NIC, Toyota pen deal to fund vehicle mortgages

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NIC-Toyota deal
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NIC Bank and Toyota Kenya on Monday inked a lucrative asset financing deal that will see the bank’s customers receive up to 95 per cent funding when purchasing Toyota vehicles.

Apart from receiving funding, NIC Bank equally stated that the deal will provide Toyota customers with a prolonged 90 day repayment holiday and five years repayment period with customers enjoying a 24 hours turnaround time on their loan applications.

According to NIC Bank Executive Director Allan Dodd, the partnership is aimed at providing the bank’s customers with enough financing to fund the purchasing of any Toyota vehicles they so wish to acquire.

 “As partners, we have walked this journey together and it has informed our effort to always lookout for ways to add value to our customers by providing avenues for them to easily acquire brand new cars from Toyota through flexible financing solutions,” Mr. Dodd said during the signing ceremony of the financing deal.

Similarly, the NIC Bank Executive Director Allan Dodd highlighted that the partnership was in line with the Bank’s vision of expanding its local clientele base.

“This partnership therefore is in line with our strategic intent aimed at growing our NIC footprint in Asset finance and consequently grow our customer base,” Mr.Dodd added.

On his part, Toyota Kenya Managing Director Arvinder Reel lauded the move that will see customers acquire brand new motor vehicles from the car manufacturer.

 “The Hilux has got its reputation for offering unrivalled toughness. And it is in this spirit that we continue ensuring that we offer consumers easier options to purchase top quality, durable and reliable vehicles,” Mr. Reel explained.

The announcement comes just a month after NIC Bank and Toyota Kenya signed a partnership agreement to finance customers seeking to acquire Suzuki and Toyota HINO trucks.

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