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Financing To start your car rental business, Nakiwala says you can get a car loan from the banks.“However, before applying for a loan, you should have a business plan that has good chances of success,” she advises.The rental charges also depend on usage, the size of car, number of days, the distance to be covered and fuel to be used.
The licensing board inspects the car before issuing the licence, which ranges from sh50,000 for small cars, sh100,000 for minibuses to sh150,000 for a bus, per year.
Requirements Rashid Kateregga, a lawyer based in Kampala, says an insurance policy for a car rental is vital.
Occasionally, the Government hires cars from individuals to transport guests during big conferences. It could be for a party, business trip, an outing, a funeral or just for fun.
The car rental options Richard Kalanzi, a director at NM Safaris, says there are four rental options: chauffeur-driven, self-drive, unlimited mileage and one-way rental, which is the commonest.
His advice is that you need a car with low fuel consumption.
Even a difference of sh200 in fuel price can affect your profitability, he warns.
If you can handle the risks involved while setting up your business for day to day operation, you may find renting out vehicles to be very rewarding. It helps to know a lot about cars and customer service, although you can hire people to fill these roles.
There aren't any precise requirements, but having a business plan, a fleet of cars, and proper funding helps.
Challenges“You will be responsible for the maintenance of the cars,” Kalanzi says.
He also says service and spare parts for luxury cars can be quite pricey.“Some clients do not take good care of the cars, some vandalise them, while others fail to pay their parking fees.