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.[boxify cols_use =”1″ cols =”2″ position =”right” order =”none” box_spacing =”10″ padding =”10″ background_color =”#3c3c3c” border_style =”solid” ]
- 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)