Stanbic Bank and CFAO Motors enter an up to 100% vehicle financing partnership

Jun 23, 2023 - 07:32

Motors Kenya Deputy Managing Director, Joshua Anya (left) and Stanbic Bank Kenya Head of Products, Nelly Waithaka (right) sign an agreement at the CFAO Motors Nairobi showroom, which will see customers receive up to 100% financing from Stanbic Bank towards the purchase of any CFAO Motors Kenya vehicles, at zero facility fees and payable within 72 months.

Nairobi Thursday June 22, 2023

KNA by Joseph Ng’ang’a

CFAO Motors Kenya, and Stanbic Bank Kenya have today signed an agreement that will see customers get up to 100 percent financing, payable within 72 months, for any vehicle under the CFAO Motors portfolio.

Under the agreement, customers will access the vehicle asset financing at zero facility fees and receive a 60 and 90-day repayment holiday for passenger vehicles and school buses respectively. In addition, customers will receive competitive insurance terms facilitated by Stanbic Insurance Agency.

Speaking at the signing ceremony of the financing deal, CFAO Motors Kenya Deputy Managing Director, Joshua Anya said the company was well cognizant of the challenge many individuals and businesses face in their quest to purchase brand new reliable vehicles, and hence the importance of having a financial support partner.

“This partnership between CFAO Motors and Stanbic Bank will therefore go a long way in easing the financial load on the customer who wish to enjoy the benefits of buying brand new vehicles,” he said.

Stanbic Bank Kenya Head of Products, Nelly Waithaka said “Stanbic Bank is committed to continue leading the market with customer centric innovations that deliver our customers’ expectations by strengthening our Asset Financing offering.”

CFAO Motors Kenya Limited recently combined operations with DT Dobie, offering customers the largest automotive models selection and service network countrywide.

The new entity is now home to Toyota, Suzuki, Volkswagen, Mercedes Benz passenger vehicles, Yamaha motorbikes, and the Hino, Hyundai, Sinotruk and Mercedes Benz Actros trucks and buses.

Customers taking up this offer will be required to first visit the CFAO Motors showroom to choose the vehicle they wish to purchase, before receiving an invoice from CFAO Motors that they will present to Stanbic Bank for processing.

Courtesy ; K. N. A