CFAO Motors has partnered with Stanbic Bank to facilitate the financing of motor vehicles for its customers at attractive interest rates.
CFAO Motors Zambia Ltd National Sales and Marketing Manager, responsible for Toyota and Automark brands, Andreja Ursic said the partnership has been made possible through Stanbic’s generous offer of interest rates starting at 18%, which is at its lowest in recent years in combination with Toyota vehicles that cater for the urban lifestyle.
Speaking during the signing ceremony in Lusaka yesterday, attended by the Zambian Business Times-ZBT, Ursic said the new partnership between Toyota distributor CFAO Motors and Stanbic Bank has been accelerated by the lower interest rates that will enable more people to turn the dream of car ownership into a reality.
He explained that the agreement between the nation’s largest car distributorship and one of the leading financial institutions opens the doors to a new car for the emerging middle class of aspiring young professionals and families who will now be able to get on the road and broaden their horizons.
Ursic mentioned that the promotion would cover some of the company’s medium-range vehicles such as the latest Starlet, the all new Belta, Rumion, Corolla Cross and Automark quality pre-owned vehicles.
“The new financing option bridges the gap between the dream and reality. It brings the aspiration of car ownership closer by enabling people to get a foot on the car ownership ladder. This is particularly important from the point of view of families where safety, provided by new or quality used cars, plays a vital role”, Ursic said.
He added that, “100% of both new and used vehicle value could be financed by Stanbic. This finance option benefits our customers by being able to afford a new car, or quality used one, whilst keeping the capital for other money-making ventures; it offers them mobility, safety and reliability they dream of and will also open a new world of possibilities for them, their families and businesses”.
Speaking at the same event, Stanbic Bank Country Head of Vehicle and Asset Finance Horis Mainza said the CFAO and Stanbic vehicle finance program is the most flexible financing option on the market.
Mainza explained that the personal loan would cover Kwacha-rated used vehicles in a lapse of four years with special interest from as low as 18% up to K500, 000 adding that under different terms, the loan period could be extended to seven years.
He mentioned that for the new cars, the most recommended solution is financial lease that does not require any down payments and could be extended up to 7 years.
“It is exciting and an honour to be here with our longstanding and trusted partners, CFAO. Today is about demonstrating our valued partnership with CFAO where we jointly are committed to providing market access to brand new and used vehicles under flexible and affordable payment terms”, he said.
Mainza added that, “At Stanbic Bank, we say Zambia is our home and we drive our growth. As the leading vehicle and asset financing bank in Zambia, our partnership with CFAO has been that of offering competitive pricing and flexible financing terms to the market.”
He noted that Stanbic Bank Zambia has assigned bank representatives who will work closely with CFAO personnel to ensure that customers get the best possible service, find and acquire their dream vehicle under the innovative facility.
