Wazua
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A minibus or rent a car?
Rank: Elder Joined: 4/30/2008 Posts: 6,029
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Rankaz13 wrote:mawinder wrote:mlennyma wrote:Iam weighing between buying a car and renting it or teaming up with other 3guys who can afford 1.2m capital we buy a 33 seater psv minibus.which car hire firm pays the best like 50k per month.second who can raise 1.2m we meet and talk? With 10 per cent you qualify for a 33 seater from financiers like KCB,NIC,CFC,visit GM,get a proforma invoice,then head to Riverroad and print bank statements with a good turnover and you have your bus. Hiyo nina shaka. The last time I approached the lion (last one year) they informed me they only offer asset finance for corporates. AMA walibadilika? KCB also offer asset finance to individuals. Did you know with proper groundwork you can get a used vehicle with 0 deposit.
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Rank: Elder Joined: 5/21/2013 Posts: 2,841 Location: Here
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mawinder wrote:Rankaz13 wrote:mawinder wrote:mlennyma wrote:Iam weighing between buying a car and renting it or teaming up with other 3guys who can afford 1.2m capital we buy a 33 seater psv minibus.which car hire firm pays the best like 50k per month.second who can raise 1.2m we meet and talk? With 10 per cent you qualify for a 33 seater from financiers like KCB,NIC,CFC,visit GM,get a proforma invoice,then head to Riverroad and print bank statements with a good turnover and you have your bus. Hiyo nina shaka. The last time I approached the lion (last one year) they informed me they only offer asset finance for corporates. AMA walibadilika? KCB also offer asset finance to individuals. Did you know with proper groundwork you can get a used vehicle with 0 deposit. Perhaps they changed, good for them though I long took my business elsewhere. Hebu fafanua the second part of your comment tafasare. Life is like playing a violin solo in public and learning the instrument as one goes on.
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Rank: Elder Joined: 3/2/2007 Posts: 8,776 Location: Cameroon
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For u to qualify for a loan/financing, you must prove without a shadow of doubt that u don't need the loan at all! TULIA.........UFUNZWE!
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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mawinder wrote:wazuaguest wrote:mawinder wrote:mlennyma wrote:Iam ready to pay 30% my problem is the financer,but if i fail to get i will buy and rent a car. I guess the financier wants bank statements.Go to Keekorok road which is adjacent to Riverroad and get bank statements tailored to suit the financier but as @limanika has said,think twice especially in Nairobi.For upcountry long routes may be yes. ooh my goodness so this actually happens.I didn't have the slightest clue. Even corporates do it.They even have 3 sets of audited accounts i.e for tenders,bank use and the actual ones.If you have a scanner,printer and computer you can make bank statements and then make a bank rubber stamp to legitimize them. An illegitimate rubber stamp to legitimize illegitimate papers!!!  Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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Impunity wrote:mawinder wrote:wazuaguest wrote:mawinder wrote:mlennyma wrote:Iam ready to pay 30% my problem is the financer,but if i fail to get i will buy and rent a car. I guess the financier wants bank statements.Go to Keekorok road which is adjacent to Riverroad and get bank statements tailored to suit the financier but as @limanika has said,think twice especially in Nairobi.For upcountry long routes may be yes. ooh my goodness so this actually happens.I didn't have the slightest clue. Even corporates do it.They even have 3 sets of audited accounts i.e for tenders,bank use and the actual ones.If you have a scanner,printer and computer you can make bank statements and then make a bank rubber stamp to legitimize them. An illegitimate rubber stamp to legitimize illegitimate papers!!! In the end they will be legitimate!!!!!
