Bank Loan for Used Car
Hi,
I am just 3 months old in doha and was looking out for options in buying a car here..
I am pretty confused whether I should buy a new car or a used car (1-2 years old).
My concern & question is to know whether banks here offer the same rate of interest and duration loans (5 years) for used cars as they do for the new ones?
From what i have heard so far, banks usually charge a higher rate of interest and the period of the loan is only 3 years for used cars. Is that true? Are there no banks that offer the same loan terms for both used and new cars?
Any suggestions/guidance is appreciated.
Thanks,
The main advantage in buying used car is u got cheaper price for (if u r lucky) a still-good car. 1,2 or 3 yrs old cars with a good maintenance will be still in very good condition, moreover if the millage reading is still low and it pass a technical/ computer check. bring 1 of ur friend who knows about a car well. sometime u can find a very good car for a very good price, just be patient in looking for one.
It is always good to buy a new car because you are sure that you will not encounter car problems as fast as you had paid for a 2nd hand car. But if you wish to buy a 2nd-hand car, there are many available out there in cash. It is not wise to buy a 2nd hand car on bank installment basis. Better in cash.