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Reasons to avoid bank finance car loan

An ability to avoid mistakes in finances is what differentiates those who are earning interest from years of savings and those who are locked into paying debt for the next five years or so.

You came here for a solution and not a reminder of the good reality or the sad fate.

Do something today, such as creating a thing, or working on a job, which you can thank yourself in future.

Take the step to avoid a financial mistake, and you will have done the equivalent of working to correct the mistake in future.

  • Avoid getting into debt to buy a car right now.
  • Save for a year.
  • Get the car by paying cash.
  • The rest of the three years or four years you would spend in debt are worth something else.

You will thank yourself when you get the car for cash.
You will thank yourself for the decision you too just now.

The hidden charges of car loans in Kenya

People who use bank financing to buy cars through an arrangement by the car dealer in Nairobi end up also losing money in the following ways, other than the interest.

You have to pay 2.5% of the loan amount as facilitation fee. If a bank like stanchart, nic, stanbic, kcb, equity etc is offering the loan.

You have to pay Ksh 3000 or thereabout as facilitation fee for the loan

You have to pay the price at about Ksh 100,000 extra because the seller is taking advantage of your lack of cash. (You cannot bargain the buying price)

You have to pay for tracking, from a pre-approved supplier. It will be about Ksh 28,000 for 4 years, which is the duration of your loan.

You have to pay for depreciation indirectly. The car will lose at least 30% of its value as soon as you drive away from the used car yard, or the new car show room.

You have to pay for comprehensive insurance, at about 4% the value of the car.

Here is the math. If you are to buy a car such as Mazda demio, which is popular in Kenya because of the Uber business in Nairobi, then you will lose about 150k before accounting for interest payments.

[You paid higher for the purchase + comprehensive insurance + loan processing + tracking + facilitation fee]

Illustrative Example – Buying Mazda Demio

Alternatively, you can save to about ksh 350k and buy a Mazda demio, the previous generation, and get to drive it for another Ksh 60k to 80k with few problems other than regular maintenance. Besides, you can get a much cheaper car at Ksh 300k and then spend the extra 50k fixing it up with stuff from other used car available at any Jua Kali garage market throughout the city, if that is what you want.

New (used) car – Mazda Demio (2011)

For Sale OLX Kenya, Mazda Demio, YOM 2011, price Ksh, 750,000

What you pay by bank financing arranged by car yard dealer:

  • Deposit 30% = 225,000
  • Facilitation = 3,000
  • Insurance 4% = 30,000
  • Tracking = 28,000
  • Loan processing 2.5% = 13,125
  • Principal loan amount = 600,000
  • Interest on loan is 14% annually (calculated on reducing balance)
  • Total, the least amount you have to pay to leave with the car = 286,000/=
  • Do not forget the 13,125 or 2.5% deducted or added to your money due. Thus, your balance is the 600000 loan + interest spread over 48 months

Used Car, Mazda Demio

For Sale OLX Kenya, Mazda Demio, YOM 2008, price Ksh 330,000

What you pay with your savings after waiting for a year

  • Purchase price 330,000
  • Interest = zero
  • insurance 4% for comprehensive (optional) = 13,200 or third-party insurance = 7000
  • car service ([email protected] each, plugs @1500, oil @2000 – 3000, suspensions (optional) etc.
  • Total with all options included = about 363,000/=

The difference between what you would raise before getting the car on loan and what you would pay to get the other used car is about Ksh 77,000 give or take.

Of course, if you are getting the car, and the owner is true to his/her word that it is a buy, fuel, and drive, then you will pay close to 335,000 for the used car. And the difference in this case drops to 49,000 only.

Now think hard and good about raising Ksh 286,000 to get the bank financed car, and struggle with about Ksh 14,000 as monthly payment for the next four years. In that period, your counterpart, the person who went with option B, will have probably also spent or saved a similar amount of a monthly basis. If her or she saved, then she will be about 600 in positive net worth & you will be at zero having cleared your debt.