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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Rankaz13 wrote:mawinder wrote:Rankaz13 wrote:mawinder wrote:mlennyma wrote:Iam weighing between buying a car and renting it or teaming up with other 3guys who can afford 1.2m capital we buy a 33 seater psv minibus.which car hire firm pays the best like 50k per month.second who can raise 1.2m we meet and talk? With 10 per cent you qualify for a 33 seater from financiers like KCB,NIC,CFC,visit GM,get a proforma invoice,then head to Riverroad and print bank statements with a good turnover and you have your bus. Hiyo nina shaka. The last time I approached the lion (last one year) they informed me they only offer asset finance for corporates. AMA walibadilika? KCB also offer asset finance to individuals. Did you know with proper groundwork you can get a used vehicle with 0 deposit. Perhaps they changed, good for them though I long took my business elsewhere. Hebu fafanua the second part of your comment tafasare. Overvalue the vehicle,say if the vehicle is being sold for 5m and the valuation report reads like 7m,the financier needs 20% deposit of 5m which is 1m and pays for you 4m.Just talk to the car salesman to quote 6,250,000 for the vehicle.You will be required to deposit "1,250,000" and the bank will pay for you 5m and you drive away with your Range Rover Sport or whatever vehicle.Now where is my Chivas Regal for the weekend?
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Rank: Elder Joined: 5/21/2013 Posts: 2,841 Location: Here
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mawinder wrote:Rankaz13 wrote:mawinder wrote:Rankaz13 wrote:mawinder wrote:mlennyma wrote:Iam weighing between buying a car and renting it or teaming up with other 3guys who can afford 1.2m capital we buy a 33 seater psv minibus.which car hire firm pays the best like 50k per month.second who can raise 1.2m we meet and talk? With 10 per cent you qualify for a 33 seater from financiers like KCB,NIC,CFC,visit GM,get a proforma invoice,then head to Riverroad and print bank statements with a good turnover and you have your bus. Hiyo nina shaka. The last time I approached the lion (last one year) they informed me they only offer asset finance for corporates. AMA walibadilika? KCB also offer asset finance to individuals. Did you know with proper groundwork you can get a used vehicle with 0 deposit. Perhaps they changed, good for them though I long took my business elsewhere. Hebu fafanua the second part of your comment tafasare. Overvalue the vehicle,say if the vehicle is being sold for 5m and the valuation report reads like 7m,the financier needs 20% deposit of 5m which is 1m and pays for you 4m.Just talk to the car salesman to quote 6,250,000 for the vehicle.You will be required to deposit "1,250,000" and the bank will pay for you 5m and you drive away with your Range Rover Sport or whatever vehicle.Now where is my Chivas Regal for the weekend? Heard of it recently though in this case he called it a way to get some 'free money' coz even if you defaulted and vehicle was repossessed, they'd sell it at 5m and not 7m (or 6.25m).  Life is like playing a violin solo in public and learning the instrument as one goes on.
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Rank: Member Joined: 5/8/2007 Posts: 709
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good discusssion..someone tell me this, lets you have 1.5 million or can access that somewhere..
between this two options which is the best,
buy a plot of shamba in nairobi environs or importing a toyota shark matatu ,join it in a sacco to ply long distance routes..
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Rank: Veteran Joined: 11/2/2006 Posts: 1,206 Location: Nairobi
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I usually hear people talk of "I hear they give 30-40k per month".....But I dont know if they consider the following: 1.Interest on the loan e.g 1M loan @15% interest is maybe 7K per month for 4yrs.(Will the car last 4yrs?) 2.Comprehensive insurance premiums (could be about 6,500sh per month) 3.Service costs & maintenance.A kawaida personal maybe does 30Km per day.Yours could easily do or exceed 90Km per day.ie you need service every 1.5months...change of engine oil,plugs maybe,shocks & tires,dents etc.So lets give it 5K per month. Total=7K+6.5K+5K=18.5K...So lets assume you are given 35K hio mwezi.Your real net is 16.5K.This is the amount you will use to pay the principal of the loan you took out for 4yrs.Will the car even last for 4years?In short, you might enrich everyone else & do good for the economy minus yourself! Formally employed people often live their employers' dream & forget about their own.
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Rank: Member Joined: 5/8/2007 Posts: 709
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bird_man wrote:I usually hear people talk of "I hear they give 30-40k per month".....
