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October 16, 2018

Cars bought using installment plan popular among city dwellers

THE sale of brand new cars manufactured by Nissan and Toyota through installment payment plans is popular among the city residents, according to the Myawady Daily’s Saturday report.
The number of buyers who purchase the brand new cars by installment plans has risen month by month, said U Phyo Ko Ko Kyaw, a retail banking manager of Ayeyawady Bank.
Since the middle of this year, the two companies have sold their new cars by installments through links with local banks. Every citizen between the age of 20 and 55 years who has regular income is eligible to join the installment payment plan.
Those who want to purchase cars under an installment payment system have to provide copies of their National Registration Card, Housing Census, recommendations from ward administrative office and police office, document provided by the job mentioning monthly income and two honourable and respectable men to give a guarantee.
After a scrutinising process, the bank allows only those who completely submit their application forms with other documents necessary for a vehicle purchase, the bank manager said.—GNLM


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