By Theodore Opara
Renowned automobile marketing company, Lanre Shittu Motors has introduced a single digit interest rate finance for its Mack Truck customers nationwide.
The new single digit interest scheme according to Lanre Shittu Motors is aimed at making acquisition of their trucks (Mack) easier for their numerous customers nationwide.
Speaking on the scheme, Mr. Taiwo Shittu Business Development Director, Lanre Shittu Motors said that they discovered that high interest rate has made acquisition of new truck very difficult for customers hence their effort to introduce a scheme that world help customers acquire their trucks with easy.
Said he, “Our research has shown that prohibited high interest rate offered by local banks have made it difficult for haulage and constructing companies to purchase new premium heavy trucks, many times forcing them to settle for older used models, not suitable for the difficult conditions in Nigeria.
Describing Mack Trucks as durable, reliable and economical to run, the Business Development Director said they were able to negotiate the one digit interest rate by using international bank guaranteed by European and American Export Credit Agencies.
To demonstrate the importance Mack Truck attached to the new finance scheme, Mack Truck Vice President (Business Development, Mack Global Brand); Mr. Frank Oliveira, as well as the Director Customer Finance, Henrik Larsson, and Ben Grantayet, in charge of International Operations were on ground for the launch.
Speaking at the occasion, Mr. Oliveira said, Nigeria is a very important market for Mack Trucks, and having new, safe, efficient Mack Trucks is very important for Nigeria. We now have a solution to the main financing road block that used to hinder customers from purchasing new Mack Trucks.
According to him, customers interested in purchasing new premium heavy duty trucks now have access to international financing rates in the single digits. This is made possible by using international banks guaranteed by European and American Export Credit Agencies (ECAs). Qualified customers can secure financing of up to 85% of the total purchase price of the new equipment.
The other 15% is required as a down payment before the trucks are delivered. Lanre Shittu Motors, the official distributor of Mack Trucks in Nigeria, has successfully negotiated with several local banks to help customers cover the 15% equity contribution. This offer is only available when purchasing new trucks from an official Mack Trucks distributor in Nigeria.
In his remak, Mr. Henrik Larsson, Mack Finance Director said, Thanks to the Mack Truck’s broad network among international banks and ECAs, as well as Lame Shittu Motors broad network with local banks, we are able to offer this very competitive financial structure. Global banks and ECAs are willing to cooperate with us thanks to Mack being a high-end, premium product and the fact that there are highly rated customers for Mack in Nigeria”
Meanwhile Lanre Shittu Motors has made its second handover of new trucks that were financed through this EKN financing solution. Ten Mack Granite Elites were delivered to Greenfield Assets Limited on May 6 and forty-five Mack Granites Elites were delivered to Haulage Oil & Gas on June 12. Frank Okeke, Managing Director and CEO of Haulage Oil & Gas Limited said the following regarding his experience with Mack Trucks: “Mack Trucks have proven to be unequalled in durability, ruggedness and reliability.
The truck perfectly fits into our business model of long term and sustained provision of haulage logistics to blue chip companies in Nigeria. Haulage Oil & Gas Limited is excited at the financing concept provided by Lame Shittu Motors and EKN, especially the single digit interest rate. This financing, if extended to spare parts purchase, will further promote the Mack Brand in Nigeria. We appreciate the speed of consummating the current transaction.”
With the popularity of Mack Truck in Nigeria combined with a financing solution that makes it possible for more companies to purchase Mack products, the heavy truck market now has access to new premium trucks at an affordable price.