Boost For Auto Financing

Boost For Auto Financing

Banks across the country have intensified their activities in the commercial banking sphere as a strategy of empowering their clients as well as of supporting them to achieve a certain life style and sustaining the habit.

In the past couple of months, a number of banks have gone into household appliances financing, car financing, and even home ownership financing.

This is seen as a positive development for the people, who normally would not have been able to acquire these items on their own.

One of such banks, Skye Bank Plc, recently went into some strategic alliances with some automobile companies to promote the acquisition of certain brands of cars with a view to ensuring that some of their customers adopt some lifestyles and habits that boost their social status.

Recently, Skye Bank went into partnership with RT Briscoe by providing financing for the Ford brand of cars for people who may not have the bulk amount needed to purchase such cars. Under the partnership, the bank will avail existing and prospective customers of the bank wishing to buy Ford cars during the six-month promo period of RT Briscoe by providing 70 per cent of the cost of such vehicles while the customer will contribute 30 per cent of the cost.

The special arrangement was to complement RT Briscoe’s attractive incentives for aspiring car owners in commemoration of its 10th year anniversary as Ford auto dealers in Nigeria.

According to the bank, the financing window would be available to Nigerians who  earn regular income, including business owners with viable and thriving businesses under its Skye Auto finance scheme.

“All a prospective buyer needs do is make his or her choice from any RT Briscoe outlet and visit any Skye bank branch with the purchase invoice, 20 per cent of the purchase price and evidence of income”, the bank explained.

It further said customers who purchase Ford vehicles during the promo period through the bank will enjoy some exclusive benefits like discounted vehicle prices, two per cent interest rate discount on loans granted for vehicle acquisition, and 4-year free labour service on such cars.

Commenting on the partnership, Skye Bank’s Head of Retail Banking Group, Nkolika Okoli, explained thus: “RT Briscoe is celebrating the 10th year anniversary of the Ford brand of vehicles in Nigeria and is giving special discounts on the vehicles for customers who will purchase from when the promo started.

“Due to its desire to ensure as many Nigerians as earn a regular income (business owners inclusive) enjoy this unique opportunity, Skye Bank is providing financing for people who may not have the bulk amount needed to make a full upfront payment for their choice cars through its Skye auto finance scheme.

“All a prospective buyer need do is make his or her choice from any RT Briscoe outlet and visit any Skye bank branch with the purchase invoice, 20 per cent of the purchase prize and evidence of income. Skye Bank contributes 80 per cent of the purchase price.”

Other benefits include free car delivery on purchase, three-year warranty, eligibility to win another Ford vehicle in a raffle draw, among others.

Skye Bank has an auto loan scheme for its customers through which such customers can buy a wide range of vehicles after paying their equity contribution of 30 per cent, leaving the bank to provide the balance of 70 per cent.

Through the scheme, many Nigerians have acquired new cars of various brands which would have been impossible for them to acquire. Such car brands include Toyota, Honda, Nissan, Kia , Hyundai, Ford, among others.

Popular car brands like Toyota, Honda, Kia, Ford and Hyundai are the ones being greatly embraced by car buyers in their bid to make a lifestyle statement. In most cases, customers are presented with a wide range of options for financing a car or securing an auto loan’.

This auto finance scheme is tailored to suit customers’ needs with manageable monthly repayments and is best suited for individuals, organisations, corporate bodies and institutions as it does not negatively affect their cashflows.

Recently, Access Bank Plc teamed up with Kia Motors to offer a flexible, convenient car finance scheme with attractive interest rates and loan tenure to make owning brand new Kia vehicles easy and convenient.

Similarly, Diamond Bank Plc and Dana Motors Limited, sole distributor of the Kia range of vehicles in Nigeria, recently announced a vehicle-financing plan that enables customers own Kia cars.

The financing scheme makes it possible for customers to acquire any Kia vehicle with zero per cent interest free loans, while spreading repayment across 12 or 18 months.

The three-segment financing scheme also present customers the opportunity of making down payment as low as five per cent of the value of their choice of vehicles as well as reduced interest rates.

In addition to enjoying the reduced down payment option, customers applying under the low interest offer will be entitled to up to 10 per cent cash back on the value of the Kia financed.


Source: Thisday Live Nigeria

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