Following the success recorded with the introduction of the single digit interest rate finance scheme on its Mack brand, the management of Lanre Shittu Motors has extended the scheme to the Yutong bus brand, another automobile brand represented by the company.
Mr. Taiwo Shittu, Group Executive Director, Lanre Shittu Motors told journalists in Lagos that the single interest rate is the main reason for the runaway success of the Mack Truck brand in Nigeria at this difficult time, hence, they are extending the scheme to their customer on the Yutong.
The Group Executive Director revealed that their sales figure for Mack brand rose by about 100 per cent in 2013 on account of the low interest rate finance scheme which the company introduced last year and urged transport operators and other business operatprs who require to move people in mass to take advantage of the scheme on the Yutong brand.
According to him, Nigerians should be encouraged and assisted with cheap and low interest finances to grow their businesses so as to create more jobs for the youths.
The Group Executive Director who described the scheme as uncommon in the industry, noted that high interest rate has been the bane of most businesses in the country as most of them find it difficult to access funds from the banks.
“We are calling on transporters, schools, public and private institutions to key into this scheme as a way of growing their businesses and making quick returns without losing sleeps to repay the loans.
“We have come to realise that most transporters are willing to increase their fleets but constrained by finance and high bank charges, but with the single interest finance on Yutong buses which ranks amongst the very world best bus range, transporters can say goodbye to high interest bank finance.
He explained that the scheme is a win-win for the customers and Lanre Shittu Motors. While it will help us increase our sales like it did with Mack, it will offer the customers the opportunity to acquire a world-class bus at low interest rate.
Throwing more light on the scheme, the Chief Financial Officer of the company, Mr. Paul Okunaiya noted that the finance scheme allows customers to spread payment over a period of five years and more. “All that is required to own the buses is just 15 per cent down-payment of the value of the Yutong bus the customer desires to purchase without collateral and no bank charges. The rate, he said is fixed throughout the payment period which would help projection as payment will not vary adversely with movement in interest rate. He further explained that the rate may be as low as five per cent but would not exceed 10 per cent per annum. He added that interest rate is based on the assessment of each company’s business and financial risk too.
Meanwhile, the Lanre Shittu Group Executive Director has described the Yutong of bus brandas a world-class product that competes with Europe-made brand. According to him Yutong buses are known all over the world for their quality, safety, comfort and good design.
“It is the highest selling bus brand in the world with many models for transport solution,” he said. The buses come in different categories including high capacity buses, luxury coaches, school buses which range from 23, 25, 40, 43, 47, 60 and 64 seaters.
The unique selling point of the brandis that they come with cummins engines which are durable, strong, easy to maintain with high ground clearance. They come with air-conditioning system as standard, good after-sales backup from Lanre Shittu Motors and availability of spare parts.