Motor dealer, Equity partner to ease purchase of commercial vehicles

Hino Kenya, a division of Toyota Kenya has signed a memorandum of understanding with Equity Bank Kenya targeting the lucrative commercial vehicle segment.

The partnership will see both Equity and non-banking customers including schools access financing towards the purchase of commercial vehicles and repay through repayment periods of between 48 and 72 months.

The financing for commercial vehicles will be in three categories. In the school buses category, public schools will access 100 per cent financing and enjoy a maximum repayment period of 72 months while commercial trucks and pickups will attract up to 95 per cent financing and repayment period of up to 60 months. For PSV, customers will access 80 per cent maximum financing and enjoy a repayment period of up to 48 months.

Under the new partnership, Hino fronts its flagship brands Hino 300 and FC 500 configured as 33 and 51 seater buses or 7 tonne and 9.9 tonne trucks, respectively. Hino will offer discounted bodies, extended warranty and free technical training to all customers under the program.

Speaking during the signing ceremony, Hino General Manager Wanjohi Kangangi said the automotive industry particularly the commercial segment has a strong multiplier effect and is capable of being the driver of economic growth.

“Hino has created a reputation of utilising partnerships with like-minded corporate to create the most effective one stop shop for our customers,” he said. Equity Bank Chief Operating Officer Julius Kipng’etich said that the move will ease the purchase of commercial vehicles, noting that customers will enjoy competitive interest rates, higher percentage financing and longer repayment period.

“As the country experiences growth in the SMEs, we seek to facilitate the acquisition of commercial vehicles which will be a key driver of their businesses. Customers will go through the normal credit vetting to analyze their repayment ability,” Kipng’etich said.