Family Bank and World Navi inked a partnership that can now allow customers to directly import quality second-hand vehicles by accessing up to 80 percent asset financing and 100 percent import duty financing.
The partnership comes with friendly repayment terms of up to 48 months, and will enable individuals, motor vehicle dealers and Small- Medium Enterprises (SMEs) to import quality used vehicles directly from Japan, Thailand, Singapore and South Africa.
In addition, customers will also enjoy guaranteed 90-day warrant on the imported vehicle and car valuation, tracking and comprehensive insurance upon arrival of the vehicle.
“As a key player in enhancing access to capital, we are always exploring strategic partnerships that we can mutually leverage and provide opportunities of growth to our customers. As the Kenya economy grows per year, a large number of customers are seeking to directly import their own cars at affordable rates and with quick turn-around time,” said Stephen Karumbi, Family Bank chief financial officer.
According to the Kenya National Bureau of Statistics, used cars dominate the local market accounting for 85 percent of Kenya’s car purchases, with an annual import of up to 90,000 units.
About 80 percent of these imports are from Japan with other markets being United Kingdom, United Arab Emirates, Singapore and South Africa.
“As a bank, through this partnership, we aim to ease the high costs that come with car importation through access to affordable financing and provide a seamless importation processes.
Together with World Navi, we are, therefore, empowering businesses by providing an end-to-end solution to the importation of quality vehicles to our customers in the logistics, transport, tourism, construction, manufacturing, education and trading sectors,” Karumbi added.
Data from Kenya Auto Bazaar Association indicates that used car prices in Kenya continue to surge given the weak shilling, scarcity of vehicles and rising shipping costs.
“Today’s partnership with Family Bank is a demonstration of the uniqueness and depth we bring to the direct importation market. Customers directly importing vehicles will get to enjoy assured guarantee of quality through physical inspection, quick shipment through robust shipping plan, warrant guarantee on engine transmission and genuine mileage and accident-free certification for all cars,” said Yoshifumi Sawada, World Navi Managing Director.
“Customers will also enjoy the first free vehicle service upon collection and a free full tank fuel. Our offerings through this partnership reaffirms our commitment to deliver world class services with distinction,” he concluded.