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These days, you don’t have to have 100 per cent of the funds required to get that dream car in Uganda. There are a number of car dealers working with banks to ease payment terms over a period of time. Taking car loans or call it auto financing has helped a number of individuals and companies to acquire cars or even fleets of cars after making the required initial payments.
According to the Barclays Bank Uganda website, “Vehicle and Asset Finance is a form of secured lending that can be described as the financing of movable assets, plant and equipment.” At Barclays, security is the asset financed for the loan until the customer has fulfilled his repayment obligations. Assets include trucks and delivery vans, buses and cars, tractor heads and trailers.
According to Spear Motors’ Sales Director, Gilbert Wavamunno, they do carry out auto financing options with most of the major banks. “It is up to five years maximum. One has to pay within five years after making a 20 per cent cash deposit commensurate with the cost of car. The interest rate depends on prevailing market rate.
“You don’t have to necessarily go to the bank, we can arrange for a sales person from the bank of your choice to come to Spear Motors and finalise the deal,” he explains. He adds that it is the bank that retains one’s log book till they complete payments.
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