This is good one Wokabi. I always tell prospective car buyers to cut their coat according to their size. Most people only look at the initial deposit and not the overall cost and monthly installments. The safest way of purchase is cash buying or bank finance.
Thanks for explaining this methods vipoa. My only suggestion ni please add some PowerPoint-like graphics or motion graphics alongside the video coz after 5 minutes, it felt ni kama niko daro. It was very important information however.
The reason Business people don't get 80% financing on car loans is because the risk is higher for self employed compared to employed persons no matter how good the statements are. In short when the risk is higher the percentage goes down and vice versa. Mostly, self employed people can get upto 100% financing if the bank has an MOU lets say with Isuzu Kenya cause mileage iko chini (gari mbichi) but for foreign used haiwezi make.
Good explanation to detail 👏 I'll recommend one to first view his / finances then choose which siutes ones Needs its better to get finance for used car first then with tym opt for New flexible payment plus you won't spend much like for a New car
I would rather save and buy a car that is within my budget, hire purchase on a car is such a bad idea especially in Kenya! However in America I see that it works quite well.
@@MamaNashipae They are Micro-finance and they plug in the gap for prospective car buyers who are not eligible for a bank finance mostly due to poor CRB rating and some times not strong enough financial statements. Banks term them as 'risky' clients. This is why micro-finances charge higher loan interest rates than banks
Quick question. Can a bank finance a locally used vehicle? Lets say, I want to buy from you and I don't see fit to use hire purchase. Or If i walk into a locally used car yard , can I get asset financing? Secondly, is it possible to use your assets as security during vehicle purchase? Lastly, what is the legal process for returning a vehicle safely if you fail to pay your hire purchase or asset financing without being harassed or followed? Regards ...
Yes banks 🏦 finance locally used cars / houses they are in business , banks finance locally used cars in the yard for them its interest profit they get and Need to secure the bag 🎒 ( money) the best possible way advantages of a bank they give flexible and longer duration 4/5 years disadvantages of banks is that you'll pay a lot by the tym you finish 😉 paying the value of the car will have depreciated significant ( which they do )some hidden charges ( yes) inflate the payment plus horrendous check ✔ up CRB listing lower financing etc disqualify you for financing other all is good to go if they finance you 😉😊
