Buying a new car is a big decision which requires a thorough financial assessment and a bit of legwork in picking the right vehicle. One needs to assess suitable brands from a pool of available secondhand cars, and also consider the ease of getting replacement spare parts. Luckily, we live in an era where made-in-Nigeria cars are now a viable option. Not only are prices favourable, support is available directly from the manufacturer. Plus, there is the pride that you own a car made by Nigerians.
Incorporated in 2007, Innoson Vehicle Manufacturing (IVM) Limited has come a long way as a pioneer in the indigenous automobile industry in Nigeria. Innoson boasts a range of vehicles to meet different consumer needs. Whether you need a personal car, company pickup truck or bus for transport purposes there is a product specially designed for you. For extra power and luxury there is also the SUV range of IVM cars.
To make it easier for customers to own their own Innoson car, IVM limited recently partnered with Sterling bank to provide an Auto Finance Scheme. The Sterling bank – IVM partnership is a promotional financing scheme designed to assist customers purchase IVM cars by ‘paying small small’. Innoson will supply the car to your doorstep once you pay the 25% down payment and meet other requirements. The promotion is meant to run from March 3, 2016 – September 2, 2016.
How it works
You will need to make a 25% down payment on the vehicle while the balance is spread across a number of months (max 36 months). For an IVM car priced at ₦3.6million this means you’ll make a down payment of ₦900,000. Please note that interest applies to the final pricing.
Innoson promises benefits such as: 3 year warranty, free car tracker, low interest rate, and access to low insurance premiums. Others include fixed equal monthly rentals, flexible and easy payment, flexible tenor, access to maintenance and original spare parts (first three services).
Listed are special features of the auto finance scheme;
- Competitive pricing. Pay as low as ₦92,900
- Maximum tenor of 36 months (3 years)
- Equity distribution: 25% minimum
- Pro forma invoice from Innoson
- Comprehensive car insurance
What you will need
The following will be required when applying for the scheme at Sterling bank;
- Hand written application letter
- Duly executed loan application form (You can get that here)
- At least three months active banking with Sterling bank
- Debt service ratio should not exceed 33.33% (i.e. income must be at least 3 times loan instalment)
- Up-front payment of equity contribution, up-front fees and comprehensive insurance premium
- Up-front submission of post-dated cheques for the loan instalments, subsequent comprehensive insurance premium(s) renewal and periodic fees throughout the loan tenor
How to apply
- Choose Innoson vehicle of choice
- Visit your closest Sterling bank branch and tell them you will like to apply for the Innoson finance scheme.
- Contact Innoson (details provided below) for a pro forma invoice after Sterling bank confirmation
- Pay 25% down payment and have your vehicle delivered to you anywhere in Nigeria.
To partake in this offer, you can walk into the closest Sterling bank branch or call the Sterling Bank Plc. dedicated numbers for this promo 08033562978 and 08175812222. You can also call Sterling Bank Plc. Consumer Banking on the 08070894106, 08075290644. For your pro forma invoice, call Innoson Motors on 08137075745, 08030889955.
**Picture courtesy of Innoson Vehicle Manufacturing Limited
Please see the Sterling Bank Promo Page for more information: