Question 1

What is MyCar Finance?

Accepted Answer

MyCar Finance is a microfinance organization (MFO) in Kazakhstan specializing in automotive financing. The company focuses primarily on providing auto loans for both new and used vehicles, making it one of the leading auto lenders in the country's microfinance sector.

MyCar Finance is part of the MyCar ecosystem, a group of companies in Kazakhstan. The organization holds license № 02.21.0049.M issued by the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (ARDFM).

Question 2

When was MyCar Finance founded?

Accepted Answer

MyCar Finance was founded on December 29, 2018, with its most recent re-registration occurring on July 4, 2023. The company obtained its microfinance license on March 26, 2021.

Question 3

Where is MyCar Finance headquartered?

Accepted Answer

MyCar Finance is headquartered in Kazakhstan. The organization operates with a network of offices and partnerships throughout the country.

Question 4

Where does MyCar Finance operate?

Accepted Answer

MyCar Finance operates across 19 cities throughout Kazakhstan, maintaining more than 130 service points. The company has established partnerships with numerous dealership centers and auto centers across the country.

The organization operates through a combination of company-owned auto centers and partner dealerships, providing coverage in major urban areas and regional centers to serve clients nationwide.

Question 5

What services does MyCar Finance offer?

Accepted Answer

MyCar Finance specializes in automotive lending with several distinct products:

Auto loans for new vehicles with flexible terms and competitive rates. The company works with authorized dealers to finance purchases of new cars directly.

Used car financing for vehicles as old as 2007-2012 depending on the program. Clients can purchase from MyCar's own inventory or buy from private sellers through the "any platform" program.

Flexible credit programs including Standard (no KASKO or life insurance required), Deferred payment 30/70, and financing for vehicles from any marketplace. Terms extend up to 7-10 years depending on the program.

Digital services through a mobile application where clients can apply for loans, receive preliminary approval, manage their accounts, make payments, and access full loan information. The app features video verification for identity confirmation.

High approval rates of approximately 80%, making automotive financing accessible to a broad range of borrowers. The organization reports approving over 30 auto loans daily.

Question 6

What makes MyCar Finance unique?

Accepted Answer

MyCar Finance holds a distinctive position as the second-largest auto lending organization in Kazakhstan. The company's business model focuses exclusively on vehicle financing, allowing specialized expertise in this sector.

The organization emphasizes speed and convenience, with preliminary loan decisions available within minutes and funding disbursed within one business day. First-time and repeat borrowers receive the same lending terms.

MyCar Finance's digital-first approach enables customers to complete the entire application process through their mobile app, from initial inquiry to preliminary approval, with minimal documentation required initially (only IIN and phone number).

Question 7

What type of financial institution is MyCar Finance?

Accepted Answer

MyCar Finance is a Microfinance Organization (MFO) licensed to operate in Kazakhstan. While MFOs typically serve broad microfinance needs, MyCar Finance has positioned itself as a specialized automotive lender within this regulatory framework.

The organization combines MFO licensing with focused expertise in auto lending. MFOs in Kazakhstan can provide loans up to 20,000 times the monthly calculation index, allowing MyCar Finance to offer substantial financing for vehicle purchases.

As a licensed MFO, the company operates under ARDFM supervision and must comply with microfinance regulations including consumer protection standards, transparent lending practices, and regulatory reporting requirements.

MyCar Finance

in Kazakhstan 🇰🇿

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About MyCar Finance in Kazakhstan