Absa Bank inks Asset Financing deal with Toyotsu Auto Mart Kenya Limited
Nairobi, October 28th, 2021…Absa Bank Kenya PLC has signed a partnership agreement with Toyotsu Auto Mart Kenya Limited that will enable Kenyans to purchase serviced second-hand vehicles imported from Japan.
Absa will provide up to 85 percent financing for 48 months at a discounted interest rate of 13.5 percent. Customers will also be eligible for 100% Insurance Premium Financing and other insurance products, as well as a credit card worth up to KES 300,000, upon assessment. In addition, customers will be guaranteed discounted tracking devices through Unique Tracking worth KES19,000 for 4 years.
Speaking at the event, Absa Bank Business Banking Director Elizabeth Wasunna reaffirmed the bank's commitment to providing tailor-made, value-adding solutions to its customers at affordable interest rates and sufficient repayment periods.
“We work with our customers, enabling them to get things done through our financial solutions such as Vehicle Asset Financing. As a bank that is there to bring our customers’ possibilities to life, we are excited about the partnership with Toyotsu as it is making vehicle ownership for personal and business use a reality.”
On his part, Toyotsu Auto Mart Kenya Limited Managing Director Mr. Yoichi Hashimoto said he was excited to be partnering with Absa Bank Kenya and that the engagement will ease the financial load on consumers in the long term.
“Our goal to provide customers with certified and reliable pre-owned vehicles, affordable maintenance and premium-quality spare parts is clear today as it was years ago. Today, we are confident that our partnership with Absa Bank will accelerate the ability of our customers to make their dreams come true even as we rise from a tough business situation.”
The partnership comes at a time when the automobile industry is on the recovery, as evidenced by the Kenya Motor Industry Association's H1 results. The industry is expected to do better in the second half of the year as Kenya's economy continues to open up, allowing Kenyans to return full-time, increasing demand for commercial vehicles.