Family Bank and World Navi Seal an Asset Finance Deal to Ease Direct Importation of Second-Hand Vehicles
SMEs to access up to 80 per cent asset financing for direct importation of quality second hand vehicles from Japan, Thailand, Singapore and South Africa.
Customers can now directly import quality second hand vehicles by accessing up to 80 per cent asset financing and 100 per cent import duty financing thanks to a partnership between Family Bank and World Navi.
The partnership with friendly repayments terms of up to 48 months, will enable individuals, motor vehicle dealers and Small Medium Enterprises (SMEs) import quality second hand vehicles directly from Japan, Thailand, Singapore and South Africa.
In addition, customers will also enjoy guaranteed 90-day warrant on the imported vehicle and car valuation, tracking and comprehensive insurance upon arrival of the vehicle.
“As a key player in enhancing access to capital, we are always exploring strategic partnerships that we can mutually leverage and provide opportunities of growth to our customers. As the Kenyan economy grows per year, a large number of customers are seeking to directly import their own cars at affordable rates and with quick turn-around time,” said Family Bank Chief Financial Officer Stephen Karumbi.
According to the Kenya National Bureau of Statistics, second hand cars dominate the local market accounting for 85 per cent of Kenya’s car purchases, with an annual import of up to 90,000 units. About 80 per cent of these imports are from Japan with other markets being United Kingdom, United Arab Emirates, Singapore and South Africa.
“As a Bank, through this partnership we aim to ease the high costs that come with car importation through access to affordable financing and provide a seamless importation processes.
Together with World Navi, we are therefore empowering businesses by providing an end-to-end solution to the importation of quality vehicles to our customers in the logistics, transport, tourism, construction, manufacturing, education and trading sectors,” he added.
Data from Kenya Auto Bazaar Association indicates that used car prices in Kenya continue to surge given the weak shilling, scarcity of vehicles and rising shipping costs.
“Today’s partnership with Family Bank is a demonstration of the uniqueness and depth we bring to the direct importation market. Customers directly importing vehicles will get to enjoy assured guarantee of quality through physical inspection, quick shipment through robust shipping plan, warrant guarantee on engine transmission and genuine mileage and accident -free certification for all cars,” said World Navi Managing Director Yoshifumi Sawada.
“Customers will also enjoy the first free vehicle service upon collection and a free full tank fuel. Our offerings through this partnership reaffirms our commitment to deliver world class services with distinction,” he concluded.