The Co-operative Bank has recently launched a new financing program for Pre-Owned Cars, enabling customers to secure funding of up to 100% for their preferred pre-owned motor vehicle.
Prospective buyers, regardless of their income level, have the opportunity to visit a second-hand car dealership and choose the vehicle that best suits their needs. The Co-operative Bank’s financing solution ensures a hassle-free process, making it simple and accessible for customers to acquire the car they desire.
For those interested in availing this financing offer, the Co-operative Bank provides an easy-to-use Application Form for download. Take advantage of this opportunity and drive away with your dream car with the Co-operative Bank’s support.
The features of the loan include the opportunity for individuals to acquire a pre-owned private vehicle. The vehicle’s age must not exceed 8 years. The loan attracts an interest rate of 13%. Additionally, various fees are applicable, such as Appraisal/Negotiation fees, Insurance fees, Motor Vehicle Valuation, and Tracking fees. The repayment period ranges from 60 months to 96 months. Notably, the purchased vehicle serves as the collateral for the loan.
The requirements for the application include the applicant’s ID and KRA PIN Certificate, a Letter of Introduction from the employer, and certified Pay slips for the latest 3 months. If the applicant is not banking with the institution, they should also provide bank statements for the latest 6 months. Moreover, copies of the employment contract or letter of appointment, Motor Vehicle Sales Agreement/Proforma Invoice, and Copy of Logbook/Import Documents/NTSA search records are necessary.
Additionally, the applicant must obtain an original valuation report from an approved valuer listed in the Bank’s panel. To apply for the loan, interested individuals need to fill out the application form, which is available either on the bank’s website or at the nearest Co-op Bank Branch. After completing the form, all the required documents should be attached to it and submitted at the nearest Co-op Bank Branch.