Go Back  British Expats > Living & Moving Abroad > Middle East
Reload this Page >

Refinancing car...

Refinancing car...

Old Jul 13th 2009, 9:50 am
  #1  
Forum Regular
Thread Starter
 
Joined: Mar 2008
Posts: 178
sg800 will become famous soon enough
Default Refinancing car...

Hi guys,

Does anyone know if it is possible to refinance a car loan? I have a loan with Emirates Bank and pay back 3200 AED p/month over 36 months. I have paid 15 months of it so far. Trying to cut some costs at the moment (credit crunch ) and considered selling it but its a terrible time to sell.

I am wondernig whether anyone has had experience of changing the terms of the finance i.e. making it over another 36 months from now for example, thus bringing the cost of payments down significantly?

Any advice would be much appreciated
sg800 is offline  
Old Jul 13th 2009, 10:00 am
  #2  
 
rowell's Avatar
 
Joined: Jun 2008
Posts: 1,271
rowell has a reputation beyond reputerowell has a reputation beyond reputerowell has a reputation beyond reputerowell has a reputation beyond reputerowell has a reputation beyond reputerowell has a reputation beyond reputerowell has a reputation beyond reputerowell has a reputation beyond reputerowell has a reputation beyond reputerowell has a reputation beyond reputerowell has a reputation beyond repute
Default Re: Refinancing car...

Originally Posted by sg800 View Post
Hi guys,

Does anyone know if it is possible to refinance a car loan? I have a loan with Emirates Bank and pay back 3200 AED p/month over 36 months. I have paid 15 months of it so far. Trying to cut some costs at the moment (credit crunch ) and considered selling it but its a terrible time to sell.

I am wondernig whether anyone has had experience of changing the terms of the finance i.e. making it over another 36 months from now for example, thus bringing the cost of payments down significantly?

Any advice would be much appreciated
Only one person can answer that and its Emirates Bank, if you don't ask you have no chance but if you do then you never know.......a shy boy never got any sweets
rowell is offline  
Old Jul 14th 2009, 4:16 am
  #3  
BE Enthusiast
 
Robbies's Avatar
 
Joined: May 2007
Location: UK... for now...
Posts: 355
Robbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really nice
Default Re: Refinancing car...

What I found was that the interest for the intial loan was included in the total cost - If I settled my car loan early, I would essentially still pay the full interest - if you got a loan elsewhere, you may end up with a double hit of interest, however, like has been suggested, a discussion with Emirates bank is your best option.

However, if you refinance, your payment would drop to prob 2000 per month... would the 1200 dhs make a big difference, or worth sticking to the original plan and have it paid off sooner?
Robbies is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.