LQ1
Member
Posts: 19
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Post by LQ1 on Apr 22, 2012 17:48:36 GMT
o everyone,
Anyone have a recent experience with buying a new car at Dhahran or surrounding area? Prices?Bank Loans/Financing? Any assistance from Aramco?GMC Yukon Xl or same size?
Thank you for any information you provide.
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Post by Hadia on Apr 23, 2012 3:41:04 GMT
If you haven't already, please use the search function or Google to search this forum about this topic. MUCH has been written about it recently and previously.
You can either pay cash and buy a car outright, which is what most expats do to get the best price and avoid any potential language barrier issues with a contract, or you can get financing if you have a Saudi bank account (it's not actually called financing--more like lease-to-own, Shariah compliant). You can get lease-to-own from the dealership, which is typically more expensive, or work with a third party bank. To do this, expect to provide them with copies of bank statements for three months, iqama, driver's license, and proof of employment and physical residence, boss' contact info, and another reference name. Also, you'll need to bring a cash down payment with you. You can anticipate monthly payments for a set period of time, such as 48 months, possibly with a balloon payment at the end of the term.
If you are not the full owner of the vehicle, you'll need a letter of permission from the dealer or bank in order to take it out of Kingdom (such as weekends to Bahrain). It is my understanding that this letter is good for a brief period of time and would need to be renewed. There may be a fee for this letter. Others could comment on this.
Also, if you don't speak Arabic, it may help to bring someone with you who does.
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Post by GroveWanderer on Apr 23, 2012 6:19:52 GMT
Two guys in my dept recently bought new cars on a very enticing "0% interest" financing arrangement from the local Peugeot dealer.
The terms were for certain models only (smaller cars as far as I am aware). For the model they bought (the 206?) it was SR 3,000 deposit, followed by 48 monthly payments of SR 1,066. According to them, at the end of the four years they will have paid the same as the current full cash price.
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Post by expatwife on Apr 23, 2012 12:51:27 GMT
How is the price there compare to car price in US?
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Post by Hadia on Apr 25, 2012 3:14:58 GMT
We found it similar. Insurance was also wrapped into the car purchase, and that was a bit of savings compared to the insurance we paid in the US.
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