The Islamic lender Gulf African Bank has signed a financial deal with Isuzu East Africa to finance customers’ purchase of a wide range of trucks sold by the Japanese motor vehicle dealer.
“The financing is open to everybody. We are targeting the entire country to help people acquire vehicles for their businesses. It’s not limited to the Muslim faith,” said Mr. Abdulkhalik.
Customers will enjoy a two-month grace period before they start making the monthly installments over a five-year duration to service the loans for the models that include Isuzu D-max, N series trucks and F series trucks.
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Increase sales
Isuzu Finance and Strategy Director Charles Kariuki said the firm would release the funds within 72 hours of an application under the deal as it seeks to increase sales.
Isuzu was the only major dealer that grew sales in the first quarter ended March, thanks to special financing deals with lenders such as Co-op Bank.
The dealer’s unit sales in the review period rose to 1,019 from 891 a year earlier while orders in the overall industry fell 14.5% to 2,741 units.
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Most dealers including Toyota Kenya and Simba Corporation recorded significant sales decline. Unit sales at Isuzu rose to 1,019 from 891 while those of Toyota declined to 672 from 812. Simba Corp’s sales also fell to 487 from 514.
