Aaaaaah! Buying a car in Doha

Hello this is Commercial Bank :),

we offer an amazingly low 2.19% vehicle loan rate. We are also partnered with Nissan and Mitsubishi, who are currently offering through us an incredible 0% deal over 3 years! visit http://www.cbq.qa/EN/Personal/Loans/Pages/Vehicle-Loan.aspx

Anyway,It is a fact when you acquire a vehicle, you'll own it. On the other hand, if something breaks within the vehicle and needs to get fixed, that may be your price plus the hassle of the need to discover option move while the car or truck is being fixed.

You do sound like my maths teacher.. who makes a simple equation look so so compliacted..

3.99 X 5 = 19.95%

Simple..

It is true that if you buy a car, you will own it. However, if anything breaks on the car and needs to be fixed, that is your expense plus the hassle of having to find alternative transport while the car is being fixed. If you rent, you won't own it, but you don't pay for oil changes or any other standard maintenance. If you are planning to be here for awhile and use the same car that you will eventually pay off and own, that may be more cost effective (unless you are planning on getting some higher end car with outrageously expensive parts) in the long run. On the other hand, if you don't plan on being here for years and don't want the hassle of vehicle upkeep and then trying to resell is, perhaps renting may be the way to go.

Buying a car in Doha is not a big deal contact to a good dealer. big toyota dealer is good dealer.

try Hyundai they got much lower prices for new cars.

dear-

You can contact me if u want to by 2004 Nissan Sunny 2004 model.Automatic gear and manual windows.

very nice car. fully insured since purchased.silver color.

thanks.

5758800

doesn't matter if it's an old post, as long as you get bits of info

when you compute for the price of the second hand car, don't just sum up the amount of payments and the finance cost. you must allot money for the replacement cost and some repairs expenses. keep in mind that the older the machine gets, the more expensive the repairs and maintenance expense charged.

2 years old post! Hahaha! Duped :)

At an average, Filipinos are serious of taking their car. Just look around. Brand new becomes better with some upgrades. Second hand looks entirely different adn sometimes look as nice a the new one with smooth shine detailed body, larger and wider rims and tires, some LCD screen and stuff. Inside the hood is another issue, either intake upgrades, clean and neat. Comes out higher value for money.

why are you replying to a post which is almost 2 yrs old?

you may look at QL ads, there are many good and low price cars

man u want to a buy a cheap car that runs.

go get a renault clio 2004 model for 15000 QR.

its a good car

or get a chevi optra also very cheap but very good.

i tend to the chev cz really cheap to fix.

:))

math teacher indeed..

both our calculations seem to be right, though approximate. the emi is approximately right and your interest calculation is also right. add to it the management charges, annual charges and etc. charges..

(9975 / 50,000) x 100 = 19.95%

I don’t think its correct, its like this...

e.g:- If you are taking a vehicle loan QR.50,000 for 3.99 % interest per year means

3.99% of 50,000 = QR. 1995/- interest per year x say 5 yrs = QR. 9975 is the total interest you are paying for 5 yrs.

Your EMI calculation is 50000 + 9975 = 59975 + processing fee 2 % ( varies) = 61174 / 60 months = approx : QR. 1019/-

Do I sound like a Math teacher…lol

I did.. It is only a calculator and not the actual amount that they will agree to on the loan agreement.

All you have to do is to visit the web site of Commercial Bank Qatar and check with their on line Vehicle loan calculator.

Has anybody really figured out how car loan interest rates are calculated in Qatar.

From my 2-cent calculations, a 5-year car loan that you take at 3.99% this year will be approximately

7.98% - 2nd year,

11.97% - 3rd year,

15.96% - 4th year

19.95% - 5th year.

These are not actual rates, since the actual car loan calculations in qatar can baffle mathematicians.

They don't tell you all this.. They tell you the monthly payment and you have to calculate the total cost of all the monthly payments minus the cash cost of the car and then start figuring out the interest rates that they have applied.

