Stanbic Bank and Inchcape Kenya have signed an asset financing deal that will enable customers access 100% credit to purchase luxury vehicles.
Under the deal, the lender will offer customers a five-year repayment period and a grace period of up to 45 days while Inchcape Kenya will offer a five-year warranty period alongside one-year comprehensive insurance and free GardX ceramic coating to the clients.
The deal will cover purchase of BMW, Jaguar and Land Rover vehicles according to Stanbic Bank Chief Financial and Value Officer Abraham Ongenge.
“By partnering with Inchcape Kenya, Stanbic Bank hopes to cater to its established and upward mobile clientele who are looking to get quality new vehicles but may not have the full amount upfront to acquire the assets. By providing competitive financing packages to this segment of the market, we enable them to employ their capital towards growing the economy,” said Ongenge.
Inchcape Kenya Managing Director Hussein Ibrahim said the financing package was timely as most businesses were on the recovery path after a challenging phase brought about by the extended pandemic period.
The financing, he added, would enable the business owners to channel their funds towards their businesses.
“Inchcape’s mission is to be the most trusted automotive distributor in the world. In Kenya, we are the home of luxury brands and this partnership with Stanbic Bank will enable us to get the quality brands to a wider audience,” he stated.
Inchcape is currently the Jaguar Land Rover, BMW and BMW Motorrad dealers.
The luxury vehicles have prices ranging from K
shs. 2 million to more than Kshs. 15 million.