Toyota Kenya and Co-operative Bank have entered into a strategic financing partnership that will allow the lender’s customers to purchase commercial and personal vehicles under Toyota Kenya’s portfolio, including Toyota, Suzuki, Hino and Yamaha.
The partnership allows fleet customers under Coop Bank Fleet Africa Leasing Ltd., 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.
“Our partnership with Co-op Bank goes beyond just the sale of the vehicles. We are saying this is an improved partnership since customers will also receive professional training for their drivers under the Toyota Advanced Driving programme and the Yamaha Riding Academy, for those who purchase the Yamaha motorbikes,” Managing Director Toyota Kenya, Arvinder Reel said.
He noted, “From our lineup of quality, durable and reliable commercial and passenger vehicles, Toyota Kenya shall continue prioritizing solutions that support Kenyans towards their personal and business re-building in the wake of the pandemic,” adding, “Currently, Toyota Kenya locally assembles 11 varied models which include Hilux and Landcruiser pick-ups, Hino trucks and Yamaha motorcycles.”
This new partnership is expected to assist businesses to recover from the ravages of Covid-19, as customers are required to place a down-payment of as low as 5% to purchase the vehicles, as financing of up to 95 per cent will be provided.
The bank is allowing its customers to repay the loan by up to 60 months with a grace period of 2 months. Co-op Bank will also extend a Sh500,000 working capital loan – without additional security – to the successful applicants of the Toyota Vehicles.
Speaking on behalf of Co-op Bank, the Director of Corporate and Institutional Banking, Mrs Jacquelyne Waithaka said that the scheme is available for those customers who want direct acquisition of the vehicles, or for leasing.
Coop has made the terms flexible to accommodate MSME’s, Co-operatives, Corporate, Individuals and Farmers, to support them retool their businesses as the economy re-opens.