Cars Kenya has partnered with Absa Bank Kenya to offer financing for customers importing vehicles into Kenya, covering the process from overseas purchase and shipping to local registration and asset financing.
The partnership brings together Cars Kenya’s vehicle sourcing and import coordination, Shekel Mobility’s technology and Absa’s asset financing to connect the different stages of the vehicle importation process.
Under the arrangement, Cars Kenya will manage vehicle sourcing and coordinate the import process, while Shekel Mobility will provide the technology supporting qualifying transactions.
Absa will conduct credit assessments and complete the asset finance process after the vehicle is registered and all disbursement conditions are met.
Speaking during the signing of the memorandum of understanding, Cars Kenya Managing Director Sammy Wanjema said the partnership would give qualifying customers a more coordinated process for purchasing vehicles from Japan.
“Importing a vehicle should be an exciting step towards ownership, not a confusing journey through disconnected processes. Through our collaboration with Shekel Mobility and Absa Bank, we are working to give qualifying customers a more coordinated route to purchasing vehicles from Japan, with sourcing, importation and financing considered together from the beginning," Wanjema said.
"We understand that buying a car is a significant financial commitment, and we want customers to have greater clarity over the process, the costs involved and the requirements they must meet before proceeding.”
The companies said the arrangement is intended to link vehicle purchase, shipping, clearance, registration and financing through a structured process.
Absa Bank Kenya Business Banking Director Renato D’souza said the partnership would expand access to vehicle financing while maintaining the bank’s lending requirements.
“Through this partnership, we are expanding access to vehicle financing by connecting the importation process with asset finance through a structured arrangement," D’souza said.
"At Absa, we are committed to providing financing solutions that support our customers’ ambitions while maintaining responsible lending standards. Our focus is on ensuring that qualifying customers have the information and support they need to make informed vehicle financing decisions.”
Under the partnership, eligible Absa premium clients may qualify for financing of up to 100%, subject to the bank’s credit assessment, the value of the qualifying vehicle and applicable product conditions.
The companies said the arrangement would also support participating dealers by helping them manage transactions during the period between overseas procurement and local delivery.
