Lower interest rates have accelerated a new partnership between Toyota distributor CFAO Motors and Stanbic Bank that will enable more people to turn the dream of car ownership into a reality.

The agreement between the nation’s largest car distributorship and one of the leading financial institution 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.

The promotion will 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.

CFAO Motors Zambia Ltd National Sales and Marketing Manager, responsible for Toyota and Automark brands, Mr. Andreja Ursic said that the partnership had 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.

“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 vital role” Mr. Ursic added.

Mr. Horis Mainza, Country Head of Vehicle and Asset Finance at Stanbic Bank Zambia, stated that the CFAO and Stanbic vehicle finance program is the most flexible financing option on the market.

The personal loan will cover Kwacha-rated used vehicles in a lapse of four years with special interest from as low as 18% up to K500,000. Under different terms, the loan period could be extended to seven years. 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.

Mr. Andreja Ursic concluded: “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” he added.

Stanbic Bank Zambia Vehicle & Asset Finance Country Head Horis Mainza said: “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.

“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.”

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.

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