently Asked Questions
Find answers to common questions about our financing options below.
Required documents vary depending on the financing option you choose. Generally, you'll need:
- Valid ID (National ID, Passport)
- Proof of income (Pay slips, bank statements, audited accounts for businesses)
- KRA PIN Certificate
- Proof of address (Utility bills)
- For mortgage applications: Additional documents such as land title deeds may be required
Our finance team will guide you through the specific documentation needed for your chosen financing option.
Yes, you can pay off your loan early with most of our financing options. Mortgage and Lipa Pole Pole plans have no early repayment penalties. Hire Purchase agreements may have a small early settlement fee, typically 5% of the remaining balance. Early repayment can save you money on interest charges in the long run.
Yes, we offer financing options to non-residents, though terms may differ from those available to residents. Non-residents typically need to provide additional documentation and may be required to make a larger initial deposit. Our Lipa Pole Pole option is particularly popular with non-residents due to its simplified process and minimal documentation requirements. Contact our finance team for personalized assistance for non-resident financing.
The approval timeline varies by financing option:
- Mortgage: Typically 2-4 weeks for full approval
- Hire Purchase: Usually 1-2 weeks
- Lipa Pole Pole: Quick approval within 1-3 business days
These timelines assume all required documentation is provided promptly. Pre-approval can often be obtained more quickly to help you begin your vehicle or property search with confidence.
If you anticipate difficulty making a payment, we encourage you to contact us immediately to discuss options. We understand that financial circumstances can change and we're committed to finding solutions.
Missed payments may incur late fees and could potentially impact your credit score. For Hire Purchase agreements, multiple missed payments could lead to repossession of the vehicle. We work with our clients to avoid such situations through open communication and flexible payment arrangements when needed.
Ready to get started with financing?
Our finance specialists are ready to help you choose the best payment plan for your needs and guide you through the application process.