If you’re planning to buy a car, chances are you’re really considering importing it. While some people prefer getting their cars straight from the yard, others prefer to import.
The reason most people prefer importing is that they do not have to worry about logistics. Importing also gives you the choice of all options and specs including cars that aren’t available locally, meaning you can import any car of your choice even if it’s locally unavailable.
There are so many reasons as to why any motorist in Kenya may choose to import a car. Perhaps they found a good deal on a well-equipped car or they want to drive an obscure model not sold in Kenya. Whatever the reason, there are procedures and a few things people looking to import a car into Kenya need to be aware of with one of them being import financing.
Why import financing?
Import financing is basically a short term credit facility meant to facilitate import and port charges on behalf of importers. The aim is to facilitate fast settlement of duty charges at the Kenya Revenue Authority (KRA) and other government bodies to avoid delays. It is basically a short term type of financing provided by a third party.
Import transactions as we have previously mentioned are always a big burden on your cash flow as an importer because the delays and complications often involved at the port means money is paid out long before the goods are delivered. As well as the cash-flow burden, changing freight rates and import tariffs add costs and uncertainty to the transaction.
To avoid all these hustles you approach financial service providers like Ngao credit for example and they will handle everything on your behalf. Ngao Credit will finance up to 70% of the total estimated costs and handle all your vehicles’ importation process and clearance at the port. They will also offer you a flexible repayments period of up to 2 years with Interests as low as 3.5%.
Once you decide on the car model of the car you want to import, required specs and budget, all you will need to provide is a jevic, a Japanese Logbook, an IDF, Invoice, PIN and ID of the Consignee who in this case is you. Ngao Credit will then handle all the importation processes and deliver the car to your doorstep.
Why should you import a car?
As we mentioned at the beginning of this article there are so many reasons why one would consider importing a car. One, it allows you access to interesting car models which you would never get to drive if you focused on the local market.
Importing a car could also ultimately work out as cheaper than local alternatives.