NCBA and Inchcape Kenya join forces to elevate your ride
Regional lender NCBA Bank has entered into an agreement with vehicle distribution multinational Inchcape Kenya for a car financing drive targeting the acquisition of Changan, BMW, Jaguar, and Land Rover vehicles.
The campaign, which is set to conclude on 31st March next year, will see new vehicle buyers access up to 90 percent funding of the value of target cars.
At the same time, customers seeking used vehicles will be getting 80 percent funding of the value of their vehicles.
Julia Vershinskaya, Managing Director Inchcape Kenya said that this initiative is part of the auto dealers’ push to enhance its B2B as well as B2C sales targeting businesses in the retail and products distribution space across the country.
Under Changan stable, Inchape Kenya distributes Oshan SUV, Alsvin sedan, Hunter pickup, Star 5 minivan, and Star 5 mini truck range of vehicles. For over 160 years, Changan Auto has positioned itself as one of China’s top vehicle brands. As of 2022, ranked fifth among Chinese automobile groups.
Read also: NCBA first quarter profit up 5% to Sh5.3Bn
NCBA Bank Head of Asset Financing Lenox Mugambi stated, “We are pleased to offer a 60-day repayment moratorium after the vehicle’s release. This period allows customers to settle into their new vehicle without the immediate pressure of repayments.”
“All vehicles financed under this scheme will be insured through NCBA Bancassurance Intermediary Limited, offering our customers peace of mind and comprehensive protection.”
According to NCBA, the scheme will come at 20.6 percent per annum interest rates, even as customers are set to enjoy a 60-day repayment holiday for their purchases.
The end deal is to make sure that Kenyan customers have access to our great products both automotive and financing and enable them to enjoy.
Individuals and businesses bought 11,370 units last year, down from 13,352 sold in 2022 according to data from the Kenya Motor Industry Association. The decline in sales was attributed to supply chain woes due to semiconductor shortages as well as drought experienced in first quarter 2023, which negatively impacted demand from farmers.
