Equity Bank has partnered with TransAfrica Motors to make it easier for businesses and individuals to finance FAW commercial vehicles and JETOUR SUVs they need for their businesses and mobility needs.
Under the partnership, Equity becomes a preferred financier for FAW commercial, utility and heavy commercial vehicles, as well as JETOUR SUVs, bringing financing closer to customers at the point of vehicle purchase and giving them a more structured way to acquire the vehicles they need.
The financing is available to both existing Equity customers and customers who are new to the Bank, subject to meeting the applicable requirements.
“Access to finance isn't just about capital, it's about opportunity,” said Kagiso Moloi, Commercial Director, Equity Bank Kenya, during the launch of the partnership.
More than a vehicle, an asset for growth
For many businesses, a commercial vehicle is more than a mode of transport. It can mean an additional truck for a growing logistics operation, a vehicle to support a construction project, a bus for a school or more capacity for a fleet operator to serve customers.
The partnership is therefore designed to help businesses acquire these assets while retaining working capital for their day-to-day operations.
“Production has to be assisted by assets that are reliable and durable. And by that, we transform businesses. Every truck on the road, every delivery vehicle servicing customers and every growing fleet supports jobs, trade, and productivity," said Beatrice Nyambura, Head of Asset Finance at Equity Bank Kenya.
Depending on the vehicle category, eligible customers can access financing of up to:
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95% for FAW Prime Movers, with a repayment period of up to 60 months.
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100% for FAW buses for schools and learning institutions, with a repayment period of up to 72 months.
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80% for PSVs of up to 51 seats, with a repayment period of up to 60 months.
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90% for FAW light and medium trucks of up to 15 tonnes, with a repayment period of up to 60 months.
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80% for FAW medium trucks above 15 tonnes, with a repayment period of up to 48 months.
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80% for FAW 15-tonne tipper trucks, with a repayment period of up to 48 months.
The scheme covers a range of FAW models across prime movers, buses, PSVs, light and medium trucks and tipper trucks.
From choosing a vehicle to getting on the road
The partnership brings Equity financing closer to customers at the point where they are choosing their vehicle. Instead of identifying a vehicle and then separately looking for financing, eligible customers can explore their financing options as part of the vehicle purchase journey.
A transporter, logistics business, construction company, school or fleet operator can select a vehicle that fits their needs, obtain a price quotation from TransAfrica Motors and visit their nearest or preferred Equity branch to apply for financing.
Equity will assess the application and, once approved, facilitate the financing process with TransAfrica Motors. This connects vehicle selection and financing, helping customers move from choosing the right business asset to getting it on the road.
Ali Zubedi, Managing Director, TransAfrica Motors, said partnership responds to a need that businesses have long had.
“Financing should never be the barrier that keeps a customer from taking the next step,” he said.
The partnership also creates an opportunity for eligible customers to explore additional solutions around asset ownership, including insurance-related financing options, alongside their vehicle financing needs.
Ready to grow your business?
If you are a transporter, contractor, fleet operator, school, logistics company or SME looking to acquire an eligible FAW commercial vehicle or JETOUR, visit your nearest or preferred Equity branch to explore your financing options.
You can also contact the Asset Finance Front Office at AssetFinanceFrontOffice@equitybank.co.ke for more information.
