This archive report was first published on 23 July 2019.
On July 23, 2019, Toyota Kenya and Prime Bank launched a new motor vehicle financing scheme aimed at encouraging the purchase of brand new vehicles in Kenya.
The partnership allows insurance brokers to enjoy a competitive loan facility with up to 100% financing for selected vehicles, including the Toyota Rush, RAV4, Fortuner, and Suzuki Ertiga, with a repayment period of 36 months.
According to Prime Bank Executive Director Amar Kantaria, the partnership is part of the bank's plan to expand its asset finance portfolio.
"We have specifically tailored this product to insurance brokers with up to 100% financing and a very convenient repayment plan coupled with a competitive interest rate," he added.
Toyota Kenya Managing Director Arvinder Reel praised the continued support from financial institutions in helping grow the number of Kenyans acquiring brand new vehicles.
"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," he said.
