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Co-op Bank inks deal to help buyers import second hand cars

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Importing second hands cars worth Sh. 500,000 and above is set to be easier for buyers. This is because the Co-operative Bank has entered into a joint venture with World Navi Company to finance importers. World Navi is a leading Japanese exporter of used cars to Africa and Europe, for financing importers.

According to a statement from Co-op Bank, this partnership will see buyers of cars costing more than half a million from second hand car markets such as Japan, UK and Thailand bring in these cars at affordable prices that include financing for a period of up to 80 per cent.

“Majority of Kenyans depend on the second-hand vehicle market to own a car but one of the prevailing issues plaguing the public is the anxiety of finding a reliable agent who will ensure they get what they are paying for. With this service, the bank will also finance approved motor vehicle dealers to enable them to import vehicles on behalf of their customers,” said the head of business banking at Co-operative Bank Moses Gitau.

In addition importers will get three-months warranty on the car engine and transmission, accident-free and genuine mileage certificates and zero risk of stolen parts or non-performance.

Mr. Gitrau further said that this offer will be open to both Co-op Bank customers and non-customers wishing to import vehicles using either own funds or looking to be financed by the bank.

“Once approved, the customer will receive an indicative offer letter and will then proceed to deposit their own contribution (at least 20 percent) into an internal account and the bank will cover the rest, enabling the import agent to ship and deliver the vehicle,” Mr. Gitau said.

This is the latest offering from Co-operative Bank that has been targeting car buyers. Already, the bank has inked deals with Isuzu East Africa that are now enabling buyers to get both vehicle financing and business capital simultaneously.

To know how to apply, the procedure for loan advancement and the process of importing second hands cars via Co-op, you may visit the nearest Co-operative Bank branch for assistance.

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