Apparently, the interest rate calculations for car loans in Qatar goes like this. It is calculated at 3.99% per year, not 3.99% for the entire loan period.

Since they add 3.99% for every additional year, it would be wise to pay it off as early as possible, say in around 1 - 2 years. This is again assuming that the car loan sales agent sitting in the showroom knows how to calculate it for 1 or 2 years since he would have been provided with a chart with the monthly amount for all the models over a 5-year period. Asking him to provide you figures for 1 - 2 years would be similar to asking him to re-calculate, something that he is not trained to do..

And I haven't even mentioned management fees and annual fees!!

I don't think leases are a bad deal if you are uncertain of how long you will be here. With a lease, you can leave and give the car back.

But you are paying quite a bit more for a lease. I pay half as much as my coworkers here for a car I purchased. The gamble is that I'm hoping when I leave I can either A) allow another expat take over the loan or B) sell the vehicle without taking a loss.

The numbers to me are clear. If I'm here for a year and I pay 1300QR/month as opposed to my coworkers that pay around 2000QR/month, I'll have an extra 8400QR (2300USD give or take) at the end of the year. Plus, I get to choose the car I want and more importantly, have the joy of doing with it what I please (upgrades, etc.).

Just my two cents...

yea but not from the bank

only from the car rental

Almana is famous they lease for long terms.

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.....getting a long lease. Does that happen? Just drive and return the dammn thing when you decide to leave Doha.

discount??

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Used up my last discount on your mom.

:| :| :|

But did the dealership give you a discount for being a dude buying a pansy-colored convertible?

...but I am in the process of purchasing a car. I went to the dealership, took a test drive, liked it and negotiated on a price. After this we discussed the methods of payment:

1. Cash (whether here locally or wired from my bank in the US)

2. Loan from Qatari bank

3. Cashier's check

4. Loan from my US (I'm American) bank

I don't have the ability to easily pull out a lot of cash- Option #1 is not good. I have been here only one month and have not set up a bank account here- hence, Option #2 is not good. It's not too difficult to set up a bank account here, but I still choose to have my funds transferred to a US bank. Option #3 was an acceptable method of payment by the dealership I worked with (maybe not all), BUT it takes 15 days for the check to clear. : \

I chose to take a loan from my bank in the US- Option #4.

(Incidentally, if you have the cash already in a US bank, this will follow the same general guidelines).

Talk to the dealership's finance department and ask them for wiring instructions. They will provide you (and your salesman) with the current exchange (3.63 for me) and s.w.i.f.t codes, account numbers, etc. It took five minutes.

I was given two methods to wire money by the dealership. The first was to send money directly to a bank in Qatar (from my bank to Int'l Bank of Qatar)- I was told it takes about 5 days to transfer. The second, which I chose, was to send the money to Standard Chartered in New York and then on to Standard Chartered in Doha where the dealership had an account. (It's supposedly takes two days. Today is Friday- I sent the money on Thursday. I should have the vehicle on Saturday or Sunday barring any problems.)

After calculating the full cost of the vehicle (price + insurance (I was told one year of insurance is 4.5% of the price of the vehicle- hope that's right)) you'll need to talk to your bank. In my case, the interest rate was the same as a loan in the US- pretty good. I received the loan and my bank had to fax me a promissory note that I had to sign and fax back. My funds were immediately transferred to my savings account and then wired to the dealership's (here in Qatar) account. The only problem I have had so far is with the ineptitude of some of my US bank employees. :(

Anyway...that's that. If anyone has any questions, I'll do what I can to answer. The only caveat to this hopefully helpful tidbit is that I do not yet have the vehicle... I'll post something if I have any difficulties.

...what car you look at, it will lost the most to depreciation in the first 2 years. Buying new always will cost you the most money, both in initial purchase price and at resale.

___________________________________________

I don't have to be #1, I just have to be...

Any tool can be a hammer...

