Willowvale and two local banks working on loan facility

Willowvale Mazda Motor Industries and two local banks are working on a facility which will enable Zimbabweans to purchase vehicles from the company on credit.

The repayment period will be two years. Buy Zimbabwe general manager Mr Munyaradzi Hwengwere last week said that plans to seal the deal were now at an advanced stage.

Mr Hwengwere said the full details of the initiative and the identities of the financial institutions would be made known at the Buy Zimbabwe conference scheduled for Harare next week.

"Willowvale is working on a plan for the local populace to be able to purchase vehicles on credit, which will be repaid in two years," he said.

"Potential customers will be required to apply to the bank, which will, in turn, make the full payment to Willowvale. The customer will then repay the credit to the bank in the specified period."

Willowvale Mazda Motor Industries managing director Mr Dawson Mareya confirmed the development, saying work was on course to finalise the modalities of the deal.

"We are working on such a plan. However, it is too early to announce to the world; it will prejudice our negotiations."