Car loan | ExpatWoman.com
 

Car loan

568
Posts
EW GURU
Latest post on 20 November 2011 - 21:10

Hi ladies.. just a question on car loan.

I need to get a car and am looking at taking a loan. Problem is, I don't think I would get approved because my company is a very small advertising agency and has been around for just about a year. I've been with the company for 7 months. I'm earning a good salary which I'm sure is above their minimum required, but the problem is with the company not being listed. I also do not have a credit card (I'm using my home country's cc's ever since) so I do not have any credit history.

My friend offered to take a car loan for me. Problem is, she doesn't have a license (and her home country license can't be converted). Can someone without a license actually take a car loan for me? What's the easiest way to get around this?

I have been driving a friend's car ever since and renting it from him but he needed to claim it back cos his girlfriend also needs a car. Is there a chance for me to get a car and finally get rid of waiting for taxis every morning?? It's driving me insane! :(

107
Posts
EW NEWBIE
Latest post on 20 November 2011 - 21:51
My guess would be that it depends on the bank. Also, I believe car loans are usually easier to get as the bank has something to repo if you stop paying (at least that is how it is in the states). I would call a couple banks and see what they say. Our own bank wouldn't approve us as DH's company isn't listed (didn't matter his company uses the same bank)..but as previously mentioned, another bank did!
568
Posts
EW GURU
Latest post on 20 November 2011 - 21:41
Thanks for quick replies ladies. But recently I applied for a credit card and was declined because of my company not being listed. do you think the criteria are different for car loans?? (hope so!)
656
Posts
EW GURU
Latest post on 20 November 2011 - 21:36
RAK I know doesn't need your company to be listed with them. What they will ask for is 6 months bank statements, salary letter confirming that you are a "confirmed" employee. Another bet is to go to the bank your company bank's with.
107
Posts
EW NEWBIE
Latest post on 20 November 2011 - 21:26
DH's company also isn't listed at any of the banks, but we got a loan through ADCB (Abu Dhabi Commercial Bank). Couldn't buy from a private seller though.
 
 

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