I bought my first car around 15 years ago with the trusted help of my older brother. A beautiful Toyota IST at a time when they were just beginning to come into the country, and there were therefore very few. Hence, my little car was quite the eye catcher and conversation starter. It was also pretty new, with just three years on Japanese roads.
I was a young carefree island girl on her second job, living in Mombasa. The excitement of learning to drive and later exploring neighboring towns like Diani, Watamu, Kilifi and Malindi was out of this world, and so was the courage to explore longer routes as I got used to the roads.
I was very lucky on financing because when I approached my then employer, he gave the nod for a car loan immediately and the company went ahead to give me very easy instalments. The perks of those smaller companies that live like family. When I look back, I was one of the lucky few to purchase a car with relative ease and I’m forever grateful for that.
Fast forward 2016, I had since moved from Mombasa to Nairobi and in June of that year, I was contracted for a short-term digital marketing gig by CMC motors. One of the cars on that campaign was the Ford Kuga and the moment I laid my eyes on it and worked with it, I knew I had to have it. This time round, I felt safe since I was purchasing from CMC Motors with a clear legal process and solid service record. So determined was I that in just over two years, I had managed to save up and buy the unit for cash.
I will admit that this was a strain that almost ruined my finances, and I don’t think I would go that route again as I eye my third car. Instead, I would go the asset financing way. Many people are scared of this, but hear me out. Get the full information and the right financial partner and there is nothing to be scared about.
Read also – Stanbic Bank’s Asset and Vehicle Financing Offers Practical Purchase Options.
Look at Stanbic Bank’s Asset and Vehicle Financing facility for instance, offering flexible, accessible funding for vehicles, equipment, and business tools. These facilities are open to different customers including salaried employees and come with quite a number of features to make the process smooth.
We are looking at 100% financing with no collateral and up to 72 months repayment period, financing for insurance premiums, automatic insurance expiry reminders and financing for both new and used cars.
Stanbic has simplified the application process, and I think this is great as it reduces the apprehension that comes with big purchases. Read more about the features and requitements here.
As much as I haven’t been through the most when buying cars, I still have a word of advise for those who are looking to explore that path. It is an important milestone that needs to be approached with strategy, a level head and due diligence.
Here is how.
Budget
Set a realistic budget, keeping in mind not just the car but ongoing expenses like insurance, fuel and maintenance. You want to enjoy your car without stifling expenses hanging on your neck.
Financing
When approaching a financier, understand the terms so that you don’t fall into a loan that stretches your finances too thin, but also you want to clear as fast as realistically possible and move on to other matters. Most importantly, trust your instincts. If a deal seems too good to be true, it probably is. Lastly, take your time and enjoy the journey. It’s your first car!
Due diligence
Do your due diligence to establish the true state of the car and this is where car experts come in. For my case I had help from by brother for the first car, and CMC Motors certified mechanics for the second one.
Do a lot of research on pros and cons of a new or used car, and whether the unit you are eyeing aligns with your lifestyle. In my case, for instance, a small Toyota was enough for my young self as a first car. Cute, low consumer and widely available fairly priced spare parts.
Explore options
Take your time and explore options. This is a long-term investment and making an informed, patient decision will save you stress and money down the road. Once you have short listed your options, visit dealerships and online platforms, compare prices and negotiate. For used cars, insist on a thorough inspection and request a service history.
Most of all, enjoy your car!
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