Bank of Africa in partnership with CFAO Ghana Limited in June this year launched a Vehicle Financing Facility. The idea of the Vehicle Finance partnership is to bring convenience to both corporate and individual customers of both the Bank and CFAO who would want to purchase brand-new cars from CFAO.
The facility enables interested persons to own a brand-new car from CFAO whose main brands include Mitsubishi, Suzuki cars. The details of this particular facility make it the first of such innovation in the financial sector and across the automobile industry.
The Vehicle Finance facility is an installment loan offered to customers and non-customers of Bank of Africa towards the acquisition of a brand-new vehicle from CFAO Ghana Limited. The offer comes at an incredible interest rate of 18% per annum for a period of five years (60 months) with no collateral required. The vehicle will be comprehensively insured and with a 3 year/100,000km Warranty, depending on which one comes first.
The most captivating aspect of this facility, which makes it novel and the best on the market, is the fact that customers are allowed to trade-in their cars, irrespective of the brand, and top up using the facility from Bank of Africa to purchase a brand-new car.
Apart from the fact that the facility is very affordable, it is also very easy to access with a processing turnaround time of ten (10) days. Once the vehicle is purchased, technical preparation and road-readiness, delivery and after-sales services are all handled by CFAO network across the nation at any of its after-sale Service Points.
According to Bank of Africa, the whole idea of this partnership is to support customers to purchase their dream vehicles while at the same time promoting the use of brand-new cars to reduce the impact of fossil fuel on the environment.
Bank of Africa places innovation at the heart of its strategy and provides dynamic and comprehensive solutions to meet its customer’s needs. The Bank aims to leverage on its wide network, with presence in 33 countries across 4 continents, and special relationship with its international and local partners to continuously provide support and meet the needs of its market.
“Customers are more sophisticated now than they were a couple of years ago and so it is important as a Bank to connect with them and provide them with solutions that will meet their needs”, said an officer of the Bank.
The Vehicle Finance Facility is available at all the branches of Bank of Africa and CFAO Ghana Limited outlets.