So, I instantly liked Honda CR-V in Part 1 and after taking the test drive the deal was sealed.
Now I had to go through the actual process of buying the car.
Since I got the car financed through the bank, there was lot of paper work involved. Here is all what was required by the bank (as far as I remember)-
1. Passport Copy
2. UAE Resident Visa Copy
3. Driver’s License Copy
4. Labor Card Copy
5. Bank Statement
6. Salary Certificate from Employer
7. Last three salary slips
The above documents are always required for any major thing you do in Dubai.
In addition to that you have to keep the checks ready for monthly payments as you have to write all the checks in advance and give to bank which they will withdraw from your bank every month. So it’s not easy to change your bank for the duration of the lease.
I decided to go with Dubai Islamic Bank as they had lowest profit rate. But their service was very slow as they did not finish their formalities even after I deposited the down payment and checks for monthly payments.
I got the car after a delay of 2-3 days. I was almost pretty pissed off in the end due to the delay, but all is well that ends well.
So that’s how you buy a new car in Dubai through bank financing. Of course if you have cash then you don’t need to go through all this and just drive home with a car.
If you want to buy a used car and get it financed through a bank then first of all the interest rate would be higher and secondly it is a bit harder to find a reliable used car in Dubai because of extreme weather conditions and reckless driving habits of emaratis.
you can get some good used cars that are only 1 - 2 years old with next to nothing mileage on them. that saves you the huge depreciation for the first year or so and you get a car which usually is serviced by the dealer.
Khurram » you are right but interest rate is about 1-2% higher in used cars which adds up to a lot if you are financing for 4-5 years.
“If you want to buy a used car and get it financed through a bank then first of all the interest rate would be higher and secondly it is a bit harder to find a reliable used car in Dubai because of extreme weather conditions and reckless driving habits of emaratis.”
i completely disagree when you said that finding a reliable used car in dubai is a bit harder. just go to al aweer used car complex and you’ll find the car you need. Gulf News published an interesting article about the complex a few months back. the extreme weather condition is not a big deal because the cars sold in Dubai are mostly with GCC specs. and emaratis’ reckless driving habits arent to blame either. that’s just silly! hahaha
congrats with your new car by the way! and drive safely. cheers!