Longer term to pay off your wheels

14 September 2020 | Motors

The ministry of industrialisation and trade (MIT) has amended the Credit Agreement Regulations to extend the period of payment for motor vehicles from 54 months to 72 months.
MIT executive director, Ambassador Steve Katjiuanjo, said the amendment took effect on 1 September 2020. “The period for payment of mechanically-propelled motor vehicles from the date of delivery has been amended from 54 months up to 72 months.”
He said the amendments were necessitated by the fact that the economy has been contracting for the past four years and that this state of events was further compounded by the outbreak of Covid-19.
“Government has been coming up with strategies that are aimed at resuscitating the economy, while at the same time cushioning consumers against the effects of the global economic downturn,” Katjiuanjo said, adding that the adjustment is aimed at providing relief to consumers.
However, customers whose income has not been adversely affected are advised and encouraged to maintain their current instalments. – Nampa