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Best Company to source Finances or Angel investors
Pitt
#1 Posted : Monday, October 05, 2015 4:50:02 PM
Rank: New-farer


Joined: 9/21/2015
Posts: 18
Hi wazua family,
Am confused and concerned from where to get finances to purchase a truck,specifically a 6 wheeler or 10 wheelers apart from banks which have turned me down due to lack of collateral,Any members who know angel investors or asset financiers who have reasonable interest rates. The truck will be in business hence will service the loan.Your opinions and advice is welcome.
LIVE,LOVE,LIFE.
FRM2011
#2 Posted : Monday, October 05, 2015 6:28:44 PM
Rank: Elder


Joined: 11/5/2010
Posts: 2,459
Pitt wrote:
Hi wazua family,
Am confused and concerned from where to get finances to purchase a truck,specifically a 6 wheeler or 10 wheelers apart from banks which have turned me down due to lack of collateral,Any members who know angel investors or asset financiers who have reasonable interest rates. The truck will be in business hence will service the loan.Your opinions and advice is welcome.

@Pitt, several things from your post stand out on why you aren't getting credit. First, in asset finance, there is no need for collateral. What you need is a demonstrable ability to repay the loan. You need average monthly account turnovers at least ten times the average monthly repayment.

Secondly, you sound like this is something you are going to start. No one funds start-ups in kenya.No bank will peg their loan repayment on anticipated income from the truck. It has to be repaid from your current income. The only exception would be if you have a really good contract e.g. with DHL.

There are many other people offering asset finance e.g. Synergy, springboard, ASL credit,but they tend to focus lending to the big boys.
Pitt
#3 Posted : Monday, October 05, 2015 8:43:11 PM
Rank: New-farer


Joined: 9/21/2015
Posts: 18
Hi from 2011,
thank you for your feedback, I have actually managed to get a contract with one of the Logistics company but not DHL, it offers its services to its client in the Brewing Industry, I cannot use my current salaried income since I would not qualify for such a huge loan to purchase the truck, that's why I was thinking of the local/International financiers who specialize in asset financing, I will try to enquire with the ones you have named above
LIVE,LOVE,LIFE.
Mkimwa
#4 Posted : Monday, October 05, 2015 11:15:46 PM
Rank: Member


Joined: 10/26/2008
Posts: 380
Alternatively, lease a truck and get the work done as you gain some experience, learn the ropes, and also arrange for financing.
Pitt
#5 Posted : Monday, October 19, 2015 8:36:52 AM
Rank: New-farer


Joined: 9/21/2015
Posts: 18
Hi Mkimwa,
thanks alot for your feedback, i had also thought of that though the companies leasing out trucks charge unreasonably high, so if any of you dear wazuans know friends or are interested in this venture,get back to me through pittmoh@gmail.com
LIVE,LOVE,LIFE.
dtbkkenya
#6 Posted : Tuesday, February 09, 2016 12:50:30 PM
Rank: Hello


Joined: 2/9/2016
Posts: 1
There are several banks which provide mortgage finance in Kenya. There are many governments, commercial and foreign banks based in the country serving the financial needs of many customers. Loans are usually given at various rates of interest depending on several factors like time period, collateral, credit ratings, and the kind of loan for which the customers apply. Here are the best five Kenyan banks where you can apply for loan:

1. Diamond Trust Bank Kenya Limited
2. Kenya Commercial Bank
3. Standard Chartered Bank Kenya
4. Barclays Bank of Kenya
5. Co-operative Bank of Kenya
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