dfcu Bank has extended its vehicle and asset finance loans to buyers of new Toyota vehicles under a deal with CFAO Mobility Uganda, the official Toyota distributor in Uganda.
The two companies announced the deal on 1 October at the launch of the new Toyota RAV4 and Toyota Land Cruiser FJ. The launch was held at the Toyota showroom on 1st Street, Industrial Area, in Kampala.
Under the offer, the bank says qualifying customers can borrow up to 100% of a vehicle’s value at 17% interest a year, and take up to 84 months to repay. Approval depends on a credit assessment and the campaign terms. The companies say the arrangement will let customers spread the cost of a vehicle over time instead of paying a large amount upfront.
The package also includes a year of free fuel, five years of free servicing, discounts on comprehensive insurance and a year of roadside assistance. According to the companies, eligible cardholders will also get travel booking discounts, health insurance for two dependants and access to VIP lounges, subject to the offer terms.
The companies say the offer is open to salaried workers, entrepreneurs, business owners, small and medium-sized enterprises, wealthy individuals and customers who do not yet bank with dfcu.
Charles Mudiwa, the chief executive of dfcu Bank, said many customers need a vehicle but cannot pay the full price at once.
“Asset finance provides an alternative by allowing customers to acquire those assets while preserving funds for operations, expansion and other priorities,” Mudiwa said.
Etienne Audeoud, the managing director of CFAO Mobility Uganda, said buyers now consider running costs, maintenance support and financing alongside the vehicle itself.
“They want a quality vehicle, professional support after purchase and financing that is practical for their circumstances,” Audeoud said.
Toyota describes the new RAV4 as a hybrid with its latest safety technology. It describes the Land Cruiser FJ as a compact sport utility vehicle built for both city and off-road driving.
The companies did not give the retail prices of the two models, or say how long the offer will run.
dfcu Bank has extended vehicle loans to new Toyota buyers through CFAO Mobility, offering up to 100% financing at 17% a year over a maximum of 84 months.