Auto Financing

[bigdave]

We've read a lot of comments about the difficulty obtaining mortgage loans in Dubai as of late. Does anyone know if there are any changes to the auto financing piece? How difficult is it now to get financing on a car?

Thanks for the info!

[Elphaba]

Most banks have restictions on all personal borrowing, so are unlikley to be as 'generous' as before. You can expect tighter lending criteria and higher rates of interest.

-

[bigdave]

Thanks Elphaba!

[Sparkysair]

Hi Bigdave, I've just gone through the proces of car financing and had some difficulties because I work in the property industry. The garage man was organising the finance for me and contacted all the banks to be told they weren't interested in lending to me because of my industry. However, he then went to HSBC who I bank with and there was no problem at all. I got a 100% loan for a car with an interest rate of 4.94%.

[Dino100]

Originally Posted by Sparkysair

Hi Bigdave, I've just gone through the proces of car financing and had some difficulties because I work in the property industry. The garage man was organising the finance for me and contacted all the banks to be told they weren't interested in lending to me because of my industry. However, he then went to HSBC who I bank with and there was no problem at all. I got a 100% loan for a car with an interest rate of 4.94%.

Hi,

Im also in real estate as a salaried director although havn't got round to getting car loan due to missing payroll deadlines for 1st salary transfers etc etc. I have also heard HSBC were good, do you need an acct with them to get it? I have just changed to ADCB with their privelege acct and they have been very fast and their internet banking is great! They said i can also have a car loan once 1 transfer has been made, so time to go shopping!!

Out if interest what car did you get and why?

[Sparkysair]

Hi Dino, I think HSBC said they were only lending to people who already had an account with them, but I had only had one part month salary transfered so I count myself lucky! I don't know about ADCB but I would definitely go to them first as otherwise you may have to end up writing out 36 / 60 cheques for the payments and the associated hassle and potential of bouncing one is really really not worth while!!

I went for the mid-spec Honda CRV after doing a fair amount of research. I regulary drive between AD and Dubai and wanted a 4x4 for safety and comfort but not a huge tank of a thing. The CRV was voted best small 4x4 for the last couple of years (What Car) so I took it for a test drive. Whilst I can't say I'm hugely excited by it, it's a good car and I thoroughly enjoyed collecting it today!