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Requirements for car loans in Dubai

Requirements for car loans in Dubai

Old May 3rd 2009, 8:22 am
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Default 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.
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Old May 3rd 2009, 8:29 am
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Default Re: Requirements for car loans in Dubai

Originally Posted by meonline View Post
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.
I would be very wary about taking on a bank loan in this current climate, would leasing not be an option?
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Old May 3rd 2009, 8:43 am
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Default 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.
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Old May 3rd 2009, 8:47 am
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Default Re: Requirements for car loans in Dubai

Originally Posted by meonline View Post
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.
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?
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Old May 3rd 2009, 9:12 am
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Default Re: Requirements for car loans in Dubai

Originally Posted by Blue Cat View Post
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?
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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.
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Old May 3rd 2009, 9:23 am
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Default Re: Requirements for car loans in Dubai

Originally Posted by meonline View Post
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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.
So despite the above, you are still planning to be here for the next couple of years at least?
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Old May 3rd 2009, 9:25 am
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Default Re: Requirements for car loans in Dubai

Originally Posted by meonline View Post
-----------------------------------------------------------------------------

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.
Definately wouldnt bother with the car loan then to only save 350 dhs plus you've then got insurance and other related costs to pay for as well - stick with the rental
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Old May 3rd 2009, 9:27 am
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Default Re: Requirements for car loans in Dubai

Originally Posted by meonline View Post
-----------------------------------------------------------------------------

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.
wait until after the summer before making a decision about the car, I have a gut feeling you aren't going to settle here long term.
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Old May 3rd 2009, 9:36 am
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Default Re: Requirements for car loans in Dubai

Originally Posted by Blue Cat View Post
wait until after the summer before making a decision about the car, I have a gut feeling you aren't going to settle here long term.
no shit Sherlock?

I think he is just desperate to get into debt.
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Old May 3rd 2009, 9:37 am
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Default Re: Requirements for car loans in Dubai

Originally Posted by admon View Post
no shit Sherlock?

I think he is just desperate to get into debt.
it must be a way for him to feel that he 'fits' in.
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Old May 3rd 2009, 10:32 am
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Default Re: Requirements for car loans in Dubai

Originally Posted by Blue Cat View Post
it must be a way for him to feel that he 'fits' in.
You are probably right. I will wait until after the summer. Will talk it over with the missus when I go back. If I do need to leave here next year, at least I won't have the loan to worry about. Thanks.
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Old May 3rd 2009, 11:11 am
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Default Re: Requirements for car loans in Dubai

Originally Posted by meonline View Post
You are probably right. I will wait until after the summer. Will talk it over with the missus when I go back. If I do need to leave here next year, at least I won't have the loan to worry about. Thanks.
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.
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