NIC Bank and Toyota Kenya have entered into an assets deal that will see enterprises access 80% financing on the total cost of a Toyota HINO truck, payable within 60 months, in an effort to grow the uptake of commercial motor vehicles in the country.
The trucks available for financing include three tonne (300 series), four and six tonne trucks (500 FC series) with KSh3.3 million, KSh3.45 and KSh4.5 million bodies, respectively.
Toyota Kenya Managing Director, Arvinder Reel said the company is well cognisant of the big role financing plays in the total cost of ownership of a motor vehicle.
“This partnership between Toyota HINO and NIC Bank will, therefore, go a long way in easing the financial load on the customer. By offering small medium enterprises and corporate organisations the opportunity to acquire a commercial vehicle through asset financing, you free up cash that is directed into other lines of the business.”
“The partnership for Hino trucks presents a strong value proposition to small medium enterprises (SMEs) and individuals customers who are keen on expanding their businesses and buying new assets but face strained cash flows due to ever fluctuating economic situations in the business environment,” said NIC Bank Executive Director Alan Dodd.
“The repayment period ensures that the SMEs have enough time to pay for asset while ensuring that their businesses grow,” said Mr Dodd.
Toyota Kenya has been selling the HINO trucks, the best-selling Japanese truck in the world, since 2013.
In 2018, the two entered into a partnership that would enable customers to purchase a brand new Toyota Hilux at interest rates as low as 7.74%.