In Kenya, the Automotive industry is facing new challenges due to the introduction of various taxes. As a result, aspiring car owners are finding it difficult to fulfill their dreams of having a vehicle. However, amidst these financial constraints, there is a promising solution that can turn car ownership into a reality – car financing.
With the constant fluctuation in exchange rates, the cost of imported goods, including cars, has skyrocketed, making it increasingly difficult for many Kenyans to buy a car outright. Nevertheless, car financing emerges as a convenient and affordable option for prospective car owners. By breaking down the cost of the car into manageable monthly installments, car financing makes owning a vehicle achievable, even during these challenging economic times.
Africa Automotive May-June digital issue 2023
Purchasing a new car in cash can be a substantial financial burden. Fortunately, the evolution of the car financing space now allows buyers to spread the cost of a new car over an extended period, making it more affordable and manageable. With fixed monthly payments, car buyers can budget effectively and maintain control over their finances while still being able to drive the car of their dreams.
The unpredictable fluctuations in exchange rates have significantly impacted the cost of importing vehicles. However, opting for car financing through a trusted local partner like Autochek can help mitigate the risks associated with currency fluctuations. By doing so, buyers can lock in the price at the time of purchase, ensuring a stable and predictable payment plan that shields them from adverse effects.
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Car financing from companies like Autochek also expands the range of vehicle options available to buyers. Instead of settling for a less desirable option due to budget constraints, financing enables individuals to choose a car that perfectly suits their needs and preferences. This not only enhances the driving experience but also ensures an investment in a reliable, fuel-efficient, and modern vehicle that will serve them well in the long term.
Speaking during a recent motorshow in Nairobi, Sam Amira, marketing and communications manager at Autochek said “In times of economic uncertainty, maintaining savings and investments becomes crucial. Car financing offers a way to avoid exhausting savings for a one-time purchase, allowing buyers to use those funds for other essential expenses or investment opportunities. This prudent approach helps safeguard their financial future while still fulfilling the aspiration of owning a new car.”
Another advantage of car financing is its potential to establish or improve credit history. Making timely payments and adhering to the financing agreement demonstrates financial responsibility and creditworthiness, which can be beneficial when seeking credit for other major purchases or investments in the future.
In these challenging economic times, owning a new car may seem daunting, but car financing empowers Kenyans to overcome financial obstacles and turn their dream of driving a brand-new car into a reality. From mitigating exchange rate risks to preserving savings and investments, car financing offers numerous advantages that enable individuals to navigate through uncertain times while achieving their goals.
As the economy evolves, embracing car financing through a financing company can be the key to unlocking new possibilities and prosperity in Kenya’s automotive industry, especially in these challenging economic times. Begin your pre-qualification journey with Autochek today and drive away with your car in just 24 hours!
By Sam Amira, Autochek Africa
