Union Savings offers auto loans

He said the product was informed by the company’s desire to provide tailor-made solutions and services to small and medium enterprises (SMEs) in the country.

“There are no limitations to the type of car one can purchase for business using the Union Car Owner Loan. There are saloon cars, mini-buses, large buses and so on,” the MD said, noting that the company’s focus was on the capacity of the individual to repay the loan and not on his/’her preference for a vehicles.

Union Savings and Loans, he said, had dedicated about 20 per cent of its 2013 loan portfolio to the car loan service and thus encouraged SME owners not to hesitate in contacting the company for financial support to purchase their own vehicles.

“The whole idea is to give entrepreneurs – both startups and experienced ones – the opportunity to either purchase their first commercial vehicles or add to their existing fleet of vehicles for profitability and growth,” Mr Oti-Mensah said.

He explained that the savings and loans company had made “arrangements with majority of car companies and showrooms for preferential supply and pricing and also provide life insurance for drivers.”

Mr Oti-Mensah emphasised the regular servicing and maintenance and tracking of the purchased vehicles as some of the things that made the product unique.