Auto finance: you don’t need to have all the money

Auto finance: you don’t need to have all the money

These days, you don’t have to have 100 per cent of the funds required to get that dream car. 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...
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