This was revealed on Wednesday during the unveiling of the first-ever Ford Ranger Raptor on the Ugandan market in a function held at the Busiika Rally Track.
In a bid to overcome challenges faced by car buyers and dealers in Uganda, Stanbic Bank has entered a joint venture with Cooper Motors Corporation (CMC) to make purchase of Ford vehicles easier.
‘’By using Ford finance, you can drive out of the CMC dealership shop with a brand new car and you only have to make a monthly payment with no upfront deposit depending on your credit risk,’’ this was revealed on Wednesday during the unveiling of the first-ever Ford Ranger Raptor on the Ugandan market in a function held at the Busiika Rally Track.
According to Doreen Sendegeya, the Head of Vehicle and Asset financing at Stanbic Bank, this was done to ensure that they provide a unique credit solution to help individuals and companies solve their vehicle and asset financing requirements.
Sendegeya explained that under the partnership, customers will have quick access to a wide range of assets at a subsidized fee with a flexible repayment arrangement to suit their cash flow on a rental as opposed to fully paying for it.
‘’Usually, when our partners at Ford are coming up with their brands and new models there is always a category of people that do not have cash upfront and that is where we come into a partnership with the team at CMC to be able to ensure that we can provide vehicles to as many people as ordinarily would have always happened,’’ she said.
‘’The Ford finance comes in to provide convenient financing customer focus solutions to both the customers at CMC Uganda and Stanbic bank customers and any others that would like to join the alliance because we are happy to have all of you to be able to afford not only the Ford Raptor but also any other brand that is under ford and any vehicle that has a ford label Ford finance would be able to finance this for you.’’
What is Ford Finance?
Doreen Sendegeya says that Ford Financing is a strategic alliance with Stanbic bank and the ford motor company in the US.
She explains that Stanbic bank will be offering up to 80% vehicle and asset financing to the Ford clients for the purchase of various Ford vehicle at a lower interest rate with a 60 months payment period.
As a result, all customers who will opt for the Ford finance solutions will have access to unlimited loan amount financing from the bank, complimentary insurance and lower-cost services and maintenance costs negotiated upfront.
This is the best finance solution in the market that will help meet customer’s needs and address the current financial challenges according to Sendegeya.
She said that for clients whose business is mainly centred on having the latest technology, leasing makes business sense because they have the option to keep upgrading your assets for a newer model with the dealer.
‘’The purpose of providing finance solutions is to ensure that our customers are happy with the product that they get. Sometimes in life people dream to drive and own a monster truck and at that particular time, they may not be able to afford it. So Stanbic bank through its leasing arm can provide a focused solution for you,’’ she said.
‘’In brief, leasing is simply a product that we have at the bank where if you do not have the full value of this beautiful monster, you would be able to still drive and use the vehicle for a monthly fee that you provide to Stanbic and after some time the ownership of the car will be transferred to you.’’
She further explained that one can be able to purchase the car for just 10% of its actual value as they make advanced payments in instalments.
‘’So for just a deposit in this particular case, we are offering our CMC partners just 10% of the value of the vehicle so you can imagine that for just 10% of the actual value of this monster, you would be able to drive and use the car over a given period. This is a partnership that will run starting today for all Ford rides available at CMC.’’
Meanwhile, Prince Mark Davidson, the country manager of CMC commended the role played by the government of Uganda for enabling a peaceful environment that supports investments such as CMC.
He said the government has supported them over the years in importing the vehicles.
‘’I would like to give special appreciation to the government of Uganda for a peaceful and enabling environment for business in Uganda and for supporting our business through the purchase of vehicles, truck and tractors for the various ministries and agencies in the country,’’ he said.
‘’Over the last four years, we have introduced a quick line centre which is a quick service vehicle. This facility is open to all auto vehicle brands meaning any brand of car can come and we offer a free 20 point check to the vehicles as well so its kind like a health check on the vehicles.’’