Car Loan Duration Advice for Non-Qataris
If one wanted a car loan for a vehicle, and you are an expat with a pre-set contract period, what does one do for the loan. I noticed the IBQ Personal Loan Calculator defaults to 84 months, which I presume is to their advantage on account of interest. However, I obviously run the risk of not being here quite that long. So, what do other non-Qataris on QL do? If my contract is three years, do I set it to around three years in the future? Do I go beyond contract length and hope to sell the car with its loan attached? I see such offers on QL but I am not sure if it is difficult to get rid of a car short notice when a loan is involved. It sounds like that puts the potential buyer in an excellent negotiating position and you in a lurch?
Thoughts? Kthxbai.
@ndret Exactly what I was looking for. Thank you very much.
as per my experiences loan from IBQ bank recently,
for an expariate they allow you for loan duration up to maximum 5 years. once you get enough money, and want to settle early before the comes year end will charge you extra 1%.
as per the bank statement contract they will re-calculate the total amount balance you have to pay without loan interest and (+) plus 1% for management fees early as settlement loan.after incoming 2days you will get clearance letter from the bank which is state as no more outstanding loan balance.
Thanks for your comments so far, but you are giving advice when I really was asking for opinions of people who actually have loans. I get some of you think this is unwise, but I have my reasons. My contract is extendable if I choose to say, so we shall see. Can people who have loans comment instead of people telling me to avoid them? Thanks.
Rent a car is good solution, any time you can leave without headache.
if you can afford higher payments for a shorter period, your local bank will be more than happy to extend a loan.
You determine the loan period, not the bank.
Better to avoid this headache selling car with loan. No body will buy it from you. There are finance companies and Banks who will give you car loan for 3 years. Just check around.