Its almost impossible to compare the financing environment of the US to that of Nairobi or Lagos where the going rate of interest on a collateralized loan can be 25% or higher and an uncollateralized loan often 100% or more annually. While the Kenyan gov’t just mandated a reduction in bank interest rates, the primary difference between the African markets and the US is that there is little if any equivalent credit bureau data for the vast majority of African workers/consumers, so most banks don’t lend to most workers. Moreover, there is not an efficient auto financing market as Africa manufactures no vehicles (final assembly in SA doesn’t count in my book) and most “new” vehicles in Kenya are 8 year old imported Japanese used cars. The people who can get bank loans and some auto finance are people who are “formally salaried” which is still a fraction of most jobs in Kenya/Nigeria where the majority of workers are part of the informal sector and may not have formal payslips. Having a track record of driving for Uber is the difference between having a chance at owning your own asset (a vehicle) vs. not having one.
Struggling to establish one’s basic identity and pay history, the basis for creditworthiness, is something most Americans alive in the 21st Century haven’t experienced.