ABSA LAUNCHES VEHICLE ASSET FINANCE FOR PURCHASE OF BRAND NEW & USED CARS

Absa Bank Tanzania Head of Retail Banking, Ms. Ndabu Swere (centre), speaks at a media conference during the official launch of Absa’s Vehicle Asset Finance facility in Dar es Salaam. Looking on are, Absa Bank Marketing and Communication Manager, Mr. Beda Biswalo (left), and the Bank’s Head of Asset Products, Ms. Patricia Nguma.

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ABSA Bank Tanzania has once again continued to prove its leadership in product and service innovation with the launch of Vehicle Asset Finance (VAF) as it aims to making car ownership more accessible and affordable for its customers. 

Absa Vehicle Asset Finance (VAF) is a medium-term financing solution designed to help the bank’s customers purchase both new and used vehicles at local dealerships without the need to have the full purchase price funds upfront. This solution reflects on the bank’s strategic focus on providing financial solutions that resonate with its customers' lives and aspirations. 

Speaking in Dar es Salaam at the launch of Absa VAF, the Head of Retail Banking at Absa Bank Tanzania, Ms. Ndabu Swere, said, “We are extremely excited to launch Vehicle Asset Finance. This is testament to our commitment to listen to our customers and solutioning their challenges and needs. We understand that purchasing a car is not easy because cars are not cheap, and since people are not always liquid, they may need assistance from somewhere and especially when car dealers need upfront payments. So, this is where Absa Vehicle Asset Finance comes in. 

Through Absa VAF, our customers will enjoy financing of up to 90% for brand new cars, and up to 80% for used cars with the financed vehicle serving as the collateral. The product offers numerous benefits to our customers, including allowing customers to obtain funds to purchase a vehicle of their choice at the time when they wouldn’t have all the funds upfront. It frees the customer’s cash, leaving them with more flexibility to either invest or use their savings for any unforeseen costs that may come up during the year. It gives the customer instant access to the car as soon as the bank completes the VAF loan process. It reduces the financial burden on the customer by allowing the customer to spread the cost over time with smaller regular payments with the customer only needed to provide a small amount upfront.”