By Theodore Opara
In Nigeria today, nobody could imagine financing any project on a single digit interest rate, but Toyota Nigeria Limited, sole representatives of Toyota Motor Corporation in Nigeria has proved otherwise.

The leading automobile brand representative, at the just concluded Lagos Motor Show, rewarded its customers with a mouthwatering offer of nine per cent interest rate for those who could seal up a deal of purchasing the new Toyota Fortuner at the show ground. This special finance package, being put together with First Bank Plc is aimed at making more Nigerians own the compact luxury sport utility vehicle without stress.

*Toyota-Fortuner

According to First Bank Relationship Manager, Mrs. Mary Nzekwue, who spoke to journalists at the fair ground, the scheme elicited a huge response from people outside Lagos via online messages and telephone calls.

The Toyota Fortuner finance scheme package saw Toyota and First Bank slashing the interest rate from 22 per cent to nine per cent.

Interested people were encouraged to drive home a new Toyota Fortuner either from the fair ground in Lagos or any of the accredited dealers across the country after making a deposit of N3.9m for the N7.4m Sport Utility Vehicle.

“The bank (First Bank) will finance the balance with an interest rate of nine per cent for a period of 24 months,” Nzekwue said.

She added that there were no hidden charges, beside the management fee, which she noted was necessary in virtually all finance schemes.

Although the arrangement was limited to the Lagos motor fair period, she said “anybody who got the invoice would benefit from the deal, which could be completed after the fair.”

The Relationship Manager, however explained that part of the conditions to benefit from the special Fortuner’s deal was that interested members of the public should have a functional account with First Bank.

She, however, added non-account holders were assisted to open new account with the bank, but their accounts with other banks would be verified and found to be running and healthy.

The Fortuner, a medium-sized sport utility vehicle was introduced into the country by TNL late last year.

The vehicle, which has the ruggedness and elegance known with Toyota vehicles, is meant to cater for the gap between the RAV 4 and Land Cruiser Prado, according to Toyota.  The sleek SUV is one of the fastest selling cars in it categories in Asia, and Europe.