Access Bank has entered into a partnership with Guangzhou Automobile Group (GAC Motors) to enable more Nigerians have access to finance for affordable vehicles.
The partnership allows customers of Access Bank access finance to purchase the latest brands of GAC at discounted price with a reduced interest rate.
Speaking at the signing of Memorandum of Understanding (MoU) in Lagos recently, the Chairman of GAC Motors, Diana Chan, said the partnership was to enable more Nigerians afford high end vehicles.
“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” she said.
On his part, Access Bank Executive Director, Victor Etuokwu, explained that in making vehicle ownership affordable for its customers, the bank allows them to buy the cars with a 10 per cent equity contribution. He noted that the interest rate has also been brought down to 24 per cent.
He noted that with the value of cars rising in recent times, “many banks are staying g away from vehicle financing but at Access Bank, we are passionate about our customers and the Nigerian economy and that is why we are in this partnership.”
Etuokwu noted that the offers coming with the vehicle financing scheme include free comprehensive insurance in the vehicles purchased for the first one year.
He however noted that the scheme covers purchase on the GA3 S, GS4 and GS8 models of the GAC motors. Chan explained that the choice of the three models was to reach out to all levels of customers from junior executives to high networth individuals.