My Pathfinder came with insurance and 5 year warranty. My point is that more expensive cars depreciate less 4x4s lose less money than saloon cars and Japanese cars lose less money than Korean cars.

Buying the wrong car new can cost you more money because you won't get the money back when you sell it.

I really liked the Ford Explorer but brought the Pathfinder because it depreciates less.

Just do your research !!

Hi

I also agree with Raminho.It is always better to go for a brand new

vehicle rather than to a 2nd hand one. Especially here in Doha majority hacks their vehicles (especailly the locals).If you go for a brand new one atleast for 5-6yrs depending on your maintenance standards it'll work without giving you any trouble.

Go for a carloan at 3.99% interest and pay it off monthly on a 5yr time period.

if its just a car u want...and ur not picky about the model or anything, i seen a ad in the paper where u can rent a Chevy aveo for 20 bucks a day...that too brand new 2007 model. give them a call or visit Jaidah motors.

Hi,

You need a second hand car? You need to buy it from a show room that is recognised by the bank. They will not give you the flexible 5 year payment it will only be 3 years and the car cant be more than 3 years old.

I personally dont advise you to buy second hand here. You can buy a 50K car and pay it in 5 years or Daihatsu, Suzuki that are cheaper.

At the bank they will ask you for a three month salary statement to approve any kind of loan, and they will ask for a salary certificate from your employer. Passport copy and RP copy.DO you have that?

At the car dealership they will ask for a car registration request from your employer.

Doha Bank and Ahli Bank give the lowest car loans, and I dont think its 3%...its 3.99%.

I know this coz im in the process of buying a car

So tell me, any of you QL folk bought a car here? Did you go private or dealership? Vehicle loan or personal loan? What choice was best for the pay roll here. This choice would be child's play back home.

I want to resolve this, and would love some experienced advise.

Wow! Do I feel like a sucker or what. Ok, so now what? The bank didn't even talk to me about the details of the loan because I hadn't chosen a car yet. (*sigh*)

Don't be deceived by assholes in some banks. 3% means 8-9%.

You have to check the total intest amount and manaement fees and insurance appied by the bank. Compare the cost of car loan and personal loan, you will find they are almost the same.

So you reckon that I'd have trouble selling a Toyota echo 2004 in 2 yrs time? If I bought it now for what the dealer want - 30k - I'd get 10k in 2 yrs? It's not just the price of the car, but I'm also trying to minimise the monthly repayment bill in the course of those 2yrs. I don't get how spending more now will save me later.

Were selling a compact car for around 29,000 Ryals. Not sure if its on sale because they were waiting for permission to sell it but they could be a good bet.

Although I personally would spend more get more and be able to sell the car for more when you leave.

An example buy a Lancer for 60,000 after two years you might be lucky to get 25,000

Costing you 35,000 over two years.

Buy a pathfinder 95,000 after two years sell for 70,000 or more. Costing you 25,000.

I would advise you to go for a low mileage Pathfinder or like spend more than your budget and actually save money and hassle.

Someone at my work was selling one for 60,000, its about 2 years old . You could probably sell it on in two years for 40,000.

the worst false economy here is buying a cheap Korean or Jap Saloon car. The depreciation is awful.

That is obviously if you want the car to be worthless after two years.

It's a fair point about the perspectie of the toyota dealer. Screw those w**kers.

I'm trying to figure out what's best on the hip pocket. Yeah I saw the Honda's show room today. New honda city is 50,000QR. The Jazz is 56,000QR. Brand new, these prices are ok. If they were 30k I'd bought right away. But any new car bought instantly loses money. sigh...

I think Honda are selling the City for around 30K new.

Toyota don't care whether you or I buy from them or not. They're so big it makes no difference to them.

You can also try Suzuki and Daihatsu. I think they have more attractive prices for new cars. And I like the design of Daihatsu cars though you may not.

If I can, I always buy new. And I get the warranty.