Sunday, May 26, 2024

Ken Ngumi: How I purchased my dream car without financial hassle

Co-Op post

Owning a car is a dream for almost everyone given the freedom and convenience it comes with.

However, financial difficulties have locked many out of this privilege, forcing them to rely on public means.

What some people don’t know is that you can own your dream car without worrying about finances. Ken Ngumi, a car owner revealed how he purchased his first car two years after graduating from the university.

The Jomo Kenyatta University of Agriculture and Technology (JKUAT)  Computer Science graduate revealed he landed his first job at a local bank as an IT technician in 2018, after several months of doing casual jobs.

”I have always loved technology. Getting a well-paying job in the IT sector was a dream come true. My first salary was Sh80,000 in net, which was later revised to Sh110,000 after five months,’’ Ngumi recalled.

At first, the amount seemed to be much for the young man who was used to a monthly salary of Sh12,000 from his previous odd jobs.

However according to him, even though the money seemed pretty much, he did not splurge but instead adopted a saving culture that has since helped him live his dream life.

”Even after my salary was revised, I continued living in my Sh10,000 bedsitter, and this really helped as I could send money home for shopping, take care of my needs and wants, and still have enough cash to save,’’ Ngumi noted.

Things took a different turn when he got a higher-paying job in another firm. While he took home a good salary of Sh150,000, the job was too demanding that he would leave the office late hours.

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Frequently, he would be stuck on the matatu stage for hours. It was there that he got the idea of buying a car.

”Buying a car had always been my dream although I had not prioritised it in my broke days. Now that I had a good salary, I felt it was the right time,’’ adds Ngumi.

To avoid going broke while continuing to take care of his family, Ngumi revealed he opted for bank financing and approached Co-op Bank for financing.

He notes that the bank offered him 80 percent financing for his Sh2 million Toyota Rush, which he currently cruises in.

”Banks are willing to buy you a car as long as your banking system and statement is satisfactory. They also give you enough time to repay your loan without pressure. You pay the loan off in monthly installments, plus interest, over a predetermined period of time,’’ explains Ngumi.

”The loan is usually secured, meaning your car is used as collateral. If you fail to make your loan payments, the lender has the right to repossess the car and sell it to get their money back,’’ he adds.

He advised people intending to own cars but have insufficient funds to approach reputable lenders like Co-op bank for financing.

The Co-op bank asset finance loan product offers great flexibility and helps applicants free up cash by enabling them to acquire assets with minimum fuss.

The product provides financing of up to 80% for both new and second hand moveable assets including laptops, computers, printers, saloon cars, pickups, tractors, prime movers, school buses, generators and even medical equipment.

With competitive pricing in both local and foreign currency, borrowers also enjoy a flexible repayment period of between 60 to 96 months.

To be eligible, one must provide copies of identification, Invoices, and/or importation documents and a copy of KRA PIN.

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