Who doesn’t want to own a vehicle? Whether for transport or for personal use? Who? It is the dream of many Kenyans to own a car of any sort. Why? Because it is still widely seen as a status symbol. Who doesn’t know that?
But what keeps many individuals and businesses from owning cars or vehicles? Simple. Money. And that is why we have Asset Financing products from financial service providers such as Family Bank.
What is Asset Financing?
This is a type of loan facility that allows individuals or businesses to acquire assets, such as vehicles, machinery, equipment, or even technology, without paying the full purchase price upfront. Instead, the bank provides financing, and the borrower repays in installments over an agreed period.
How does Asset Financing work?
-
The Asset as Security: The asset being purchased (e.g., a car or machine) usually acts as the collateral for the loan. This means that if the borrower defaults, the bank can repossess the asset.
-
Repayment Structure: The borrower repays the financing in regular installments (monthly, quarterly, etc.), which cover both the principal and interest.
-
Ownership: In most cases, the borrower gets to use the asset immediately but only gains full ownership once all payments are completed.
Why Family Bank?
If you are ready to elevate your mobility status, then Family Bank should be your first and final stop. The bank caters to families, car buyers, and business owners alike. Call it the Home of Asset Financing, as they call themselves.
“Enjoy up to 100% financing, zero processing fees, and flexible repayment processes of up to 7 years,” said Family Bank.
Related Content: Family Bank’s “Inua Shule Financing”: A New Chapter for Schools In Kenya
