I’ve heard it said that few things could rival the feeling of excitement that comes with going to a show room and purchasing a brand new vehicle. New toy, new car smell, zero mileage, zero wear and tear, and you get to remove the seat wrappings yourself before driving off. And I can see how. As much as I haven’t experienced this because I have not yet purchased a new car, I have purchased a used one and the excitement is pulpable.
Purchasing a car, let alone a brand new one is not exactly easy for a lot of people and many of us need a little help. Or a lot.
In a financing partnership that Toyota Kenya has entered with Cooperative Bank of Kenya, the bank’s customers can now be able to purchase personal or commercial vehicles under Toyota Kenya’s portfolio which includes Toyota, Suzuki, Hino, and Yamaha motor bikes. The partnership does not leave out Co-op bank customers who operate fleets to acquire more units. This is an amplification of the existing deal that only covers the commercial segment with the financing of the Hiace van and Hilux pickups.
Co-operative Bank’s Director of Corporate and Institutional Banking, Mrs. Jacquelyne Waithaka said that the scheme is available for those customers who want direct acquisition of the vehicle of choice or for leasing.
Covid-19 has adversely affected businesses and the economy negatively and businesses want to get back to work. Many if not all could do with some support and towards this, Co-operative Bank will also extend a Kshs. 500,000 working capital loan without additional security to the successful applicants of the Toyota Vehicles in addition to providing a 2-month (60 days) grace period. This is on top of up to 95% financing towards the acquisition of the vehicles, payable within 60-months.
“Our partnership with Co-operative Bank goes beyond just the sale of the vehicles. We are saying this is an improved partnership since customers will also receive professional training for their drivers under the Toyota Advanced Driving programme and the Yamaha Riding Academy, for those who purchase the Yamaha motorbikes.”
Toyota Kenya Managing Director – Arvinder Reel.
The Toyota Kenya partnership with Co-operative Bank does not end with the sale of the vehicles. Customers will also receive professional training for their drivers under the Toyota Advanced Driving programme and the Yamaha Riding Academy, for those who purchase the Yamaha motorbikes.
Toyota Kenya’s footprints in the country cannot be under-estimated. Currently, the company locally assembles 11 varied models which includes Hilux & Landcruiser pick-ups, Hino trucks and Yamaha motorcycles.
Even after the lifting of the interest rate capping, the two firms have agreed to keep the borrowing rate at 13% per reducing balance. This also allows individual customers to purchase any Toyota Kenya models at a competitive rate.