Toyota, Co-op Bank partner to finance matatu loans

The Co-operative Bank and Toyota Kenya have partnered to enable customers in the transport business to buy the Toyota Hiace “New Shark” matatu.

The joint financing scheme has two options; zero percent interest rate for a 50 per cent financing, payable in 12 months and 14 per cent interest rate for 80 per cent financing payable in 48 months.

However, both options will require a one per cent commitment fee and comprehensive insurance cover with the bank interest noted. The objective is to accommodate customers for both short term and long term facility financing.

Peter Wanjala, Toyota Kenya corporate strategy general manager said changing market dynamics has pushed the demand for new 14 – 16 seater matatus for long distance travel and high capacity buses for short distance travel such as town services.

”The Toyota Hiace is safer, more comfortable and more profitable for business owners,” he said. It retails at Sh3.9 million and has a three year, 100,000 kilometre warranty.

Other features are ability to recline for all seats, fitted audio system, speed governor, full tank of fuel, fire extinguisher, first aid kit, caution plate, driver training, advance tax, inspection and registration.

”With this partnership we will enable customers to purchase new units instead of used ex-Japan units guaranteeing more profits, less fuel, less downtime and a three year, 100,000km warranty on the vehicle,” said the bank director for retail and business banking Maurice Matumo.

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