Hyundai introduces buy-now pay-later vehicle finance scheme

Hyundai Motors Nigeria Limited has announced the introduction of a new vehicle finance scheme called ‘Buy-now pay-later’ to be executed in collaboration with Access Bank Plc.

It says the new scheme is to inspire discerning customers and fleet buyers to buy made-in-Nigeria Hyundai vehicles with ease.

According to the auto firm, the scheme already ongoing is designed to encourage local patrons to own and drive Hyundai vehicles, using convenient bank credit with low-interest rates.

Announcing the scheme in Lagos, Hyundai Motors Nigeria, manufacturers and distributors of Hyundai vehicles and Access Bank Plc said the scheme had convenient monthly repayment tenor up to 48 months, depending on the customer’s payment option.

Hyundai said in a statement that a three-month payment holiday would be offered to customers from date of disbursement.

It added that customers would be offered labour free service for six months or 10,000kms (whichever is first) and warranty of five years or 100,000km (whichever is first).

It said, “Both establishments brokered this agreement in Lagos at the launch of the scheme aimed at easing challenges associated with accessing low-interest bank credit to procure choice cars.

“The credit initiative is a seamless plan for desiring patrons and fleet managers to access low interest bank credit for the procurement of discounted Hyundai vehicles without necessarily paying commitment and management fees.”

The statement quoted Head of Sales at  Hyundai Motors Nigeria, Gaurav Vashisht, as saying, “The joint credit initiative is in line with Hyundai’s strategy and direction of making vehicle acquisition a seamless experience and essentially assists prospective customers to buy new Hyundai vehicles and experience Hyundai inspiring technology.

“The offer was intended to ease vehicle acquisition and assist customers including those without functional account with Access Bank to access the facility.

“What we are simply doing is to help prospective buyers starve-off the burden of sourcing funds in one fell-swoop to buy a new car. You can now walk into any Access Bank branch to apply for credit to buy your choice car and thereafter, pay conveniently.”

It listed a number of Hyundai models covered by the scheme as Accent, Elantra, Sonata, Kona, Creta, Tucson SUV and H1 bus.