My car loan variable rate with QCB is currently 9.24 - is that usual?
By hotchocolate77 •
Hi
I am currently out of Qatar on vacation. My new vehicle purchased with a variable rate 5 year loan with QCB is 9.24%. When the loan was obtained in April it was under 5%. As far as I am aware the interest rate increased very rapidly - 2 days interest for the end of March calculates at about 9.24% - this means the loan rate was hiked up immediately. I will be obviously booking an appointment with the bank to look into this.
Has anybody had any similar experiences or can offer any advice? I am a teacher and the increases will be a big problem if they are not reduced.
Thanks for any help,
Jonathan
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Best Regard.
George Fallon..
QCB is the central bank and does no offer loans. Maybe you wanted to say QNB.
Anyhow, Qatar market works with two diffrent type of interest rates 1)declining 2)flat. Car loans are usually quoted as flat rate. To give you a sense, a flat rate of 5%p.a. for 5 years would roughly equate to 9.2%p.a. declining rate.
Hence it is important to know if both rates mentioned in your note are 'flat' in order to conjour up a better answer. If the flat rate has jumped from 5% to 9%, it is definitely out of the market and merits a call to your bank. You may want to consider transferring the loan to another bank, say al khaliji bank which offers car loans at 4.99% flat rate these days.
Why don't you check with your bank?