Toyota Kenya Financing: You can now get a new Toyota, Suzuki car, a Hino truck or Yamaha motorbike easily using the most flexible asset financing facility in Kenya today. This is thanks to a partnership by Toyota Kenya and Co-operative Bank.
This partnership is expected to assist businesses recover from the ravages of Covid-19 Under it, you will only place a down-payment of as low as 5 per cent to purchase the vehicles. Toyota and Co-op Bank will finance the remaining 95 per cent. Once you get financed, the bank will give you a repayment period of up to 60-months or five years.
Co-op Bank will also extend a Sh. 500,000 working capital loan – without additional security – to you. What’s more, to give customers some relief to enable them to build cash for repaying the loan, you will enjoy a grace period of 2 months (60 days).
“The new partnership also allows fleet customers under Coop Fleet Africa, the leasing arm of Co-operative Bank Group, 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,” Co-op said in a statement.
Additionally, the managing director at Toyota Kenya, Arvinder Reel, said that the partnership with Co-op Bank goes beyond 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 program and the Yamaha Riding Academy, for those who purchase the Yamaha motorbikes,” he said. “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.”
In the same vein, Co-op Bank Director of Corporate and Institutional Banking, Jacquelyne Waithaka said that the scheme is available for those customers who want direct acquisition of the vehicles, or for leasing.
“The bank has made the terms flexible to accommodate MSME’s, Co-operatives, Corporate, Individuals and Farmers, to support them retool their businesses as the economy re-opens. We have agreed to keep the borrowing rate at 13 per cent on reducing balance,” she said.