Tag: Coop Used-Car Financing news

Co-op Bank Named Best Overall at Kenya Bankers’ Association Award Gala

Posted on by Kibaki Muthamia

Co-operative Bank celebrates winning a prestigious award, recently being named Overall Winner at the Kenya Bankers Association (KBA) 2022 Sustainable Finance Catalyst Awards.

The Awards were created to recognize institutions that practice sustainable finance which has a direct positive impact on the financial sector, the economy, the environment and the society at large.

Sustainable Finance Principles require financial institutions to balance their quest for financial returns with the economy’s future priorities and social-environmental concerns.

In addition to scooping the overall title, Co-op Bank also won in specific award categories that include being named as the Most Innovative Bank in Sustainable Finance and the Best Bank in Financing Commercial Clients.

Equity Bank emerged second overall and KWFT third. The selection exercise took three and half-months, with 43 entries submitted by 16 financial institutions.

This is the third time in five years that Co-op Bank has emerged victorious in the sustainable finance awards, having won the overall title again in 2017 and in 2019.

The latest award adds to other recent recognition Coop Bank has received for the strong credentials in Sustainable Finance and related sustainability practices.

The bank was named as Best Bank in Sustainable Finance in Kenya at the 2019 Energy Management Awards hosted by the Kenya Association of Manufacturers and also named Overall Winner in Environmental Sustainability Report at the 2019 East African Financial Reporting (FiRe) Awards.

Businesses were appraised on whether they have covered the essential indicators which included the impact to the Gross Domestic Product (GDP), the growth of the business, job creation and support of minority groups including women and the youth.

In respect of the award, Co-op Bank has released a citation:

Co-op Bank emerged winner as a result of building a sustainability strategy that enables people, businesses and society to grow in a way that is sustainable in the long-term.

The awards showcase firms that demonstrate a progressive stance in integrating sustainability practices in their respective institutions.

Commenting on the recognition, the Group Managing Director & CEO Co-operative Bank, Dr. Gideon Muriuki;

“Sustainability is fully integrated in our business model that stands on the three pillars of Economic sustainability, Social sustainability and Environmental stewardship.”

“As a bank that is predominantly-owned by the 15 million-member Co-operative Movement, we are inclusive by design that has not only enabled us to deliver shared prosperity today, but also helped us build an awareness and prudence to avoid putting future generations in jeopardy.”

Co-op Bank awards in other categories include;

1. Most Innovative Bank
2. Best in Financing Commercial Clients
3. 1st Runners up – Best Sustainable Finance
4. 1st runners up – Best in Covid-19 Response
5. 2nd runners up – Best in MSME Financing.

Meanwhile, Co-op Bank has unveiled an ambitious 100% financing loan package for used cars.

Car Shopping: Do You Pick Manual or Automatic Transmission?

Posted on by Kibaki Muthamia

When making the choice to purchase a particular car, the gear set up plays a huge role. The choice plays between a manual and automatic transmission.

Each choice has advantages driving it, but it largely depends on the buyer.

Automatic transmission do the engagement and dis-engagement of the clutch on its own. It selects the appropriate gear according to the driving conditions. The driver just has to select whether he has to go forward, reverse or park his car.

In a manual transmission car the driver has to engage and dis-engage the clutch on his own and has to select the gear according to the way he drives.

There are different forward gears rated for different speed. Most modern car have 5 forward gears and 1 reverse gear.

Most car brands in Kenya have either modes in each of their models. What, then, influences the choice between the manual and automatic versions for the buyers?

Presently, the automatic car has gained popularity. It presents lots of advantages – but, not necessarily better.

Automatics cars are comparably easier to drive, demands less driving experience. Moreso, in city scapes with frequent traffic jams, and in the hills – it’s not a walk in the park driving bumper to bumper on a slight incline.

Besides, automatics are extremely reliable with minimal maintenance – no clutch to fry or wear out with inconsistent shifting.

Manual cars build up a strong counter attack in analysis. Manual car driving is definitely more fun. There’s more of a “driver feel”.

You can control shifting better, presenting an ‘all-round feeling of control’ – which, incidentally – appeals to car fanatics and first time car owners.

Besides, the convenience factor comes into play. Manual cars can be started even with a dead battery, by a method referred to as jumpstarting.

Manual car drivers brag of a slightly better fuel economy, and with enthusiasts with access to engine tuning and mods – a better acceleration.

The latter argument (acceleration) depends with the model, though – and, nature of the build – a sports car presents better acceleration than a family van, for example.

Manual cars pale in popularity by the virtue of human skill and experience needed to perform well.

Like, city driving is an hassle. Unlike an automatic, the mental work that your mind does for understanding and deciding what gear to keep the car in to prevent stalling weighs on the driver.

Also, getting the best mileage on fuel economy is dependent on the driver’s experience.

Automatic cars absolves the driver of that headache, especially on long, tiring drives.

For what it’s worth, either transmission in a car doesn’t overly affects performance. This bears on the driver’s experience, and aptitude. It’s prudent to practice on both types of transmission before making a purchase.

The dream of owning a car is now so much easier, thanks to a financing deal on pre-owned cars unveiled by Co-operative Bank.

It’s quite simple – anyone with an income can walk into a second-hand car dealership and make a choice – then, source financing from Co-op Bank.

