Bolt To Purchase Cars For Drivers With Four-Year Repayment Plan

Bolt has launched a vehicle financing programme that will enable drivers to own a car with a four-year repayment plan.

The ride-hailing company said that the programme which is partly financed by Sterling Bank’s Alternative Finance would help its drivers using hire-purchase or rental model to drive on the Bolt platform.

Since the company’s entrance in the Nigerian market in November 2016, it has seen its drivers grow to 10,000.

“As we expand our presence into more cities across the country, it is important to provide solutions that ensure working with Bolt is more flexible and profitable for drivers, which inherently improves the overall experience for our riders as well.

“More importantly, the vehicle financing programme will enable drivers to earn at their own pace either driving full time or part-time,” says Bolt Country Manager Femi Akin-Laguda.

 
The company is running a pilot phase, but it will give existing Bolt drivers who meet specific performance benchmarks while driving with Bolt greater priority for the vehicle financing.

“These drivers will be able to enjoy upfront equity contributions as low as a 15 per cent mark-up and minimum weekly-instalment payments.

“Other benefits from the plan may include a monthly fuel card, comprehensive insurance and vehicle tracking for new and preowned cars with a three to four-year repayment plan,” Bolt said.

Temiloluwa Desalu, Chief Marketing Officer for Sterling Alternative Finance said, “Nigeria is a predominantly cash-centric society; this sometimes cripples the purchasing power of the average Nigerian and in effect can have a negative impact on our economy.

“Our mission is to improve the quality of life of Nigerians by providing a more sustainable, flexible, and convenient way to own vehicles. Through the Alt drive platform, Nigerians can now purchase new or pre-owned vehicles, pay steadily over a convenient number of years at no interest.”