Caetano Kenya, the official distributor and car dealer of Hyundai and Renault, has signed a Vehicle Asset Financing partnership agreement with Stanbic Bank that will see the bank offer customers up to 100 per cent financing, with 0 percent interest rate when purchasing a motor vehicle from the car dealer.
This partnership’s attractiveness stems from the selection of units such as the Renault Kwid and Koleos that will witness Stanbic Bank provide up to 80 per cent asset financing to its customers, with 0 per cent interest rates, at extended repayment periods of up to three (3) years.
This means that when purchasing the Kwid, which retails at Sh. 1.95 million, a 0 per cent Annual Percentage Rate (APR) loan for 36 months will bring a customer’s monthly payments to approximately Sh. 43,333.
Speaking at the Company’s Headquarters in Nairobi, Caetano Kenya Chief Executive Officer (CEO), Pedro Campos, said the partnership with Stanbic Bank demonstrates the company’s commitment to walking the journey with its customers.
“At Caetano Kenya, we place customer satisfaction at the heart of our priority and is the driving force to the unwavering passion for what we do,” he reiterated.
He added that the clients’ financial and lifestyle requirements are ever-changing and therefore, the Company endeavours to anticipate and innovate solutions that can fulfill these dynamic needs.
At the same time, Stanbic Bank Head of Consumer and High Net-worth Clients, Lilian Onyach, noted that the strategic tie-up with Caetano Kenya is crucial and timely, as it will benefit many of the Company’s clients, who previously would not have been able to acquire assets or financing, to have access to new and quality vehicles.
“By working with Caetano Kenya, we can now offer unique solutions to our clientele that cater to their motor-vehicle needs,” she stated.
Onyach added that the Bank’s move to partner with Caetano Kenya, aims at easing the burden on their clients and offer them peace of mind that will enable them to focus on growing their businesses.
“We are keen to provide our clients with solutions that allow them to focus on building their capital and growing their businesses, while still allowing us to assist them to acquire the assets that they need, to carry out their daily operations,” she said.
The automotive market in Kenya is characterized by exceptional dynamism, which has seen car manufactures currently offer low-cost brands at attractive prices, sparking a renewed interest in new cars.
Further, the customers, buying a factory-built new car that offers them impeccable comfort, reserve the right of complete personal choice of colour of its body and the material of the seats that suits one’s taste.
They also benefit from the latest technologies and several energy alternatives and can exploit the car’s resistance for many years.
Caetano Kenya has an extensive product range for both Hyundai and Renault, including the Sedan, Crater, Tucson, Santa Fe, Palisade and the recently launched KONA Electric from Hyundai and Renault’s collection of the Kwid, Triber, Duster, Kangoo and the comfortable Koleos.
By Michael Omondi