By Shadrack Nyakoe
Toyota Kenya and Co-operative Bank have entered into a strategic financing partnership that will enable the bank’s customers to purchase vehicles with 95% financing
The new partnership, also allows leasing arm of Co-operative Bank Group, Fleet Africa Leasing Ltd, 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.
In an effort to spur business take off and growth from the adverse negative impact of the Covid-19 pandemic on the economy, 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 a2-month (60 days) grace period. This is on top of up to95% financing towards the acquisition of the vehicles, payable within 60-months.
Toyota Kenya Managing Director, Arvinder Reel, in lauding the improved deal said the pandemic demonstrated the need to support individuals and sectors that are at the heart of the country’s economy with flexible options to acquire key assets for their operations.
“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. From our lineup of quality, durable and reliable commercial and passenger vehicles, Toyota Kenya shall continue prioritizing solutions that support Kenyans towards their personal and business re-building in the wake of the pandemic.”
“Additionally, Toyota Kenya has over the years been a great champion of growing the local automotive industry through the production of various models under its stable, hence building the local content supply chain, transferring technology and creating direct and indirect jobs for Kenyans. Currently, Toyota Kenya locally assembles 11 varied models which includes Hilux & Landcruiser pick-ups, Hino trucks and Yamaha motorcycles,” Added Reel.