Budding Co-operative Bank-Toyota financing is offering affordable package to purchase Toyota vehicles that is mitigating asset financing challenges local entrepreneurs as the economy is still struggling from the Covid-19 effects.
The partnership has provided platform for individual entrepreneurs and corporates to lease a brand new Toyota Hilux, Hiace or Hino truck easily using the most flexible asset financing facility in the country.
According to the bank, this vehicle acquisition scheme is available for those customers who want direct acquisition of the vehicles, or for leasing.
This has also addressed the challenges faced by Small Medium Enterprises (SMEs) especially access to credit and acceleration for business growth.
“Through the partnership between Toyota and Co-op Bank, customers will only place a down-payment of as low as 5 per cent to purchase the vehicles and the bank will finance the remaining 95 per cent.” Reads part of the deal.
Once the consumer get financed, the bank will allow a repayment period of up to 60-months or five years.
The bank will also extend a Sh500, 000 working capital loan without additional security to customers.
Additionally, customers will be given a grace period of two months before they begin repaying the loan.
The 60-day repayment holiday will allow SMEs to generate monthly instalments and the longest repayment period.
SME businesses in the country have suffered for the last one year due to the Covid-19 pandemic and slow-down of financing to this sector by banks.
The deal allows 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.
