Commercial Bank of Africa (CBA) has partnered with MHH International to offer customers an easy and convenient way to import luxury vehicles from both Japan and UK.
Through this partnership CBA clients can receive up to 80% asset financing, while also accessing services of a reliable partner who will transform the buying experience for imported cars into a pleasurable, effortless experience.
“We have noted a growing appetite for high quality and reliable cars, as it becomes a priority for more Kenyans for both business and personal needs. We are supporting our customers by developing this end to end partnership with a partner who clients simply pay and wait for the car to be delivered,” said Mr Jeremy Ngunze, CEO CBA Kenya during the launch event.
Second-hand cars account for about 80% of total vehicles sold in the country, relying on demand from businesses and individuals who are unwilling or unable to pay showroom prices, according to data from Kenya National Bureau of Statistics (KNBS). In 2015 approximately 22,000 units of high-end luxury cars were imported this, as the number of cars imported to Kenya grew by 6% to 109,781 from the previous year.
MHH International specialises in sourcing and importing new and used luxury cars by placing factory or auction orders on the behalf of customers and negotiating for the most competitive discounts. For the car enthusiasts, MHH International supplies supercars and rare vehicles via some of the most exclusive global networks.
“This partnership with MHH International spells out favourable terms and conditions for customers to access finance while at the same time giving them access to a great car and the confidence that it would arrive safely, ready to drive,” said Mr Ngunze. “This is part of our innovative journey that seeks to ensure that we meet current and emerging customer needs through effective and attractive propositions such as this.”
MHH International Managing Director, Alistair Benn, said that the company is delighted to enter a working relationship with CBA by providing this value enhancing initiative that will improve not only the level of service but also provide real value to our mutual clients.
“With this new partnership with CBA, we will work closely and are excited with this new offering to suit our customers. As part of growing our business we are constantly seeking strategic partnerships such as this one to ensure we offer our customers the best products and service offering,” he said.
Asset finance loans for import cars makes importing much more accessible to private buyers and business owners. People can now buy the higher spec makes and models which are not available locally such as the Range Rover Evoque Convertible, Audi Q7 and the Infinity FX. Interestingly, companies are also taking advantage of the opportunity to import with asset finance. Those who run a fleet of cars or provide staff incentive schemes for their managers are increasingly importing their vehicles to benefit from cheaper purchase pricing from the high quality used car market in the UK and Japan. And when you look at the potential repayments for an import car, the option is very appealing.
