Toyota Kenya and Co-operative Bank have entered into a financial partnership that will enable Co-op’s customers to purchase commercial and personal vehicles under Toyota Kenya’s portfolio.
They will be allowed to purchase Toyota, Suzuki, Hino, and Yamaha models.
The partnership also allows fleet customers Co-op Bank Fleet Africa Leasing Ltd., the leasing arm of Co-operative Bank Group, to acquire more units.
This is an amplification of the existing deal that only covers the commercial segment with the financing of the Hiace van and Hilux pickups. The lender has also decided to extend a Ksh 500,000 working capital loan without additional security to the successful applicants of the Toyota Vehicles in addition to providing a 2-month (60 days) grace period. All this as an effort to spur business take off and growth from the adverse negative impact of the Covid-19 pandemic on the economy.
This is on top of up to 95% financing towards the acquisition of the vehicles, payable within 60-months.
Speaking after signing the deal, Toyota Kenya Managing Director, Arvinder Reel, lauded the partnership saying the pandemic demonstrated the need to support individuals and sectors that are at the heart of the country’s economy with flexible options to acquire key assets for their operations.
“Our partnership with Co-operative Bank goes beyond just the sale of the vehicles. We are saying this is an improved partnership since customers will also receive professional training for their drivers under the Toyota Advanced Driving programme and the Yamaha Riding Academy, for those who purchase the Yamaha motorbikes.
“From our lineup of quality, durable and reliable commercial and passenger vehicles, Toyota Kenya shall continue prioritizing solutions that support Kenyans towards their personal and business re-building in the wake of the pandemic,” he said.
On her part, Co-operative Bank’s Director of Corporate and Institutional Banking, Mrs. Jacquelyne Waithaka said that the scheme is available for those customers who want direct acquisition of the vehicle of choice or for leasing.
The bank has made the terms flexible to accommodate MSME’s, Co-operatives, Corporate, Individuals and Farmers, even as the economy opens. The terms are attractive especially on the 2 months grace period.