Prime Bank, Toyota Kenya launch new motor vehicle scheme

Toyota Kenya has partnered with Prime Bank in rolling out the new drive loan facility that will enable members of the Association of Insurance Brokers of Kenya to get up to 100% financing towards the purchase of selected Toyota Kenya vehicles. The move is part of efforts to encourage the uptake of brand new vehicles in the country.

Through the partnership, insurance brokers will enjoy a competitive loan facility while purchasing the vehicles, which include the Toyota Rush, RAV4, Fortuner and the Suzuki Ertiga, with a repayment period of 36 months.

Speaking at the signing ceremony of the financing agreement, Prime Bank Executive Director Amar Kantaria said the partnership between Toyota and Prime Bank is part of the bank’s plan to expand its asset finance portfolio.

“We have specifically tailor made this product to insurance brokers with up to 100% financing and a very convenient repayment plan coupled with a competitive interest rate, “he added.

On his part, Toyota Kenya Managing Director Arvinder Reel lauded the continued support financial institutions have accorded motor vehicle distributors in helping grow the number of Kenyans acquiring brand new vehicles.

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“We believe that these units offer stronger value proposition to customers due to the guarantee of long-term quality performance from the unit as well as the added benefits such as 25,000km or one-year free service and a three-year or 100,000km of use warranty. Partnerships with institutions like Prime Bank make this process more favourable for the potential consumers.”