Asset Finance

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This is a product that is designed to enable individuals to acquire a motor vehicle while using the same asset as security for the financing. Bank of Africa will help you to acquire the vehicle by financing whole or part of the cost.

Benefits:

  • Competitive interest rates
  • Flexible interest installments matched to your income
  • Quick processing and disbursement within one week after all requirements are received

Features:

  • The bank will finance the cost of the vehicle from between 50% to 80% of the total cost with the client funding the balance
  • Finance periods range from 12 to 48 months with the duration being fixed at the beginning of the facility
  • Interest rates charged on a reducing balance rate
  • The vehicle will be jointly registered in the names of the client and BOA until the loan is fully repaid
  • The vehicle must be fitted with approved anti-theft devices
  • Vehicles must not be more than eight (8) years old
  • The vehicle must be insured with a comprehensive policy for its full value and the bank interest noted on the policy document
  • The insurance company issuing the policy must be approved by BOA

Requirements:

  • Application form giving the details of the applicant
  • Bank statements for the last six months from the applicant’s current bank
  • In case of a new vehicle, evidence of the cost/value of the vehicle will be required from the car dealer
  • In case of a used vehicle, we shall require Original Valuation Reports to be obtained from our appointed valuers Auto Assured Limited or AA
  • Certified copies of identification documents (ID,passport and PIN)
  • A copy of the log book or copies of the import documents including duty paid receipts in case the vehicle is imported and has not been registered
  • For salaried employees, a letter is required from the employer confirming the terms of employment

Please note that the bank may request for additional documents and information if necessary.
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