Hi Paul, I am a low income earner but I want to own a car. Can you advise on a genuine car bond where I can deposit money and get a car that I can pay in installments? I am looking at a Runx, Allex or a Spacio. E. Rukundo
Hello Rukundo, there are several car bonded warehouses or used car dealers that sell the cars you would like to buy. You could approach any of them to negotiate terms after identifying a car of your choice.
There are some safe guards you can put in place to secure your car purchase from any used car dealer. Select a car dealer who meets certain standards. The dealership should be reputable and registered with a showroom at a permanent address.
The staff at the car dealership should provide good customer care and professionalism when showing you cars with options which meet your buying needs.
Choose a car which fits your budget and will be affordable to maintain or run (fuel wise). A technical person can help you establish its mechanical condition.
In case you choose to deposit funds for a car which is on the auction abroad you need a money back guarantee. You could involve a reputable bank to finance the purchase and provide staggered terms of payment.
Should you decide to deal directly with the car dealer, involve a lawyer to draw up a sales agreement with the payment terms.
Putting in place some form of security for the money you deposit with the car dealer would be prudent if you are not taking custody of the car right away. Seek legal advice to secure the transaction.