Motor vehicle Advance

Mataracy

Well-known member
When its come to motor vehicle Advance ,let me use my country as an example.
This is a loan given to a confirmed serving officer to enable him purchase a motor vehicle . Advances for the purchase of Motor vehicle shall be approved and issued by Accounting officers of Ministries/Departments for officers on GL08 and above.
The maximum advance which may be granted to officers for the purchase of motor vehicles will be determined from time to time by the government .
An officer may not be considered for an advance when the cost of maintaining a car and repaying the installments are liable yo cause him financial embarrassment. Full account shall be taken of an applicant's emoluments and deductions there from including any other outstanding loans.
 

btaliat

Valued Contributor
If I found myself in a government establishment, I don't think I can opt for vehicle advance loan. I prefer buying mine even if it involves me saving my entire salary for some particular months. This is because, the money to be deducted is usually determined by the government. This may favour or unfavour the beneficiary. Besides, the car to be given will also be determined by the government. That's my thought on the scheme.
 

sincerem

Valued Contributor
If i don't have a genuine reason for such advance type of payment, I'll just relax my mind and focus on investing to get the funds that i nerd. It's not easy at all, to pay all the the service years for a car that won't even last up to 5 years. I wouldn't choose such kind of advance that will cause me pains later on.
 
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