CFAO Motors, NCBA bank inks partnership to finance vehicle purchase

CFAO Motors Uganda, formerly Toyota Uganda, has signed a memorandum of understanding with NCBA Bank to provide vehicle asset financing to individuals, companies and existing customers of CFAO Motors with the objective of doing away with the hurdle of the high initial outlay/cost towards acquisition of a new car.

This is a one-of-a-kind financing scheme that makes it possible for any customer to access financing to purchase new vehicles from CFAO Motors Uganda.

Through the attractive asset-financing package, customers will receive a flexible up to 95% asset financing from NCBA Bank, with up to 6 years repayment period and 60 days payment holiday.

Customers will also enjoy a 72-hour response time to their financing applications. This is the best finance solutions in the market that will help meet customer’s needs and address the current financial challenges due to the present covid-19 pandemic that has led to suppressed liquidity in the market.

Speaking at the unveiling of the new partnership, Thomas Pelletier, the managing director of CFAO Motors Uganda said, the purpose of the partnership is to provide convenient financing solutions to mutual clients through the relationship with NCBA Bank.

“We intend to provide both the CFAO Motors and NCBA clients the option of more affordable finance packages to afford a wide range of products from CFAO Motors Uganda. We understand that many Ugandans desire to own a brand-new vehicle but are put off by the initial cost of purchase, which is beyond the reach of the average Ugandan. Customers can now select any Toyota and Suzuki product available at CFAO Motors Uganda and be confident that they can get the best available financing solutions together with the product they have selected,” he said.

NCBA Bank Uganda, acting Managing Director, Mark Muyobo, noted that the two companies have enjoyed an excellent business relationship over the years.

He added that the partnership seeks to reaffirm their commitment to offer a strong value proposition to customers who are keen on acquiring new vehicles for personal or business use, and need a solid financing partner to turn their dream to reality.

“NCBA recognises that one of the ways to achieve success is through collaborations such as this with CFAO Motors. We strongly believe that banking is so much more than offering products, processing transactions and giving loans. We seek to humanise banking by enabling our clients to achieve financial resilience while creating business sustenance and longevity,” he said.

Some of the most highly anticipated new SUV models for individuals, corporate companies, and small and medium enterprises were unveiled at the launch and are now officially available in Uganda.

They include: the Starlet, Urban Cruiser and Corolla Cross

The launch comes at a time when the demand for affordable and convenient vehicles for everyday use are on the rise

All new vehicles from CFAO Motors come with 3 years/100,000km manufacturer’s warranty and 2 years/50,000km routine service, whichever comes first.