Toyota Kenya has partnered with Prime Bank in rolling out a vehicle financing facility for members of the Association of Insurance Brokers of Kenya. The members will be able to get up to 100% financing when purchasing selected Toyota Kenya vehicles.
Through the partnership, insurance brokers will be able to access the loan facility while purchasing the vehicles. The cars include the Toyota Rush, RAV4, Fortuner and the Suzuki Ertiga and they will be able to repay the loan within a period of 36 months.
Speaking at the signing ceremony of the financing agreement, Prime Bank Executive Director Amar Kantaria 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 added.
On his part, Toyota Kenya Managing Director Arvinder Reel lauded 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 from the unit 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 favourable for the potential consumers.”
Prime Bank Ltd is one of the leading Private Banks in Kenya and was founded in 1992. Toyota Kenya is owned 100% by Toyota Tshusho Corporation; the trading arm of Toyota Motor Group. The company is currently the sole distributors and service providers of Toyota, Yamaha Motorcycles and Hino trucks in Kenya, and in February this year started distributing Suzuki models.