NIC Bank, Toyota Kenya launch asset financing scheme

NIC Bank has launched a scheme that will allow Toyota Kenya customers access financing to purchase new Toyota vehicles.

Through the attractive asset financing package, Toyota Kenya customers will receive up to 95% financing from NIC Bank, with a unique extended 90-day repayment holiday and five years repayment period. Customers will also enjoy a 24 hours turnaround time on their applications, which is the fastest in the market and flexibility of originating loan applications online through the NIC Bank’s website.

Speaking at the signing ceremony of the financing deal, NIC Bank Executive Director Alan Dodd noted the two companies have enjoyed an excellent business relationship over the years, and the deal seeks to reaffirm their commitment to offer a strong value proposition to their customers who are keen on acquiring new vehicle for personal or business use, but fall short of finances to bring their dream into reality.

 “As partners, we have walked this journey together and it has informed our effort to always lookout for ways to add value to our customers by providing avenues for them to easily acquire brand new cars from Toyota through flexible financing solutions. This partnership therefore is in line with our strategic intent aimed at growing our NIC footprint in Asset finance and consequently grow our customer base,” he said.

Toyota Kenya Managing Director Arvinder Reel expressed optimism that the two entities will continue partnering in ways that will ensure consumers are in a position to acquire brand new motor vehicles. “The Hilux has got its reputation for offering unrivalled toughness. And it is in this spirit that we continue ensuring that we offer consumers easier options to purchase top quality, durable and reliable vehicles.”

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Last month, NIC Bank and Toyota Kenya signed a partnership agreement to finance customers seeking to acquire Suzuki and Toyota HINO truck. The recent partnerships have further cemented NIC Bank’s position as the leading bank in asset finance in the country.