How To Give Your Car On Rent In Pakistan?
I was sitting in a cafeteria, with my friend. We were glad, that Pakistan, become a safe country for tourists.
We were having snacks, with hot cups of coffee. My friend, Jennifer, told me about her idea of renting out her car for tourism companies.
Initially, I was surprised by her idea. But she took the time to explain to me in detail.
I am sharing my journey, which was a bit different, and one of its kind of an experience.
1.Outlook of my car:
Although my car was still under warranty. I just went to the showroom, for routine checkups of my car. I found out, that my car’s engine oil, required replacement. I sat in the airconditioned room and saw the guy changing it.
He also checked, the A/C unit., brakes, gear oil. I was pleased to get it thoroughly checked. Now I was happy that it was ready and was running well.
2.Important Documents Requirements:
It was also a must to keep the relevant documents ready. Here I will go through them:
I recently, renewed, my car registration, paid all the applicable taxes. I visited the Excise department, to collect my car’s registration card. It was a must. It provides the information, that it is registered.
Secondly, it also a good idea, to have it, otherwise, there is a high chance of getting a fine, in case of a sudden checking.
Commercial Permit: I also took time from my busy schedule to apply for the commercial permit. So it a requirement, for all the vehicles, on the road, which is running on a rental contract.
Insurance: My friend, also suggesting to me about getting an insurance policy. It gives peace of mind. I don’t have to pay very expensive bills to repair other cars, in case it had an accident with my car.
My friend also gave me some contacts, which I visited, I also searched on the internet about the companies, which had a good reputation, in the market.
Some also gave the testimonies of their clients. It makes them credible. Nowadays, it’s is easier to get, information about the companies.
So I short-listed, top 5 of them and noted their contact details and locations. I also called them and booked appointments with them.
4.Type of Contracts:
There are different options available on how to give car on rent to companies in Pakistan . Some have short-term options, which start from a week and go on to a month. This is a good choice, for those, who don’t want to go for a long-term commitment. Initially, I opted for this option, to see, how it goes.
Once, I started getting payments, then I started looking for long-term agreements. Some people contacted me for this, so I read the contract thoroughly and consulted with a legal expert, in order to understand the terms and conditions.
As it is a good idea, to fix an amount, which I could use to pay for the damage to the car, by the rental company. It also helps, keep both parties, at peace of mind, and avoid any type of disputes, and is good for the execution of the contract smoothly.
Although, it was never easy to opt for a source of income, but with time. I learned along the way. It helped me, manage my expenses.
After few years down the road, I was thinking of starting a similar business. I always, kept in touch with Jennifer and thanked her for an important piece of advice she gave me.