Co-operative Bank has rolled out the pre-owned motor vehicle finance to car dealers seeking to own private vehicles.
The lender disclosed that it will be funding up to 100 percent for those looking to purchase pre-owned motor vehicles.
“Anyone with an income can walk into a second-hand car dealership, select the vehicle that best suits them, and get financing from Co-operative Bank. It’s that simple,” the bank states.
One of the loan’s conditions is that the car has to be a maximum of eight years old to ensure that the customer gets value for money.
Fees applicable include Appraisal/negotiation fees, insurance fees, motor vehicle valuation and tracking fees
The repayment period of the credit facility ranges between 60 months to 96 months, with the vehicle being purchased acting as the security.
Interested persons are required to have
- An applicant’s ID and KRA PIN Certificate
- Letter of Introduction from the employer
- Latest 3 months’ certified Pay slips
- Latest 6 months’ bank statements if not banking with Co-operative Bank
- Copies of employment contract, or letter of appointment
- Motor Vehicle Sales Agreement/Proforma Invoice
- Copy of Logbook/Import Documents/NTSA search records
- Original valuation report from approved valuer in the Bank’s panel
The paperwork required includes filling of the application form from one of the lenders’ branch and attaching all the requirements and submitting it to the nearest Co-op Bank Branch.
