Home Business Sterling Bank, Dana Motors partner on auto finance deal

Sterling Bank, Dana Motors partner on auto finance deal


Sterling Bank Plc and Dana Motors Limited at the weekend signed an auto lease agreement that will make it easy for customers of the commercial bank to acquire Kia brands of vehicles in the country.

Both organisations said the arrangement is part of a 90-day promo that commenced last week.
Dana Motors is the sole distributor of the Kia brand of vehicles in the country.
Speaking on the partnership at a media briefing in Lagos, the Head, Consumer Banking, Sterling Bank, Mr. Gbenga Adegoke, explained that the partnership also ensures that Sterling Bank customers acquire vehicles at convenient and affordable rate.
In addition, Adegoke said the scheme also goes with prepayment of insurance premium, free car registration, free fuel vouchers, full fuel tank at pick up of the vehicle, free services (inclusive of parts and labour), free tracker and a five year warranty.
Its other features include a 20 per cent minimum equity contribution, 48 months tenor, low interest rate among others.
“We considered the impact of inflation on the scheme and made sure that the interest rate is very low. The partnership with Dana Motors was borne out of the bank’s desire to provide auto consumers with an auto finance campaign that allows them to acquire Kia brands of vehicles with simplicity.
“The auto finance campaign comes with attractive interest rate and loan that allows convenient and flexible repayment. The auto campaign will be in place for 90 days,” he added.
The Head, Marketing, Kia Motors, Jimoh Olawale, said Dana Motors went into the arrangement with Sterling Bank becuase the financial institution “is known for its customer-focused promotions.”
“This is to ease vehicle repayment for our customers. The vision of Sterling Bank and Dana Motors aligns and we are trying to make sure that our customers get the best from the promo,” Olawale added.
Furthermore, he revealed that the auto manufacturing firm had invested in a modern state of the art workshop in Nigeria, built exactly to Kia quality standards that would ensure efficient and speedy after sales service.
“The maintenance of these are relatively affordable due to availability of spare parts and auto workshops in various outlets of Dana Motors nationwide. The Kia brand has a warranty of five years,” he added.
Also, the bank’s Head, Retail Assets (Individual), Mr. Ayodele Fischer, said the promo is targeted at high net worth individuals, the self employed, those that earn salary and other professionals.