General Motors inks deal with NIC Bank on vehicle financing

General Motors East Africa (GMEA) has signed a deal with NIC Bank #ticker:NIC that allows customers to acquire the dealer’s commercial vehicles on six-year loans priced at 13 per cent.

The agreement also includes a 60-day grace period on the credit facilities and a one-year insurance cover from Fidelity Insurance.

Models covered are Isuzu N-Series trucks, FRR trucks, double and single cab Dmax pickups. The interest rate on the loans is one percentage point below the maximum lending rate of 14 per cent.

GMEA’s chief executive Rita Kavashe said the deal will make it easier for individuals and businesses to buy vehicles.

“There is no doubt that several different challenges exist when it comes to accessing finance to acquire assets,” Ms Kavashe said in a statement.

“As such, Isuzu’s unique partnership with NIC Bank seeks to make it easier for individuals and business organisations to purchase vehicles for their business and individual needs.”

READ: General Motors stake sale to Isuzu attracts Comesa scrutiny

For NIC, the agreement offers it an opportunity to further expand its presence in the asset finance business where it is one of the biggest players.

“Our partnership will see Isuzu customers receive one of the lowest interest rates at 13 per cent, the longest tenor of up to six years and a first ever 60-day grace period offer on their choice of Isuzu vehicles,” said John Gachora, NIC’s chief executive.

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