Business & Financial News

Car Dealer Finance Made Easy — a 90-day repayment holiday plan

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By Rodney LUBOGA

NCBA Group and CFAO Motors Kenya – formerly Toyota Kenya Wednesday signed an asset financing deal that will see future car owners secure up to 100% financing for the acquisition of new or showroom vehicles.

Both SMEs and large enterprises will benefit from a 90-day repayment holiday and a flexible 72-month repayment plan.

Read: NCBA broadens options for e-mobility 

The arrangement also extends to PSV owners and schools, who will receive competitive rates on the Hiace brand, while Tour Operators will experience enhancements on the Land Cruiser 70 series.

“Given the current economic challenges, Kenyans have had to readjust their priorities, and that is why, at NCBA, we are constantly seeking strategic partnerships that will make vehicle ownership more convenient and affordable for all,” remarked NCBA Director of Asset Finance, Lennox Mugambi.

CFAO Motor Kenya General Manager – Vehicle Sales, Daniel Maundu, said the partnership will result in easy access to various motor vehicle brands across the country.

Read: Kenya’s new vehicle sales reflect pressures of current market conditions

Asset financing refers to the use of a company’s balance sheet assets, including short-term investments, inventory and accounts receivable, to borrow money or get a loan. The company borrowing the funds must provide the lender with a security interest in the assets.

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