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JustHere | December 11, 2016

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Getting behind the wheel: What you need to know about applying for a car loan

New to Qatar? Planning to get a car? In this five-part series, JustHere will guide you through the different aspects of owning a car in Qatar.

In our third part, we discuss about car loans.

Almost all banks in Qatar offer car loans. The rate of interest varies between 0-5% and the details vary slightly from bank to bank. To get a loan you need to first decide on which car you would like to purchase and get a vehicle quotation from the licensed dealer.

Some banks require you to make an initial down payment for the car whereas others don’t. The down payment could be anything between 0—20% of the car value.

Be warned
  • The rate of interest is a flat rate usually and is applicable on the full amount of loan taken (it is not calculated on thee reducing principle)
  • Each bank has a different limit to the tenure and amount of loan you can take from them

To get a car loan you will need:

  • Salary slip for a set period of time/salary account with the bank you intend to take the loan from
  • Vehicle quotation from a licensed car dealer issued in the name of the respective bank
  • Qatari ID
  • Original valid passport
  • Guarantee cheques (in case of some banks)
  • A copy of the ownership of the car (in case it is a used car)

 

 

Copyright © 2013 JustHere Qatar. Reproduction of material from any JustHere Qatar pages without written permission is strictly prohibited.

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