NIC Bank, Toyotsu Auto Mart sign a financing deal for used vehicles

NIC bank Friday signed a partnership deal with used vehicle dealer Toyotsu Auto Mart Kenya Limited to finance second-hand vehicles from Japan by budding car owners.

The partnership will guarantee Toyotsu customers up to 90 per cent financing, 60 months repayment period and two months warranty for vehicles that meet the warranty criteria with an option to extend to one year at a small fee.

NIC Bank Executive Director Alan Dodd stated that majority of Kenyans depend on import of second-hand vehicles and therefore the partnership was timely and designed to help customers purchase quality second-hand vehicles at affordable prices through a secure and transparent agent.

“We seek to actualize the dreams of many Kenyans wishing to own a vehicle either for personal use or business activities at an affordable arrangement. In addition, this presents yet another opportunity for us to cement our position as the leading bank in asset finance in the country,” said Dodd, adding that the deal will be open to both NIC Bank customers and non-customers wishing to import vehicles and looking to be financed by the bank.

Toyotsu Auto Mart Kenya Limited Managing Director, Yoichi Hashimoto said that the financial deal with the lender will unlock opportunities for Kenyans keen to own second hand cars with low mileage.

“Through this partnership, we can assure all our customers of efficiency and reliability in handling all the complex stages of purchasing a pre-owned vehicle through a transparent process and assured aftersales support” he stated.

Also enjoined in the strategic deal is Heritage Insurance in an agreement that will see car owners offered first of its kind telematics motor policy that rewards good drivers.

The strategic partnership between NIC bank through their subsidiary NIC Insurance Agents is poised to avail customers a raft of benefits including: Discounts on insurance premium, rewards for safe driving, simplified claims processing, premium cashback for safe drivers hence reduced insurance cost based on feedback on the customers driving behavior through a Mobile App, Loyalty program with discounts at various outlets among others.

On NIC, Toyotsu partnership, the vehicle purchase will be handled wholly by Toyotsu Auto Mart Kenya who have approximately 400 vehicles in stock at any given time and upon request facilitates importation on behalf of clients with special specifications.