Q FM Africa's Modern Radio
A Lusaka based car dealer company Shah motors says COVID19 pandemic has impacted negatively on the wheels of the economy particularly on those in the informal sector such as car business, and has encouraged people to take the COVID19 vaccination seriously so as to avert the roaming fourth wave of the pandemic which may further deter the economic recovery plan for the country.
Shah motors chief executive officer Linda Chikwakwasha says this has seen individuals and household have reduced income due to reduced economic activities.
Ms. Chikwakwasha says due to reduced income for many low earning individuals as a result of many economic fundamentals are play in the country, her business has entered into a car financing agreement with Local finance to enable people with low earnings of as low as K2500 purchase a motor vehicle from Shah motors.
She explains that a car financing agreement allows a client who earnings a minimum of K2500 or above signs up with local finance through Shah motors upon meeting the requirements of 3 latest pay slips proof of residence and makes a deposit of 20% of the total unity price of the vehicle of choice, and local finance covers the 80%.
Ms. Chikwakwasha further says within 48 hours the vehicle is registered and handed over to a client who then pays back to local finance in 36 months with interest of as low as 3%, which she says is a fixed interest and is not affected by the inflation rate or the exchange rate.