Requirements for car loans in Dubai
#1
meonline
Thread Starter
Joined: Apr 2007
Location: Dubai, UAE
Posts: 114
Requirements for car loans in Dubai
I arrived in Dubai at the end of January and most recently have been trying to get a car loan for under 70,000 Dhs from a bank through a dealer but they refused the loan stating that I had not been here for 6 months. I even gave them a letter from my employer confirming my employment with the company?
Is this the norm and do I have to wait another 3 months to purchase a car? Also, are loan approval procedures different through dealers as oppossed to going directly to a bank? Thanks in advance.
Is this the norm and do I have to wait another 3 months to purchase a car? Also, are loan approval procedures different through dealers as oppossed to going directly to a bank? Thanks in advance.
#2
Re: Requirements for car loans in Dubai
I arrived in Dubai at the end of January and most recently have been trying to get a car loan for under 70,000 Dhs from a bank through a dealer but they refused the loan stating that I had not been here for 6 months. I even gave them a letter from my employer confirming my employment with the company?
Is this the norm and do I have to wait another 3 months to purchase a car? Also, are loan approval procedures different through dealers as oppossed to going directly to a bank? Thanks in advance.
Is this the norm and do I have to wait another 3 months to purchase a car? Also, are loan approval procedures different through dealers as oppossed to going directly to a bank? Thanks in advance.
#3
meonline
Thread Starter
Joined: Apr 2007
Location: Dubai, UAE
Posts: 114
Re: Requirements for car loans in Dubai
Already leasing but paying quite a lot (1750 Dhs per month). Not looking to buy something flash, around 1400 Dhs per month, which what this refused loan application was for. You are right about whether to take out a loan or not but it's the cost of the lease that is denting my overall budget. Leasing is more expensive than buying.
#4
Re: Requirements for car loans in Dubai
Already leasing but paying quite a lot (1750 Dhs per month). Not looking to buy something flash, around 1400 Dhs per month, which what this refused loan application was for. You are right about whether to take out a loan or not but it's the cost of the lease that is denting my overall budget. Leasing is more expensive than buying.
#5
meonline
Thread Starter
Joined: Apr 2007
Location: Dubai, UAE
Posts: 114
Re: Requirements for car loans in Dubai
yes but leasing can be cancelled in a reasonable amount of time, returning a balance of a bank loan by selling a car won't be that easy. If I remember rightly you weren't settling in the UAE that well before, homesickness etc? How long are you planning on taking the loan over?
Over 4 or 5 years, and yes you are still right about homesickness. I am just getting by. Still not settled and don't think I will ever settle. Going to go back this June for a holiday. Will be talking to the wife and family whether to head out here or not.
#6
BE Forum Addict
Joined: Aug 2007
Posts: 3,287
Re: Requirements for car loans in Dubai
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Over 4 or 5 years, and yes you are still right about homesickness. I am just getting by. Still not settled and don't think I will ever settle. Going to go back this June for a holiday. Will be talking to the wife and family whether to head out here or not.
Over 4 or 5 years, and yes you are still right about homesickness. I am just getting by. Still not settled and don't think I will ever settle. Going to go back this June for a holiday. Will be talking to the wife and family whether to head out here or not.
#7
Re: Requirements for car loans in Dubai
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Over 4 or 5 years, and yes you are still right about homesickness. I am just getting by. Still not settled and don't think I will ever settle. Going to go back this June for a holiday. Will be talking to the wife and family whether to head out here or not.
Over 4 or 5 years, and yes you are still right about homesickness. I am just getting by. Still not settled and don't think I will ever settle. Going to go back this June for a holiday. Will be talking to the wife and family whether to head out here or not.
#8
Re: Requirements for car loans in Dubai
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Over 4 or 5 years, and yes you are still right about homesickness. I am just getting by. Still not settled and don't think I will ever settle. Going to go back this June for a holiday. Will be talking to the wife and family whether to head out here or not.
Over 4 or 5 years, and yes you are still right about homesickness. I am just getting by. Still not settled and don't think I will ever settle. Going to go back this June for a holiday. Will be talking to the wife and family whether to head out here or not.
#11
meonline
Thread Starter
Joined: Apr 2007
Location: Dubai, UAE
Posts: 114
Re: Requirements for car loans in Dubai
#12
Re: Requirements for car loans in Dubai
as Fairydust says it is not much difference between the leasing and getting a loan, cover all options before committing to debt here. You want to be able to walk away as easily as possible if you decide to take that route.