Purchasing car hire within Uganda- the country which is gifted by nature

 Purchasing car hire within Uganda- the country which is gifted by nature

Within the country, there are many different service provider for purchasing car hire. Some of the notable ones include; Uganda Self Drive Limited and spear motors. These are located in the heart of Kampala City. Another company is Tata Uganda, where esteemed clients and customers has to agree with the vendor on the vehicle and the lease finance. In most cases, the vendor has to recommend the bank in case the customer/client does not have a preferred bank and a proforma invoice. The client in this case has to provide a necessary information to the bank mostly and the names of the bank. The customer has to provide the necessary information to the bank mostly and personal information. This will include personal details, bank statements, of not less than 6 months and a proforma invoice. The company you are using must present a memorandum and articles of association to the bank statement of not less than 6 months with resolutions to avail finance and personal details of the company directors and staff in some cases.  By the time of approving, the bank will make an offer of financing  on long terms and conditions of repayment and as a customer. You will be advised to deposit margin money with the vendor or to the bank such that a purchase order is issued to the vendor by your bank. From there, the vendor will be required to pay all taxes and duties and register the vehicle in the bank’s name and then the arranges a comprehensive insurance of the vehicle and their after the bank will issue a release order to the vendor in favor of the customer/client vehicle which will be delivered to you. The will then pay the vendor with full  7 to 10 working days then you will pay the bank loan in installments within the agreed time tenure and upon completion of the loan payment with interest, then   vehicle registration will be transferred in your real names and in case a car gets an accident before you have fully repaid, the car loan, the comprehensive insurance has to replace the vehicle and incase of default on the loan and you cannot pay back at all, then the bank will sell it off.

If you are a client are you are  dealing with spear motors, as customer you will have to visit spear motors and identify the preferred vehicle of your choice. The vendor at spear motors will then issue a proforma invoice which will indicate the price of the vehicle and terms and conditions of payment then after you will be required to pay a quotation to the bank which will then request you for at least 20 percent down payment from the client which has to be supported with supporting documents which include the sources of income and financial statements. If the company is a public limited company, the bank will then request for the company profile which is certified with copies of certificate of incorporation, the memorandum and articles of association and at least audited financial statements for at least two years. Your company will their after be requested to show projected cash flow statements for two years, the bank statement for at least 6 months the company form 7 and the proforma invoice for the specific chosen vehicle. All these documents will be submitted in to the bank then after wards the bank will have to discuss the interest rates with the client and when the bank approves the vehicle asset financing, the client will be given an approval letter and asked to deposit 20 percent payment then the 80 percent to the vendor their after, you will be required to service the loan for a period of five years when the vehicle is acting as a collateral security.

To make reservations and inquiries with us, contact us kennethpeterwere@gmail.com or hotline +256706043491