I hope I'm wrong..but as far as I know, banks and finance companies are now rather strict in issuing vehicle loans for expatriates with salaries less than QR10,000 per month. You could check this with your bank and the automobile dealership from where you intend to buy.
Some banks and vehicle dealers require post-dated cheques as a guarantee for the monthly installment. Others may ask for a guarantor with salary transfer to the same bank. Yet others might ask for both- post dated cheques and a guarantor.
Issuing post dated cheques can sometimes get you into serious problems with the law, if you are unable to fulfill the monthly committment. A bounced cheque attracts criminal charges and is a punishable offense under local laws. Not forgetting the stiff fine the bank imposes on you- QR 100 to QR 500- for issuing a cheque without sufficient balance.
The best option would be to approach the bank where you transfer your salary. They will ask a letter from your sponsor stating you are permitted to avail a vehicle loan and they'll notify the bank if you leave and transfer your end-of-service benefits to your account, in such event. In this case, the bank will not require post dated cheques. Instead, you'll be required to sign a letter authorizing the bank to deduct the monthly installment from your salary.
Also, if you quit your job for any reason, you can sell the car with the installments to another person, provided they qualify to take over the loan, under conditions prescribed by the financing bank.
I hope I'm wrong..but as far as I know, banks and finance companies are now rather strict in issuing vehicle loans for expatriates with salaries less than QR10,000 per month. You could check this with your bank and the automobile dealership from where you intend to buy.
Some banks and vehicle dealers require post-dated cheques as a guarantee for the monthly installment. Others may ask for a guarantor with salary transfer to the same bank. Yet others might ask for both- post dated cheques and a guarantor.
Issuing post dated cheques can sometimes get you into serious problems with the law, if you are unable to fulfill the monthly committment. A bounced cheque attracts criminal charges and is a punishable offense under local laws. Not forgetting the stiff fine the bank imposes on you- QR 100 to QR 500- for issuing a cheque without sufficient balance.
The best option would be to approach the bank where you transfer your salary. They will ask a letter from your sponsor stating you are permitted to avail a vehicle loan and they'll notify the bank if you leave and transfer your end-of-service benefits to your account, in such event. In this case, the bank will not require post dated cheques. Instead, you'll be required to sign a letter authorizing the bank to deduct the monthly installment from your salary.
Also, if you quit your job for any reason, you can sell the car with the installments to another person, provided they qualify to take over the loan, under conditions prescribed by the financing bank.