Absa Bank Kenya PLC has signed a deal with Toyotsu Auto Mart Kenya to finance customers to buy used both personal and commercial vehicles.
The agreement between Absa Bank and Toyotsu Auto Mart Kenya Limited will provide up to 85 percent financing for four years at an interest rate of 13.5 percent.
Customers will also have access to 100 percent insurance premium financing and other insurance products, and credit card worth up to Sh300,000 upon assessment to support vehicle maintenance and fuel purchases.
Customers will be also be guaranteed discounted tracking devices for four years.
Absa Bank business banking director Elizabeth Wasunna said the partnership is part of the bank's commitment to providing tailor-made, value-added 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,” Ms Wasunna said.
Toyotsu Auto Mart Kenya Ltd managing director Yoichi Hashimoto said the partnership will ease financial strain on consumers in the long term.