Toyota Kenya, the sole distributor of Toyota cars and Yamaha brands in Kenya, has partnered with Prime Bank in launching its new product dubbed the New Drive Loan Facility, which allows Association of Insurance Brokers members to get up to 100% financing towards the purchase of selected Toyota Kenya vehicles.
A part of the new product aims at trying to encourage people to purchase brand new cars over second-hand vehicles. The partnership will allow insurance brokers to be able to access loans while purchasing vehicles that include the Toyota Rush, RAV4, Fortuner and the Suzuki Ertiga, with a repayment period of three years.
According to Arvinder Reel, Toyota Kenya Managing Director, the continued support financial institutions have accorded motor vehicle distributors in helping grow the number of Kenyans acquiring brand new vehicles.
“We believe that these units offer stronger value proposition to customers due to the guarantee of long-term quality performance as well as the added benefits such as 25,000km or one-year free service and a three-year or 100,000km of use warranty. Partnerships with institutions like Prime Bank make this process more favorable for the potential consumers,” he said.
On the other hand, his colleague, Amar Kantaria, Prime Bank executive director said the partnership between Toyota and Prime Bank is part of the bank’s plan to expand its asset finance portfolio. “We have specifically tailor made this product to insurance brokers with up to 100% financing and a very convenient repayment plan coupled with a competitive interest rate, “he said.
The partnership-financing offer will go on for the next three months and might be extended depending on the uptake of the insurance brokers. According to Nelson Omolo, Chairman, Association of Insurance Brokers of Kenya, it has been troublesome for brokers to get credit financing for purchasing vehicles. “Therefore, we thank Toyota Kenya for this partnership. We are excited that insurance brokers will now be able to get vehicles with 100% financing to pay within 36months,” he said.