before crunching the numbers, could you tell if I can take a standard car loan from a bank in Qatar? The point here is prohibition on charging interest under the Islamic law. Do you know if car loans are exempt from this prohibition? Can local banks give non-Islamic (i.e. Western-style) loans?
If that's the case, then to figure out the maximum interest costs over the life of the loan all you need to know is the interest rate (we assume it to be fixed, say 4.6%), the term of the loan (eg., 3yr or 5yr) and the initial loan amount. Given all this, a bank then back-solves what your fixed monthly payments should be. You can reduce this max interest costs by making early prepayments, i.e. any payments in addition to your mandatory monthly payments.
i think your calculation in your thred is not accurate..
if you take 73,000 QR for 5 years, you will pay back to the bank around QR16,000 more, which is total around 89-90 Grand! You will pay extra 9000 for the loan of 45000 QR for 5 years!
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before crunching the numbers, could you tell if I can take a standard car loan from a bank in Qatar? The point here is prohibition on charging interest under the Islamic law. Do you know if car loans are exempt from this prohibition? Can local banks give non-Islamic (i.e. Western-style) loans?
If that's the case, then to figure out the maximum interest costs over the life of the loan all you need to know is the interest rate (we assume it to be fixed, say 4.6%), the term of the loan (eg., 3yr or 5yr) and the initial loan amount. Given all this, a bank then back-solves what your fixed monthly payments should be. You can reduce this max interest costs by making early prepayments, i.e. any payments in addition to your mandatory monthly payments.
i think your calculation in your thred is not accurate..
if you take 73,000 QR for 5 years, you will pay back to the bank around QR16,000 more, which is total around 89-90 Grand! You will pay extra 9000 for the loan of 45000 QR for 5 years!
paying around 9%! considering the way they calculate their interest!
Check out my post where I have provided a calculator to simplify the calculations. Call it the Jackmohan Calculation...lol
http://www.qatarliving.com/node/123248
SB...dont go by what others tell you
The amount You pay is the amount in the Box. 3.99% or less is what the bank tells you but you end up paying around 4.60%
The bank usually gives you 2 options 3yrs or 5 yrs.
The rate is fixed for both.
There is no point taking a term longer than 5 yrs as you end up paying a lot of Intrest.
never knew that banks give car in lease....
3.99 is utter bull....unless its a fixed rate dont take it....
Is this %age fixed for all, or varies from bank to bank...?? and for how many years can u pay it....starting from 3.........!!!!
If anything simply cannot go wrong, it will anyway
3.99%