CFAO Motors Uganda Partners With NCBA Bank Uganda 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 towards the acquisition of a brand-new car.

Through the attractive asset-financing package, customers will receive 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 financing solution in the market that will help meet customers’ needs and address the current financial challenges due to the covid-19 pandemic that has led to suppressed liquidity in the market.

Speaking at the unveiling of the new partnership at Kampala Serena Hotel, Mr. Edwin Muhumuza, the National Sales & Marketing Manager 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 CFAO Motors and NCBA clients the option of more affordable finance packages to access a wide range of vehicles 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, Suzuki and Hino product available at CFAO Motors Uganda and be confident that they can get the best available financing solutions backed with manufacturer warranty on any of the brand-new vehicles”

Speaking at an event held at Kampala Serena Hotel, 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 recognizes 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. We designed this offer with the current business environment in mind. Our aim is to provide a cost-effective financial solution that will ease the financial burden for individuals and businesses whose normal cash flows have been affected by the pandemic.

At the same event, a new range of highly anticipated passenger and mid-size SUV models for individuals, SMEs and Corporate companies was also unveiled. The Toyota Corolla Cross, Toyota Urban Cruiser and the all-new Toyota Starlet were officially launched, adding to the range of affordable passenger cars available at CFAO Motors Uganda. 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 a manufacturer’s warranty of 3 Years/ 100,000km and complimentary routine service for 2 years/ 50,000km, whichever comes first.