Frequently Asked Questions

Q: How well do Kenyans understand hire purchase?

A: The hire purchase (HP) option has had very good reception in Kenya. This can be explained by the number of non-bank financial institutions that exist alongside commercial banks ready to tap potential entrepreneurs in one of the fastest growing economies in the East African region. It is our basic understanding that Kenyans fully appreciate the HP option as this goes hand in hand with the opportunities provided by our economy and more particularly the transport industry because of the port of Mombasa and its relative importance to regional economies. Over time individuals and businesses have adapted to the finance options available for growth and support in their businesses.

Q: Why should consumers choose HP over other options of asset financing?

A: Its common knowledge that the success of any enterprise is wholly dependent on availability of funding; be it for expansion or acquisition. Hire purchase then becomes a viable option with faster availability, stuff lower requirement and easier processing. With their rigid requirements, most industry players find it difficult to access other options of financing compared to the ease with which they get through hire purchase financing.

Q: What is your advice to people who want to acquire items through HP?

A: An individual should conduct a thorough forecast of his anticipated net cash flow to be generated through acquisition of an asset, before proceeding with the HP financing. It is advisable to factor in projected net revenue while considering any contingent expenses that might arise out of normal business operations and the effect of “slow down” in business, accidents etc, which might affect the projected income and as such ability to repay the monthly installment.

Q: Why should customers choose Synergy?

A: In the vast HP market, with competition from commercial banks and other non banking financial service providers, Synergy has always steered ahead of the rest through our fast turn around and hands-on approach. We have further engaged a team of professional trained staff who provide friendly and personalised services. This has enabled us to meet the varying requirements of individual clients and satisfying them, making Synergy a one-stop solution for the different class assets at competitive rates. We have always promoted our clients to grow in their respective fields by providing them with easier access to finance.

Q: How do I apply for a loan?

A: You can apply for our Hire Purchase Finance Facility online by filling in the application form (see attached link) or you can call one of our business development and relationship managers to be of assistance.

Q: How will I know that my loan has been approved?

A: Once you have submitted all the necessary documentation requested your application will be presented to the credit committee for review and if the facility is approved our team shall duly notify and advise you on processing the facility.

Q: What are the documents that I need to submit for my application to be considered?

A: Listed below is the minimum document that shall be required for your application. However, upon submission of these documents our team shall get in touch with you for additional documentation requirements.
Individual/Sole proprietor/Partnership:

  • Certified copy of PIN and National Identification card
  • Certificate of registration (if proprietor or partnership)
  • Bank statements for last six months
  • Financial statements for previous two years
  • Valuation report from authorized valuer (used vehicle)


  • Certified copies of memorandum and articles of association
  • Certified copy of certificate of incorporation
  • Certified copy of PIN Certificate
  • Latest annual returns and filing receipts
  • Bank statements for last six months
  • Financial statements for previous two years
  • Valuation report from authorized valuer (used vehicle)

Q: What sort of borrowings do you provide?

A: We are a Hire Purchase Company and provide Hire Purchase Finance on new and used vehicles and equipment. The various types of finances available are, but not restricted, as under:

  • Heavy Commercial Vehicles – Trucks, Trailers etc.
  • Construction Equipment, Machinery & Vehicles – Excavators, Bull dozers, Cranes, Dumpers etc.
  • Handling & Lifting Equipment – Forklifts, Conveyors, Stackers, Dumpers, Storage & Racking etc.
  • Industrial Plant & Machinery – Printing machinery, Food processing equipment, Metal forming equipment
  • Agricultural Equipment, Machinery & Vehicles – Tractors, Harvesters

We will however suggest for you to get in touch with our Business Development & Relationship team to discuss your financial requirements and whether we at Synergy can be your financial services provider.

Q: How do you ensure you are adequately covering your risks?

A: The securities provided to us by the Borrower are registered in joint names and the original security documents are maintained by us during the course of the facility. At the same time insurance for the securities is registered in joint names with the insurance company noting our interest as financiers over the security. We also have a requirement to have a tracking device installed on our securities for us to monitor the movements of the securities.

Q: What happens when I have fully repaid the facility?

A: On full repayment you can apply for another facility or you can request for release of your securities. All charges and government taxes for transfer of securities in your name have to be fully paid. We shall transfer the securities in your name and release them to you.