Downpayment Rule on a Car Loan

i agree with you flor1212

much better to take personal loan and buy used car one that is at least 1-2 years old. some savings on automatic depreciated cost of a new one upon driving out from showroom. but be careful on buying used one, many bad drivers in qatar.

advantage is if needed to dispose car can easily be made into cash and payback salary loan.

personal note:

i used to take a personal loan and car loan altogether and it was a huge headache on my part :( i hope no one else will fell again on the same fitfall ;)

but check it again. But with Barwa, I think it's only 3.85 % but as you said, you had a bad experience dealing with them. For me, 6 % is not bad at all. In our country, the legal interest in a pawnshop is 4 % per month and that is you have to have a collateral.

Hi Flor,

Appreciate your candor. I am not discouraging people. Like what you said I have my story and that's my opinion.

Is that how you rate people? Americans equals hefty cheque. I don't care how you handle your finances, but 6% makes a lot of difference. Perhaps we are all here to save money and not make others take advantage of our hard earn money.

Snipers will be talking directly. You had bad experience with them, I had good, so unless you tell your bad story, then never discourage anyone. You're an American, right? So you must be earning good, 6 % I think is nothing to you?

That's a rip off! To start with Honda cars are already expensive plus 6%p.a. I cant imagine how much my Monthly payment would be. But then, I cant complain.

To be honest, I am just looking for an everyday car. Nothing really fancy.

I would advise you not to go for Barwa. Their service is really bad. I had a very bad experience with their agents and customer service. But then again, to each is own.

Thanks flor1212 for your great advise. I will get in touch with Barwa representative probably next week to get an idea

so you may know the conditions. They are accommodating for fresh loaners and if your salary is beyond average!

But do you still need to put 3 months salary into the bank account in order to get personal loan or you can just put one month salary into the bank account into the bank where you bank with and apply for Personal loan and show them your job letter

do a personal loan if it only involves that much? Try BArwa bank, their personal and car loan are just the same, I heard.

If you have a car loan, you just can't dispose it as it is connected to the bank while if you ahve a personal loan and buy a car, it will be under your name and anytime a complication arise, you can easily disposed it and pay your loan! My two cents!

Ollie did any of them asked that you need to have 3 months salary to put into there account to get a loan for car.

Secondly will you be travelling to some other countries in middleeast like UAE, as i came to know that you cannot take your car out of Qatar if loan on the car is still going.

check out Honda showroom they have a promo w/o downpymnt thru first finance @6%.

Well, I just 3 different banks to check out my options and they all said that we need to make a downpayment of 20% from the car's selling price. Unless, you are a Qatari and for our case - I think none of us is a Qatari ( I am assuming )

I think your next best thing to do now is to find a bank that has a great service and interest rate.

Good Luck!

I havent been to banks yet in order to see what my options are, but this is what i have been told by different people who got loans in past. I am still waiting for my first salary to go into my account first and after that i will visit the bank and will ask for my options...

I actually don't mind buying used cars for as long as it is a great price.

So tell me more about this 3 months bank statement, do you get to pay a downpayment still on that all you take all the car price to loan.

Let me know.

Yes Ollie i am looking for car in these days but i am looking for 4WD used ones. I have been told by many people that there is a requirement of minimum 3 months bank statement in order to apply for Car Loan....

I will be buying my car probably next month

Roughly around 3.5%. I am not sure about minimum salary requirement. I have not heard or read that before.

I was looking at Nissan Tiida 2012 for QAR55,000.

Are you looking for a car too?

Hey! Thanks for the advise.

Do you know how much the banks are charging in these days and how many months of salary you need to put into the account to get the loan.

Ollie which car you are thinking of buying and what is the price of it if you want to share the information

recently i had seen them doing marketing in Villagio mall that no need of margin money for car loan, rate of interest will be higher