Hopefully my answer to your posted question will help you a lot in deciding for your car purchase. You have mentioned you are considerting a brand new at the same time second-hand car. Anyway, I will be answering in general regarding the usual schemes given by the bank here in Qatar when your buying a brand new or a second-hand car. Usually, interest rate is higher when purchasing a second-hand rather than the brand new car and you may avail long paying terms for brand new (i.e. 5 years or 60 months) as compared to second-hand (3 years or 36 months only). Also, when purchasing a second-hand car, the general rule is that the car does not have to be older/ more than 3 years at the time of loan.
You may avail the no downpayment scheme from the banks. But this will be subject to their approval depending on your monthly salary. Most banks approve car loan without downpayment option when your salary is above QR10,000. Should you be conditionally approved (low salary but can still avail the car loan), you will thenbe required to provide 10 - 20% downpayment, and the remaining amount will be on monthly payment.
Other charges of owning a car (i.e. insurance and registration) may also be part or your loaned amount, if you dont want to pay in cash for anything. But usually car dealers (for brand new car only) are giving the registration for free, since its very minimal amount (i think its only QR100-200 if i am not mistaken). Should you also decide to avail a car loan from the bank (whether for a brand new or second-hand car), an additional management fee will also be charged. Please be aware of this extra fee as this is not openly discussed to the buyer or debtor (by car dealers or bank reps), not unless you will compute by yourself, will notice and ask why the loan amount with interest which you are suppose to pay every month is higher than usual. Again, you may opt to pay the management fee by cash or be included for the loan with interest, naturally.
Hopefully I did help you to decide for your car...
Hopefully my answer to your posted question will help you a lot in deciding for your car purchase. You have mentioned you are considerting a brand new at the same time second-hand car. Anyway, I will be answering in general regarding the usual schemes given by the bank here in Qatar when your buying a brand new or a second-hand car. Usually, interest rate is higher when purchasing a second-hand rather than the brand new car and you may avail long paying terms for brand new (i.e. 5 years or 60 months) as compared to second-hand (3 years or 36 months only). Also, when purchasing a second-hand car, the general rule is that the car does not have to be older/ more than 3 years at the time of loan.
You may avail the no downpayment scheme from the banks. But this will be subject to their approval depending on your monthly salary. Most banks approve car loan without downpayment option when your salary is above QR10,000. Should you be conditionally approved (low salary but can still avail the car loan), you will thenbe required to provide 10 - 20% downpayment, and the remaining amount will be on monthly payment.
Other charges of owning a car (i.e. insurance and registration) may also be part or your loaned amount, if you dont want to pay in cash for anything. But usually car dealers (for brand new car only) are giving the registration for free, since its very minimal amount (i think its only QR100-200 if i am not mistaken). Should you also decide to avail a car loan from the bank (whether for a brand new or second-hand car), an additional management fee will also be charged. Please be aware of this extra fee as this is not openly discussed to the buyer or debtor (by car dealers or bank reps), not unless you will compute by yourself, will notice and ask why the loan amount with interest which you are suppose to pay every month is higher than usual. Again, you may opt to pay the management fee by cash or be included for the loan with interest, naturally.
Hopefully I did help you to decide for your car...