Car selling website Cheki has partnered with CFC Stanbic to offer financial assistance to car buyers looking to take car loans. To know the terms and conditions that potential car buyers will need to meet to get their cars finance, Bizna talked to Cheki and CFC Stanbic. Below are the terms of finance:
The terms of finance are:-
a) Finance up to 90% and 10% Deposit
b) Period – 60 months
c) Interest rates- 14 % on reducing balance. This is equivalent to 8.03% p.a flat rate
When applying for car financing, you will be required to provide:
a) Copy of ID.
b) Copy of PIN certificate.
d) 6 months bank statements.
e) 3 months latest payslips.
f) Letter from employer.
c) Pro forma invoice
d) Sale agreement.
e) Authority to sell in case the car is being sold on behalf.
The costs involved in the car financing arrangement will be as follows:
a) Arrangement fee – 2.5% of the finance amount.
b) Stamp duty – Kes.100
c) Tracking device fees for the entire period of the loan .
d) Open and operate a current account.
c) Valuation fee – Kes. 3500.
d) Chattels – Kes.2000
e) Joint registration charge