The high mileage question

The financed car will likely be anything between 40,000km to 90,000km while the used car bought on cash at that price is likely about 140,000km to 160,000km. You can use the car comfortably for all the kilometers before 200,000k. The Mazda Demio in particular is a strong and well-built car and it can go to 300,000km with tender loving care.


Do not finance your car. Save and buy cash. Cash is king in many ways. You avoid many hidden charges. You get a good car whose depreciation is not as much as the newer car.

You are free to do what you like with the 14,000 monthly savings arising from your wise financial decision.

I threw beats by dre outside

I bought Beats by Dre headphones a few years ago.

This morning I threw them out with the trash. I realized they were sitting in their pouch for about 6 years not doing me any service. The money I used to buy them is gone and never to come back. The headphones did not serve me. They were faulty and I did not buy them at an official shop. I could not return them. I am wiser now. I know such loose change should better go to investments or risky gambles.

If they do not pay then it was worth a try. When they pay off, you double your money.

No such thing as a successful dreamer. Work is King.

If there, is something you need to do then you should do it.

You might be thinking about it and wishing it done, but that is not the same as doing it.

Get into a habit of doing things.

Think about them but do them still.

Thinking about work is easy.

Doing work is not easy.

Thinking about success is easy.

Becoming successful is not easy.

Thinking about a perfect day is easy.

Having a perfect day is easy.

A perfect day is the one where you catch yourself daydreaming, procrastinating, and you turn yourself into a productive machine.

No one said you have to climb a mountain.

A successful day is all about a few positive steps taken consistently.

Some work here and there, done in a meaningful way is all you need.

The jobs you do compound fast, and in a few months or years, the gains you made will multiply.

Impressions matter: Tell yourself this now

If someone does not find you desirable, they will find you ease to accuse. Most people do not know this issue, but the most beautiful of handsome people around us tend to get away with mistakes. They can do a shoddy job at work, and they get a pass.

Some beautiful ladies got a second look at their exams after the marketing was done because they impress the professor nuts with their cleavage and smile.

You can not change this aspect of human behavior but who are you not to use it to your advantage. People are going by their internal judgment of the situation and other people. If a girl you like seems too hot, then you will probably self-jeopardize your capabilities of being with her.

On the other hand, the same rarely happens when a girl like you, only that you might be ignoring the shit out of her. The important thing is to learn the dynamics of the sexes and to make them work to your advantage.

You can change, but you have an inherent problem with the thought of what you are doing being right. It might or it might not. Try not to think of it that way. You should be concentrating on tips that work. Of course, a person who is already earning interest from investments knows the importance of making those investments. However, try telling that to the broke and in a debated guy, and it all seems foreign.

I know these things feel foreign to you since the last time you had your way with people and impressed them was before Jesus, which is to say never. Get back your cool and bring back the old days when you did not care about anything except for what you want.

Do what the pros do

People mirror themselves against others. Someone else whom you seem to influence is probably mirroring your actions. Observe yourself and others in your surroundings.

You will tend to notice some similarities.

Do you see people sounding the same, using similar words, wearing similar clothes and somehow having the same posture after hanging out together frequently? You probably see in campus, students taking a particular course behaving similarly. You can tell this is a nerd and this is not one. Such are the outcomes of public mimicry.

It can be a good thing for your success.

On the other hand, it could mean you are being too much of a beta male. Time to stop it and get other improved postures, wordings, habits and so on.

see it enough times, start doing it

The rat race in one picture

What is wrong with this picture?

Men wearing designer hats, or would I say corporate mass branded hats and all holding up their iPhones for a shot of Tiger Woods. Men living their excitement and thrill though another person’s story.

Men who are consumers and all lined up to do what they do best. Consumer so that others can see them consuming, and see them as superfluous socially.
This activity and this picture are the definition of the rat race.

Why you need to learn a new skill ASAP

Learn a skill that will help you. Many people today attend motivational seminars that are not going to help these.

These are types of masturbatory activities for the brain. You fool your brain into thinking you are doing so much work. In reality, you are just hyping yourself. See people on Sunday and the way they behave.

