Kenyans looking to cruise off the lot in a brand-new or pre-owned car can now breathe a sigh of relief. NCBA Bank and Inchcape Kenya have joined forces to offer exceptional car financing options, with up to 90 per cent financing for brand-new vehicles.
This landmark deal, announced on Tuesday, June 4, removes a significant barrier for Kenyans seeking to purchase their dream cars.
Under the agreement, customers visiting Inchcape dealerships, authorised retailers for Jaguar, Land Rover, BMW, and Changan vehicles, can access financing of 80 per cent for pre-owned cars and a staggering 90 per cent for brand-new ones.
"This partnership is designed to provide an exceptional solution specifically tailored for those looking to acquire these prestigious marques," stated Lennox Mugambi, NCBA Group Director, Asset Finance and Business Solutions.
The benefits extend beyond the initial purchase. The partnership offers flexible loan repayment terms with a maximum of 5 years, ensuring manageable monthly payments.
Additionally, NCBA promises a competitive interest rate, making car ownership a more accessible reality for many Kenyans.
While a processing fee of 1.5 per cent of the loan amount applies, the agreement boasts a unique perk – a 60-day loan repayment moratorium. This translates to two months of relief, where Kenyans who utilise the loan facility can focus on other aspects of car ownership without immediate loan repayment pressure.
"This partnership allows our customers to purchase new and pre-owned vehicles with up to 90 per cent financing for new and 80 per cent for pre-owned, based on their value," elaborated Lennox Mugambi.
Inchcape Kenya echoed the sentiment, with Julia Vershinskaya, Managing Director, stating, "With this partnership, more Kenyans can enjoy buying new cars, whether for business or leisure."
NCBA car financing further emphasised reduced interest rates and processing fees under the deal. Under the agreement, Kenyans seeking car financing will enjoy an interest rate of 20.6 per cent per annum.
Furthermore, all Public Service Vehicle (PSV) usage of the cars will be reviewed in accordance with the terms outlined in the existing policy.
"This partnership empowers our customers to drive away with their dream cars, with minimal upfront cost for both new and pre-owned vehicles," affirmed Lennox Mugambi. "Our goal remains clear: to simplify the car ownership process and make it more accessible and advantageous for our customers."
All vehicles financed under this scheme will be insured through NCBA Bancassurance Intermediary Limited.
