NIC Bank, Toyota Kenya sign financing pact for HINO trucks

Toyota Kenya, the sole distributor of the HINO trucks, and NIC Bank, have signed a partnership agreement that will see Toyota HINO truck customers receive up to 80 per cent financing on the total cost of the truck, payable within 60 months, in an effort to grow the uptake of commercial motor vehicles in the country.

Speaking at the signing ceremony of the financing deal, Toyota Kenya Managing Director, Arvinder Reel said the company is well aware of the big role financing plays in the total cost of ownership of a motor vehicle.

“This partnership between Toyota HINO and NIC Bank will therefore go a long way in easing the financial load on the customer. By offering small medium enterprises and corporate organisations the opportunity to acquire a commercial vehicle through asset financing, you free up cash that is directed into other lines of the business.”

NIC Bank Executive Director Alan Dodd, said that he was excited to be partnering with Toyota Kenya, one of the foremost automobile brands in the country and that the partnership demonstrates their shared goal of empowering small businesses to grow and expand. He further noted that the deal will reinforce NIC position as the leading bank in asset finance in the country

“By virtue of our strengths in our product offering, this strategic partnership for Hino Trucks presents a strong value proposition to SMEs and individual customers who are keen on expanding their businesses and buying new assets but face strained cash flows due to ever fluctuating economic situations in the business environment”.

Toyota Kenya has been selling the HINO trucks, the best-selling Japanese truck in the world, since 2013. The trucks which are assembled locally have been built to handle the harsh terrains, and provide superior comfort for both the driver and the passengers. “Most notably, the HINO quality chassis, power train and suspension system is optimised for the Kenyan terrain,” said Mr. Reel.

Gerald Muli, the HINO Division General Manager added that two of the models, the HINO 300 and HINO 500 FC trucks have particularly done well in the market. “Our customers have identified a few things that give them the peace of mind with a HINO truck.

Key among these is the engine. It has been designed with the aim of delivering low emission as well as good fuel efficiency. In essence, this is money back to the pockets of the business owner since HINO has contributed to a reduction of the businesses operation costs.”

Customers taking up this offer will be required to first visit the HINO showroom to choose the truck they wish to purchase, before receiving an invoice from Toyota Kenya that they will present to NIC Bank for processing.Similar adjustments are further expected to mirror in the power tariffs and could see Kenyans pay reduced prices on their electricity tokens.