They talk as though they are going to conquer the world, just because someone in a sermon yesterday told them that were true.

The reality keeps happening irrespective of what these people think. Therefore, they shall continue waiting for the paycheck and keep doing their jobs.

They will work hard for their boss and believe they are on a path to prosperity and a million shillings saved.

However, if you lack skills, then you are not living. You merely exist. Skills such as copywriting help you a lot. A skill such as essay writing online can get you extra income.

A skill such as walking dogs or being an escort can get you clients and a financial future. Try learning a skill and making yourself good at it.

Habits will make you successful and bring you money while saving you from broke

The tiny things you do repeatedly become you. The waking up early yesterday today and tomorrow is just an example. The days when you used to eat only one breakfast meal and used the rest of the day to get ahead; that was you.

Each thing you do now is making you prosper or derailing you. If you want money then you have to be in the habit of doing things that bring money. A low paying job does not bring money; a high paying job brings money. A high debt gets money away while a low one still gets money away from your pocket.

Avoid the M-shuari, Tala, Timiza, Branch, Saida, and all the bank advances unless they are going to aid your cash flow and cause you to get more money, without paying too much for it.

Habits today and tomorrow; always remember they make you into what you are now, and what you shall be in future.

Be grateful this instance for a turn in your life

Be grateful this instance for a turn in your life. You are the person who is suffering from this loss and feeling like you can never get rich. Deep inside you know that you can get rich only that you care less about that. Your deepest desire right now is to pay the rent and not have such worries. Read more

How to get back into being productive

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What to do when you are stalling in your discipline

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stop trying to teach people success

A definite result of teaching people success is the apparent reminder of their loser mindsets and failures in life. Focusing on success is like focusing on goals, and it only leads to unhappiness.

Teaching people about success is bad. It makes them think more about the inadequacies they need to get over. They become anxious about winning in life and comparing with everyone in life. We sometimes do it here at ILEBET and realize that we could be leading you astray. We get you so worked up without being honest regarding our expectations for you.

We are not angels. We notice there is a feedback loop that could start right now with advice on being a successful person, then ends up with you beating up yourself for being a loser and failing to live up to the idea of an elitist mindset. Success is not bad, but fixating your life’s meaning upon being successful is the worst thing you can do in your lifetime.

Make believe – gain and use confidence to succeed in life

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Success and productivity are about doing things in a particular way


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The early signs of success

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Stop following mainstream advice

The mainstream advice goes like this:

If you do not know a thing about investing, betting, cryptocurrency [insert some advice here] then you are doing it wrong. You cannot put your money or effort just to figure it out. You need to know what you are betting, investing, prospecting on before you put your money unless you are following someone who does and is successful. Just two to start with and the average people will go on about this kind of advice for ages.

Nonmainstream advice will look like this…

Crazy! Curious.

We think those are some of the words that could describe what we teach here at ILEBET. Read more

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What is the price you are willing to pay for your success?


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The road less traveled – the champions way

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Unplugging from the system – Are you ready?

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Stopping procrastination

Today on ILEBET, we are going to tell you about types of habits that take you backward.
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You have no time for downtime, work passively instead

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You can say NO and still win at life

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You need a system to achieve your vision of success

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Coping with addiction

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MyNoise – An understated productivity tool

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cost management in personal or business inc

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Apply the lesson of inertia to your life and succeed

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Your lesson today is to do a thing at a time [single-tasking]

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How to make your laptop fast and sturdy in 2017 and beyond

Take care of your tools.

I am still using a Thinkpad t430 laptop three years down the line. Bought it in 2014 August as a used item and it is insanely fast. I have a guide here for keeping your laptop fast and on point all the time. Recently a friend came to me with a newer HP laptop, core i5 and 4GB ram just like mine, but booting took a whole 2 minutes and the computer froze most of the time. It was pathetic slow. I shut and restart mine in 30 sec. Yes, that includes both the shutting down time and the booting time. He had to use my computer to take an online test because he could not trust his laptop with the risk of chrome browser freezing on him.

