how to buy a car from a person and pay the bank? huh?
hello all
i wanted to buy a second hand car from a person, but i cant pay the whole 20,ooo riyals.
what arrangement do i need to do with my bank CBQ, to make them pay the person and my bank will just automatically less the monthly payment from my account?
please tell me the required documents as well.
i tried to do a salary loan of 20,000 riyals to pay the person, but my company will NOT issue me a letter for salary loan. but they can give me a letter for a car loan (i think for brand new car, i dont need brand new car). is this make sense?
appreciate all your help and any inf
Dear Friend
a v.Good hint:
make the car amount as gurantee Deposit at your bank & let it issue the gurantee chicks for the car bank then you will only lose the transfer rate from your bank to the other bank wich is a few few riyals & enjoy the car.
If your second hand car is not older than 5 years at the intended loan maturity date, some banks provide vehicle loan now. If you already have a bank account with any bank, better check with them first. But it has to be through an approved dealer of used cars which is already mentioned in other answers....
Taking a car loan is better for you as the interset will be lower than personal loan, but you will have to see if your bank gives loans for cars that are older than 2004-2005. If they do than that's fine and you'll have to get a quotation that will cost around 1500-2000 QAR. And you will need a salary certificate from your company that says what your salary and position are. And it has to state that you're a permanent employee of the company. After you get these documents you should be able to apply for a car loan from your bank. Now you can go through another bank like HSBC or IBQ but you will need more papers like a bank statement that dates back to 3 months and some checks for the period of the loan. As for the whole issue of your company only giving you a certificate for a new car than that's nonesense because a salary certificate does not state if the car is new or used. They have to give you one, it's you right!!! Hope that i've been helpful.
CBQ will only finance car that are 2005 model or newer. They will not finance a Car bought Privately, only through Car Companies. What you can do is to get the Seller to sell it through one of the Showrooms in Salwa Road. It will probably cost you 1000 - 2000 rials extra doing it this way but only solution for you.