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Coscharis Motors, Sterling Bank partner on vehicle financing

By Benjamin Alade
15 November 2021   |   3:06 am
Coscharis Motors has partnered Sterling Bank Plc to onboard its vehicles on the bank’s non-Interest banking platform- AltDrive.

Coscharis Motors has partnered Sterling Bank Plc to onboard its vehicles on the bank’s non-Interest banking platform- AltDrive.

The objective is to ease the road to ownership via e-commerce transactions which can be self-funded or financed by the bank.

General Manager, Marketing and Corporate Communications, Coscharis Group, Abiona Babarinde, said the idea is to provide customers an online retail marketplace that gives customers 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.

According to Babarinde, the primary objective of this collaboration is to provide customers an e-commerce platform with a credible Financial Institution like Sterling Bank as an extension of its showrooms where they can access a robust brand portfolio, which includes iconic brands like Ford, Renault, BMW, Jaguar and Land Rover at a go on one hand.

“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, ” he said.

Accordingly, the scheme will allow a repayment pattern spread over five years with the option of a 15 per cent to 30 per cent down payment.

He added that the focus is to deliver customer satisfaction given the bank’s friendly interest rate, ease of accessibility, quick turnaround time for credit processing at the bank and availability of myriads auto brands.

In his words: “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.