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Thursday, January 27, 2022

Toyota Kenya, Ecobank strike finance plan to boost uptake of brand-new cars

Finance partnership allows customers to pay for their cars within 7-years

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Toyota Kenya and Ecobank have partnered to offer auto loans to their customers to purchase brand new cars in a deal that will see customers repay their loans within 84 months (seven years).

Under the new financing deal, customers who purchase any Suzuki or Toyota models from Toyota Kenya will enjoy up to 90% financing from Ecobank, with a 7-year repayment plan. They will also receive a 4-year first-class service plan or 60,000-kilometer mileage equivalent- whichever comes first.

Toyota Kenya Managing Director Arvinder Reel said, “Local demand for vehicles whose engine capacity ranges from 1000 CC to 1600CC for day-to-day use is quite high due to their affordability, fuel efficiency and convenience. Considering the prevailing economic conditions, we want to ensure our customers enjoy peace of mind while driving by extending to them a longer after-sales service period of up to 4 years”.

Mr Reel added that the new terms agreed upon between the two institutions will encourage more Kenyans to purchase brand new vehicles.

“Suzuki at Toyota Kenya has continuously been striving to ensure consumers get quality, affordable and durable vehicles and in the last two years introduced brand new units under 1600cc that are affordable in terms of purchase and maintenance.”

On his part, Ecobank Kenya Managing Director & Regional Executive CESA, Mr Cheick Travaly noted: “Car ownership has now become a reality to most of our customers since they only need to raise 10% of the car value and we will top up the balance through affordable loans of up to 13% p.a. interest rate and repayable in seven years. The long repayment period will greatly improve customers’ cash flow since it will give them access to more capital.”

The Ecobank MD averred that the partnership will substantially grow the Bank’s loan portfolio and at the same time lead to the onboarding of new customers.

In addition to purchasing affordable vehicles, Suzuki at Toyota Kenya offers quality service and vehicle maintenance at the Toyota Kenya (TKEN)networks of 31 centers including branches, authorized dealers, and service centers across the country.

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