FREQUENTLY ASKED QUESTIONS
What documents are required for purchasing a car?
Individual Clients:
If you are financing your vehicle with a bank or financial institution, you will most likely need the following documents:-
- 2 Forms ID (Driver’s Permit, ID Card or Passport)
- Job Letter
- Payslips (some financial institutions require up to 6 months)
- Bank Statements (some financial institutions require up to 6 months)
- Proof of Address (Bank/Credit Card Statement, Utility Bill- TTEC, WASA)
Self-Employed/Corporate Clients:
- Certificate of Registration Incorporation
- BIR Number
- Three (3) Months Bank Statements
- Annual Return / Return of Directors
- Financial Statements
-Evidence of Income (receipts, invoices, contracts etc.)
Other requirements?
- Most institutions require that you are permanently employed ( usually at least 1.5-2 Years - however some exemptions apply)
- Salary MUST pass through the bank or be directly deposited monthly
- If you work on contract - usually you must be employed for about 1 year or show that your contract will be renewed
- Each vehicle will have a minimum salary requirement eg Rio Lx $5000 with no loans.
What is DSR?
DSR - is your Debt Service Ratio - this is the ratio of your debt to your income. In Trinidad, your DSR must be usually be under 40% with loan payments according to Financial Guidelines. What that basically means is that you are allowed 40% of your gross salary in loans.
Example: If you make $10,000/ month that would mean that your loan repayments each month can not cross $4000/month.
How long is the process of Licensing a vehicle?
Covid has changed how the world operates in many ways- one thing it has changed is the process of licensing a vehicle in Trinidad and Tobago. Now a officer visits each company once per week and inspects up to 30 vehicles. Paperwork for vehicles must be submitted 2-3 days before inspection date. Once vehicles are inspected- the paperwork is then taken to Ministry of Works and Transport office to be processed and certified copy done. This can take 5-7 business days.
How soon after I get my approval will I get my vehicle?
Covid created many problems throughout the world - one of them being the disruptions in the supply of semiconductor caused by a huge increase in demand for electronic devices as the pandemic took hold and working-from-home became the default for many. Semiconductors are used in many areas, but are especially prevalent in the automotive industry. One core application is on control units, where they regulate the traction, handling and braking performance of a vehicle. As a rule, the more electronics a car has, the more microchips are needed in its production.
As such vehicle manufacturing has slowed down significantly, manufacturers are producing about 5 million vehicles less than in 2019 (pre-pandemic). What this means is that- we don’t receive as many vehicles on shipments as we did before- with this in mind - we are trying our best to get clients their vehicles as soon as possible- we estimate 2-3 months from approval date for delivery.
When does my vehicle need to service?
After you buy a new Kia vehicle, it is your responsibility to ensure your vehicle is serviced regularly and in a timely manner in order to ensure it runs properly for years to come. Not only does this help you get the most out of your investment, but routine maintenance saves you from having to pay for more serious, and more expensive, issues down the road.
Check out Service & Maintenance to find our more information about our service stations and contact information.