Vehicle and asset finance

Stanbic Bank’s Vehicle and asset finance (VAF) facility provides short- to medium-term funding to finance the purchase of moveable assets, such as motor vehicles, for your business. The bank offers competitive and flexible terms for both individual and business customers.

What it offers you

Finance lease
This is a contract that allows us to buy the asset and lease it to you in return for specific rental payments. Once the lease period ends you have the option of gaining outright ownership and title of the assets for a nominal price.

Asset-based term loan
This arrangement is for customers who are VAT exempt. Under this arrangement we provide you with a loan and take charge over the financed asset as security in the form of a debenture or chattel mortgage. This product is also suitable for businesses that want to invest in plants and machinery where joint ownership cannot be done on conventional registration documents.

Sale and lease-back
This option is for corporates that want to raise cash for working capital by “selling” their unencumbered assets to us and we refinance them over a specific period.  Due to complexities in accounting, income tax and VAT implications this type of finance is offered on a restrictive basis. If you want to take up this option, speak to our specialists..

Personal vehicle finance
We want to make owning a vehicle less complicated and affordable for Individuals.

We have a number of vehicle finance options. These include:

  • Individual vehicle finance scheme
    Individuals may apply for a facility based on their monthly income and retirement age. This option is also available to expatriates working in the country with an unexpired term of more than two years on their contract.
  • Company car schemes
    We offer a range of solutions, including:
    • Direct finance - we finance employers on a normal finance transaction or on a rental (operating lease) basis. The employer then lets their employee use the vehicle.
    • Guaranteed scheme - we provide finance to employees and their employer gives us a guarantee it will make deductions from their employee’s salary every month. This ensures that all payments are made while the employee is with the company and guarantees the payment of all finance deals. 
    • Administrative scheme - we provide finance for employees while the employer offers administrative support through deductions from the employee’s salary every month and informs us about resignations and retrenchments.


Types of assets financed
We offer finance for new and used* as well as imported assets. The broad categories of assets financed through our schemes include:

  • Passenger and  commercial vehicles
  • Capital equipment, including plants and machinery, mining equipment, printing and press machinery and professional equipment 
  • Medical and specialised healthcare equipment
  • Construction and earth moving equipment
  • Agricultural equipment
  • Specialised finance for aircraft and marine vessels  
  • Assets must be bought from a reputable supplier, preferably from our panel of approved suppliers**. Proof of after-sales support and maintenance is essential for us to finance the asset.


We also offer vehicle and asset finance to:  

  • Small and medium Enterprises
  • Corporates
  • Non-governmental organisations and government entities

Who can apply

You can apply for vehicle and asset finance if you:

  • Are 18 years or older
  • Are a Tanzanian citizen or permanent resident with an identity book
  • Have a transactional account (with us or another bank) into which your salary is deposited or have at least six months’ bank statements and  want to open an account with us.

 


 
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