Access Bank plc and Guangzhou Automobile Group (GAC Motors) have collaborated to give value to Nigerians who desire to own a car at affordable prices through a financing scheme that covers purchase on the GA3 S, GS4 and GS8 models of the GAC Motors.
Consequently, the two firms on Monday signed a memorandum of understanding (MoU) in Lagos, which allows customers of Access Bank access finance to purchase the latest brands of GAC at discounted price with a reduced interest rate.
According to Victor Etuokwu, executive director, personal banking division, Access Bank, the focus of the partnership is on affordability and cost savings. He explained that Nigerians would drive the cars with 10 percent equity contribution. Meanwhile, the standard equity contribution is 30 percent.
The financing scheme by the two organisations includes free comprehensive insurance in the vehicles purchased for the first one year. With this partnership, the interest rate has also been brought down to 24 percent as against 28 to 30 percent obtainable in the banking industry.
He said the bank could support people who want to buy a fleet of cars by arranging deeper discount rate, saying, “We are passionate about our customers and the Nigerian economy and that is why we are in this partnership.”
Speaking at the signing of the MoU, Diana Chan, chairman, Choice International group, said, “We have two strong brands, GAC, one of the best car makers in China, and Access Bank which is passionate about customers coming together to give Nigerians the chance to buy new cars with high durability at low cost.”
According to Chan, the partnership is to enable more Nigerians afford high-end vehicles, adding that the output of the partnership will come in short term.