But I dont know if they consider the following:
1.Interest on the loan e.g 1M loan @15% interest is maybe 7K per month for 4yrs.(Will the car last 4yrs?)
2.Comprehensive insurance premiums (could be about 6,500sh per month)
3.Service costs & maintenance.A kawaida personal maybe does 30Km per day.Yours could easily do or exceed 90Km per day.ie you need service every 1.5months...change of engine oil,plugs maybe,shocks & tires,dents etc.So lets give it 5K per month.
Total=7K+6.5K+5K=18.5K...So lets assume you are given 35K hio mwezi.Your real net is 16.5K.This is the amount you will use to pay the principal of the loan you took out for 4yrs.Will the car even last for 4years?In short, you might enrich everyone else & do good for the economy minus yourself! thanks..what about the other option ..of buying a plot in nakuru or nairobi..for btn 1m - 1.5m.and then just leave it coz there is no money to develop it...also remember this plot will not be giving any income...
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Rank: Elder Joined: 5/21/2013 Posts: 2,841 Location: Here
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bird_man wrote:I usually hear people talk of "I hear they give 30-40k per month".....
But I dont know if they consider the following:
1.Interest on the loan e.g 1M loan @15% interest is maybe 7K per month for 4yrs.(Will the car last 4yrs?)
2.Comprehensive insurance premiums (could be about 6,500sh per month)
3.Service costs & maintenance.A kawaida personal maybe does 30Km per day.Yours could easily do or exceed 90Km per day.ie you need service every 1.5months...change of engine oil,plugs maybe,shocks & tires,dents etc.So lets give it 5K per month.
Total=7K+6.5K+5K=18.5K...So lets assume you are given 35K hio mwezi.Your real net is 16.5K.This is the amount you will use to pay the principal of the loan you took out for 4yrs.Will the car even last for 4years?In short, you might enrich everyone else & do good for the economy minus yourself! Hiyo no. 2,  . It may come to about 20k p.m. Here's how: Comprehensive for mats is computed at 10% of vehicle value (based on valuation report) + third party. If vehicle value is 1.5m, 10% = 150k. Third party premiums are usually about Ksh. 7820p.m, in a yr = 7820x12=93,840. 150,000 + 93,840 = 243,840/=. This is the total of premiums that you pay p.a. Over at DirectLine, they allow you to pay this in 10 equal monthly installments (243,840 / 10 =24,384/= p.m) and then they give you the last 2 months as a 'discount'. Additionally, they may discount the 150k figure and hence premiums may be marginally lower. They do not strictly use the 10%. At Invesco, they require you to pay the premiums quarterly i.e. every 3 months, which comes to 243,840 / 4 = 60,960/= every 3months. So far, these are the only 2 insurance companies that insure PSVs after BlueShield was placed under receivership. Life is like playing a violin solo in public and learning the instrument as one goes on.
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Rank: Veteran Joined: 11/2/2006 Posts: 1,206 Location: Nairobi
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Rankaz13 wrote:bird_man wrote:I usually hear people talk of "I hear they give 30-40k per month".....
But I dont know if they consider the following:
1.Interest on the loan e.g 1M loan @15% interest is maybe 7K per month for 4yrs.(Will the car last 4yrs?)
2.Comprehensive insurance premiums (could be about 6,500sh per month)
3.Service costs & maintenance.A kawaida personal maybe does 30Km per day.Yours could easily do or exceed 90Km per day.ie you need service every 1.5months...change of engine oil,plugs maybe,shocks & tires,dents etc.So lets give it 5K per month.
