Motor Vehicle purchase savings account
Mobility is synonymous with freedom, and for many, purchasing a car is more than just about getting from point A to point B. It’s about status, prestige, perhaps the next big achievement after getting your educational qualification.
Our motor vehicle purchase savings account allows you to save up for your motor vehicle over time, ensuring that your savings are not eroded by inflation and bank charges. If you are a member, it will also enable you to get a loan and thus get your vehicle faster than you would if you had to save all the way.
Description
The Motor Vehicle Purchase Savings account enables you to save towards either building a deposit to be able to subsequently secure a car loan (rent-to-buy scheme, if you are a member of the SACCOS) or to save enough to purchase the car, if you are a non-member. The Motor Vehicle Purchase Savings account earns interest at a rate of 2% per month therefore we not only provide you a means of savings, but also help you along the way.
Eligibility
Both members and non-members are eligible to open a Motor Vehicle Purchase Savings account. You do not need to be running a business, or to be a member of the Association to join as a non-member. Non-members will not be eligible to obtain funding assistance in the form of a loan/rent-to-buy arrangement, when they want to buy the vehicle, that arrangement is only available for members. Details on how to become a member are on the members page.
How do I get Started?
To open a Motor Vehicle Purchase Savings account, you simply need to click on the Sign Up button below, then do your deposit for the account to be activated. You can then proceed to make your savings according to the time frame over which you intend to save until you have the required amount to do your purchase.
Frequently Asked Questions
- Can I get my money back at any time? Yes you can get your money back, but there may be a notice period required of up to one month if the initially-agreed time frame is cut short. If for example you had planned to save for six months then after month three you decide you need the money for something else, we may then require up to a month's notice, depending on the amount involved. Smaller amounts (less than $1 000) can be processed quicker, typically within less than a week.
- If I am employed somewhere and have a steady salary, can I get a loan to assist with my car purchase? At the moment this is not possible. Loans are strictly only given to members, and members must be people who are self-employed or running SME businesses. You can, however use the Motor Vehicle Purchase Savings account to build up your savings to be able to do the purchase.
- What are the charges that apply to this account? There are no charges that apply to this account. We do not take monthly account maintenance fees and we do not charge for withdrawals. You only earn interest on the savings. Please note that external charges such as IMTT will apply, which we have no control over.
You can get hold of us on Whatsapp for further details.
