The Car and Truck Fleet and Leasing Management Magazine

Automaker and Bank Partner to Finance Vehicles for Nigerian Fleets

August 19, 2014

Hyundai Motors Nigeria Limited and Diamond Bank Plc have jointly inaugurated a vehicle finance scheme aimed at assisting fleet managers and prospective automobile patrons to procure affordable Hyundai vehicles, according to a report by Punch.

According to a statement by the organization, the scheme will enable its clients to access the opportunity without necessarily paying the conventional bank interest rate.

The report further quoted the statement, which explained that the initiative named “Hyundai/Diamond centenary offer” was designed to allow beneficiaries to access bank loans to buy select Hyundai cars and offset the credit in 48 equal monthly installments without paying management fee or presenting any collateral.

It noted that vehicle credit facility had become a common practice in advanced markets and more relevant now in view of the Federal Government’s National Automotive Industry Development Plan aimed at encouraging the patronage of new vehicles, particularly cars built in the country, according to the report.

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