It’s a loan with a flexible repayment period between 60 and 96 months and targets pre-owned cars less than 8 years old.

It attracts only 13% interest, and the vehicle being purchased acts as the security.

Requirements include:

  • Applicant’s ID and KRA PIN Certificate
  • Letter of Introduction from the employer
  • Latest 3 months’ certified Pay slips
  • Latest 6 months’ bank statements (if you’re not banking with us)
  • Copies of employment contract, or letter of appointment
  • Motor Vehicle Sales Agreement/Proforma Invoice
  • Copy of Logbook/Import Documents/NTSA search records
  • Original valuation report from approved valuer in the Bank’s panel

Once you visit a Co-op Bank branch, you’ll get an application form – fill it and attach necessary documents.

Click here, to learn more about Co-op Bank pre-owned car financing loan. It’s time to fulfill that dream to own your car!

Buying a Secondhand Car? The 10 Key Points to Check Before Purchase

Posted on by Kibaki Muthamia

Let it be that time comes – as it always will – that you get to own a car. It’s a milestone of sorts, often achieved with great sacrifice and meticulous planning.

A bit of research gets you settled on a relatively used model, instead of a brand new one. It makes better financial sense.

In a sea of used-car options, it get mind boggling picking the right one. It doesn’t help that dealers and salesmen hover around a buyer like sharks angling for a kill.

It’s easy to be led into buying a rust bucket.

Once you identify a prospect, it’s prudent to seek the expertise of a certified mechanic for the particular brand, with enough experience for the test drive.

Here’s a tentative list of 10 vital boxes to tick in your car quest:

  • Registration Documents

First check if all the papers are cleared, and owner have all the papers. Insist on hard copies – not just virtual copies. A lot of times, the car may have financing terms attached, be sure to verify any loans are cleared.

  • Engine

Every car’s heart is the engine, so first start with the engine. Try to check it early morning while the engine is cold. At this time, any problems with starting are easy to spot.

How much time or trials does it take to start the engine, Then, turn off engine and restart again. Do it at least 4–5 times. If there’s a hard start, take note of a dying starter or battery.

  • Engine Noise

Is there a noticeable noise in the engine? Here’s a good reason to seek opinions of a experienced mechanic.

Take the engine to the extreme – like, press acceleration to the 3000–4000 RPM mark. Listen for engine noises, rattling or shaking. An engine with worn mountings easily shows.

  • Smoke

Check if engine emits a black or white smoke. White smoke – possibly due to turbo failure or other reasons as well, black smoke – engine repairing need.

In some cases, fuel sensor failures manifest in irregular smoke emissions. So check with the owner if engine is tuned well and all sensors are working perfectly.

  • Oil Leaking

An oil leak speaks lots about an engine. Perhaps, it’s been opened up, or replaced. Also, gaskets and oil seals may need replacement if oil leaks from any part of engine or inside the hood.

Does the engine show signs of a recent scrub? That could be a sign of hiding an oil leak.

  • Electrical Parts

It’s prudent to check every electrical component of the vehicle. Whether they are working, or needs replacement.

This includes: Headlights and indicators, seat belt warning sensors, windshield wipers, power windows, side and rear view mirror adjusters, sunroof mechanism, and so on.

  • Instrument Cluster

Turn on the key, check the instrument cluster for any warning lights. Probable warnings to look out for include: Battery sign (low or defective battery), Defective alternator, Engine oil sign, ABS (Anti lock breaking system), Airbag Sign, EPS (Electronic Power Steering), and so on.

It may require a computerized diagnosis done to resolve some of these pop ups.

  • Interiors

How is the interior? This is the easiest sign to show an abused car. An astute owner keeps a clean, well kept interior devoid of torn seats and linings.

Is the dashboard, seat fabrics, door liners, seat covers in good condition? Stained? Torn? That gives an overall care acumen of the previous owner.

  • Exteriors

Does the car show dents and scratches? Are their parts of the car that need paintwork? Is there a color difference on some body parts?

If there is, take note of undeclared accidents, and abuse. If the car has been overly exposed to weather elements, be mindful of costly paintwork a few weeks down the road.

While at it, examine headlights and tail lamps. In what condition are they, do they need replacement, cleaning or complete restoration to optimum condition? That means extra costs.

  • Tyres

Depending on type of car, and intended usage tyre condition is a vital area. Tyres should be in relatively good condition. Do they have noticeable treads? What’s the brand? Generally, generic brands means replacement a few weeks later on.

How are the rims, and their sizes? It depends – urban usage may do fine with smaller rim sizes, while offroad requires bigger sizes. If the car has alloy rims, be keen to spot possible cracks or bends.

You don’t want a situation that gets you purchasing costly alloy rims after you take ownership.

Purchasing a car is quite financially exhausting, and has been beyond reach for many people.

Previously, bank financing has been confined to brand new cars. Co-op Bank has unveiled an incredible financing package on Pre-Owned Cars.

The bank offers to fund you up to 100% for a pre-owned motor vehicle. It’s a low-interest loan, at 13% interest with a flexible repayment period of between 60 and 96 months.

What’s more? One doesn’t need to be a Co-op Bank client to access the pre-owned car financing facility.

As soon as you make your choice of model in a second-hand car dealership, walk into a Co-op Bank branch and speak to a representative.

Follow this link to learn more about Co-op Bank Pre-owned car financing terms.