Total=7K+6.5K+5K=18.5K...So lets assume you are given 35K hio mwezi.Your real net is 16.5K.This is the amount you will use to pay the principal of the loan you took out for 4yrs.Will the car even last for 4years?In short, you might enrich everyone else & do good for the economy minus yourself! Hiyo no. 2, . It may come to about 20k p.m. Here's how: Comprehensive for mats is computed at 10% of vehicle value (based on valuation report) + third party. If vehicle value is 1.5m, 10% = 150k. Third party premiums are usually about Ksh. 7820p.m, in a yr = 7820x12=93,840. 150,000 + 93,840 = 243,840/=. This is the total of premiums that you pay p.a. Over at DirectLine, they allow you to pay this in 10 equal monthly installments (243,840 / 10 =24,384/= p.m) and then they give you the last 2 months as a 'discount'. Additionally, they may discount the 150k figure and hence premiums may be marginally lower. They do not strictly use the 10%. At Invesco, they require you to pay the premiums quarterly i.e. every 3 months, which comes to 243,840 / 4 = 60,960/= every 3months. So far, these are the only 2 insurance companies that insure PSVs after BlueShield was placed under receivership. Thanks for the info @Rankaz13. So the question is...do most "kawaida" people buying a cab,mat or mini-bus make any money?Or do they just "see" cashflow & mistake it for money?I have always wondered.Maybe an insider can tell us. Formally employed people often live their employers' dream & forget about their own.
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Rank: Veteran Joined: 3/26/2012 Posts: 1,182
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bird_man wrote:
Thanks for the info @Rankaz13.
So the question is...do most "kawaida" people buying a cab,mat or mini-bus make any money?Or do they just "see" cashflow & mistake it for money?I have always wondered.Maybe an insider can tell us.
I think from rental cars guys make money. I have seen a guy move from a single unit to 3 cars in less than 4 years. Would one throw good money after bad money? Its the nitty-gritties that make the difference.
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Rank: Elder Joined: 5/21/2013 Posts: 2,841 Location: Here
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bird_man wrote:Rankaz13 wrote:bird_man wrote:I usually hear people talk of "I hear they give 30-40k per month".....
But I dont know if they consider the following:
1.Interest on the loan e.g 1M loan @15% interest is maybe 7K per month for 4yrs.(Will the car last 4yrs?)
2.Comprehensive insurance premiums (could be about 6,500sh per month)
3.Service costs & maintenance.A kawaida personal maybe does 30Km per day.Yours could easily do or exceed 90Km per day.ie you need service every 1.5months...change of engine oil,plugs maybe,shocks & tires,dents etc.So lets give it 5K per month.
Total=7K+6.5K+5K=18.5K...So lets assume you are given 35K hio mwezi.Your real net is 16.5K.This is the amount you will use to pay the principal of the loan you took out for 4yrs.Will the car even last for 4years?In short, you might enrich everyone else & do good for the economy minus yourself! Hiyo no. 2, . It may come to about 20k p.m. Here's how: Comprehensive for mats is computed at 10% of vehicle value (based on valuation report) + third party. If vehicle value is 1.5m, 10% = 150k. Third party premiums are usually about Ksh. 7820p.m, in a yr = 7820x12=93,840. 150,000 + 93,840 = 243,840/=. This is the total of premiums that you pay p.a. Over at DirectLine, they allow you to pay this in 10 equal monthly installments (243,840 / 10 =24,384/= p.m) and then they give you the last 2 months as a 'discount'. Additionally, they may discount the 150k figure and hence premiums may be marginally lower. They do not strictly use the 10%. At Invesco, they require you to pay the premiums quarterly i.e. every 3 months, which comes to 243,840 / 4 = 60,960/= every 3months. So far, these are the only 2 insurance companies that insure PSVs after BlueShield was placed under receivership. Thanks for the info @Rankaz13. So the question is...do most "kawaida" people buying a cab,mat or mini-bus make any money?Or do they just "see" cashflow & mistake it for money?I have always wondered.Maybe an insider can tell us. People do indeed make money, just not by the sackfuls as envisaged. Pesa huja polepole. The other thing, with one unit there usually isn't much. One has to strive to acquire at least a second unit within the shortest time possible. Life is like playing a violin solo in public and learning the instrument as one goes on.
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