Elizade JAC Autoland, Sterling Bank Partner On Vehicle Financing

Elizade JAC Autoland Limited has entered into a partnership with Sterling Bank Plc to provide Nigerians with access to vehicle financing under flexible repayment plans of up to four years.

The firms said in a statement that under the arrangement, customers purchasing vehicles from Elizade JAC Autoland will have access to structured financing options, flexible repayment tenors and support from both companies throughout the purchase process.

The managing director of Elizade JAC Autoland Limited, Demola Ade-Ojo, said the collaboration aligns with the company’s objective of expanding access to quality vehicle ownership. He noted that the partnership combines Sterling Bank’s financial capabilities with Elizade JAC’s automotive portfolio and service experience to ease the vehicle acquisition process.

The vice president, Consumer Banking at Sterling Bank, David Adebayo, said the initiative falls under the bank’s transportation focus within its HEART strategy, which covers health, education, agriculture, renewable energy and transportation. He explained that the vehicles offered under the scheme were selected based on reliability and suitability for customers.

According to Adebayo, the financing programme is open to both existing and new Sterling Bank customers. He added that existing customers will benefit from a streamlined process, as pre-approved facility limits are already in place, allowing for minimal evaluation.

The financing package allows repayment over a period of up to four years, with provisions for customers who wish to upgrade their vehicles within months of purchase. Adebayo said the scheme is designed to benefit individuals, employees and small and medium-scale enterprises.

As part of the partnership, Sterling Bank customers will also receive a 10 per cent discount on vehicles purchased through the scheme. Customers can select vehicles from JAC Motors showrooms, physically or online, obtain a proforma invoice and submit it to Sterling Bank to access the financing.