Coscharis Motors, Sterling Bank partner on vehicle finance

Coscharis Motors Plc has announced a partnership with Sterling Bank, which would see its vehicles made available to the bank’s customers through its Non-Interest Banking Division platform- AltDrive.

The company, in a statement shared with BusinessDay, noted the objective of this partnership is to ease the path to car ownership via e-commerce transactions that can be self-funded or financed by the bank.

Abiona Babarinde, general manager, Marketing and Corporate Communications, Coscharis Group, noted that the idea is to provide customers an online retail marketplace that gives them a one-stop boutique to access and purchase any vehicular brand sold by Coscharis Motors either through self-funding or credit finance from Sterling Bank.

“The primary objective of this collaboration is to provide our customers an e-commerce platform with a credible Financial Institution like Sterling Bank as an extension of our showrooms where they can access our robust brand portfolio which includes iconic brands like Ford, Renault, BMW, Jaguar and Land Rover at a go on one hand,” he said. “On the other hand, the partnership offers a vehicle finance scheme, which is aimed at empowering retail and fleet buyers to purchase their choice vehicles from any Coscharis Motors outlet nationwide through a repayment plan with Sterling Bank”

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Accordingly, the scheme will allow a repayment pattern spread over a period of five years with the option of a 15% to 30% down payment. He further said the focus is to deliver customers satisfaction given what he describes as the bank’s friendly interest rate, ease of accessibility, quick turnaround time for credit processing at the bank and availability of myriads auto brands.

Babarinde further said, “We took this strategic decision earlier in the year to collaborate with relevant stakeholder partners to be able to give our numerous discerning customers and prospects alike the soft landing of owning any of our vehicles with ease in terms of providing friendly financial schemes.

“We started this initiative with one of our sister companies in the group, Coscharis Mobility representing Sixth in Nigeria amongst some other financial institutions while others are in the pipeline to come on board. This ultimately gives anyone the capability to purchase any of our brands with more convenient payment terms with any of our partners like the Sterling Bank”.

Coscharis Motors in addition to the financial scheme also says it would deliver Complementary Vehicle Registration, Insurance and Vehicle maintenance packages from two to five years.