How to get a loan and buy a car strategically?
November 20, 2007 - 11:02 — Kamal Wickramanayake
Due to heavy taxes, one would find this a better option:
1. Get a loan (amount to be the price of the car in Sri Lanka), go abroad, buy a car.
2. Even after airfare and the money spent in buying the car, you will still find money remaining in your hand. Why? Price of cars are so high in Sri Lanka due to heavy taxes. The same car in another country can cost half or 1/3 of the price in Sri Lanka.
3. Enjoy and pay couple of loan installments from the remaining money.
4. Don't worry about not finding a job very soon, what remains from the loan will be sufficient for several months.
Comments
There was no choice but to
There was no choice but to buy a new one because my 14 years old gave me problems in colombo. I had more problems from the authorities asking me to move the broken car to a different place as escots are coming. Hell of a time I had with them. They are not prepared to push even only shouting as I am planning a event. Idioots
How do you avoid the taxes
How do you avoid the taxes while getting the thing shipped here? any ideas?
The known ways
I don't think there are legally accepted ways. While not ethical, I think one might be able to use the duty free permit of another person. Real owner will then be different though. And I don't know how practical this would be.
Some illegal approaches known to exist:
1. Hide the vehicle inside a container. Bribe the RMV to register the vehicle.
2. Dismantle and bring as parts. Re-assemble here and again bribe the RMV to register.
There may be other approaches. In any case, I have seen news items about prosecution of people who have tried to do the above.
Not sure how helpful this is
Not sure how helpful this is (as I am not sure if you can avoid tax)
http://www.imexport.gov.lk/downloads.php?Sid=1&&Lid=1&&Did=5
But basically yes, tax is really high in Sri Lanka. And I am finding those who claim that cost of living is high in UK!! If you find any show him the car price and fuel price.
Thanks for that
I was searching on the net for Loan and i found your Blog, Nice post keep the good work and thx for the share:)
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