How to make your laptop fast and sturdy in 2017 and beyond

Begin by installing an SSD drive. The Solid State Drive is 20 times faster than the fastest Hard Disk Drive. Google SSD vs. HDD and see the difference. The price of SSD for laptops continues to plummet. Here is my set up. I have a 120GB SSD on the laptop. I have the previous 500GB as an external drive. You only need an external cover to make it an external drive. An external cover is very affordable.

Switch to Windows 7. It might be old but it is your best productivity bet. The operating system will let you tinker with the windows updates and keep them off.

Number 2, you need to stop with the Windows Updates. Once you make a fresh install, or when you are on your current installation, stop the automatic updating of the Windows Operating System. The computer just worked fine without these updates. You are not using your laptop as part of a corporate system so just make sure they are off.

You should find ways of doing things online so that you do not have to install software on your computer.

Install a capable antimalware program that offers real-time protection. There is no need for anti-virus software of any kind. They just slow your computer. Rely on Microsoft’s own Windows Defender. Combine it with something like Malwarebytes that offers real-time protection against shady websites that will install cookies on your browser and spy on you while also using your computer to mine bitcoins. This shit sounds crazy and jargon. It’s true though.

Replace your battery to get the promised hours of productivity. A bat replacement might give you the 6 to 10-hour battery life that you need.

Check later for an updated version of this guide.

Remember, taking care of your tools is a fundamental rule of faking it to make it as outlined elsewhere on


Debt is bad

Why is the debt topic important?

The first rule of faking it is to get out of debt. Debt shackles you. It ties you to your creditor. In addition, the bad habit keeps you tied to your Read more

Take back life, pay back debt

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Life is awesome.

We love

The only thing you should be thinking about now is ways to manage your energy.

Energy, unlike anything else, “can never be created nor destroyed.”

That is a major law of physics.

You can only channel it in a particular way to get results that you want or those that you do not want.

Energy is a beast, a slave, and a master and so on. It is many things in different ways, depending on how you are treating it.

I can tell you right now that I am using my energy to write this article.

And you can reply that I go it from the food I ate, and you probably have your energy from the motivation seminar you attended.

Get the grip of this, energy is in different forms. When you feel energized, that is energy.

And the same thing happens when you feel so lazy after filling your stomach with food. All your energy goes to digestion, and none remains for doing anything else.

Energy is a powerful thing.

Energy is one of the fundamental elements of life that you should learn. You need to understand that energy is a resource.

Whatever you do with it comes later.

Right now, you must get it in your mind that you are energy.

Maybe you are just a collection of energy.

You also emit energy.

And you also receive energy in various forms.

Think of the sunlight, the bad peer influence, the preacher that never stops praying, and your spouse who keeps on giving you heaven.

It is all energy from one container/body to another.

Rules are rules

If you are to play a game, know the rules.

There are particular rules that affect the outcomes of any game. They affect the opportunities to win and lose. They are your savior if you obey them and they are your enemies when you go against them. Rules differentiate the cool persons from the wannabes. They are the sacred scripture for any situation that finds you. They are not always fair. Stop looking at playing fair, because fair is a relative term. Fair depends on what you call fair. It does not depend on what is actually fair. I will give you an example. To steal might not be fair for the person losing the stolen item. But if the court lets the thief go away  free because Read more

Your haters will outshine you unless you mind your business


Your haters/competitors are not sleeping. They will outshine you. Start minding your business now. If you don’t, you might as well, sacrifice your freedom and have someone else to blame. But there is a catch. Seth Godin says Read more

Middle Class – Nairobi

Middle class people have a problem that the high class and low class people do not have. Middle class people have imaginery problems. They will go hungry just to feel like they are important. They will go to fancy restaurants to receive whack treatment with tin cups instead of clay or glass cups, and sit on hard surface and sometimes ugly wooden benches instead of sofas. They will often take up funny hobbies that neither the wealthy nor the poor in Read more

Starting again

The worst lesson to learn is that the first solution was good. It was not perfect, but it did what was necessary with the least amount of time demands.

Time is money. Read more

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