Low-earners in search of a cheap car in Dubai could now struggle...
Major UAE lenders are refusing to grant loans for customers buying old cars making it very difficult for anyone on a low wage to buy a cheap vehicle.
Several banks are now stating in their conditions that they will not finance the purchase of cars that will be more than 10 years old when the loans mature. With loans typically maturing after four years, the condition rules out cars built more than six years ago.
HSBC Bank Middle East and Abu Dhabi Commercial Bank (ADCB) said the age of the vehicle may not exceed eight years and nine years, respectively, at the maturity of the loan. Some banks also impose a three-year limit, while others extended the limit to 10 years.
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car hunter Feb 12, 2009 10:48 am
I think it would be a great idea to do an article on th current cost of cars in the uae and how much you can sell or buy one given the current economic climate. With rumours that over 3,000 cars have been abandoned at the airport since christmas and countless cars with hand made for sale signs on major road sides - i.e outside lloyds bank jumeirah or spinneys roundabout al wasl road - it appears people ar desperate to sell instead of abandoning them. Also are people still able to transfer their loans??
Ther are hundreds of people in dubai looking for cars and more people coming in every day - but how do we know we are getting the right price and not the value it would have been if the crunch was not in effect