What will happen if you cannot finish your car loan?

chokoi New member

Member since 15 July 2011

chokoiNew member16 April 2014 15:08:52

I have a car loan from ote.I am thinking not to continue my monthly obligation because of financial issue's.Can someone help me what I need to do?Thank you

VidoDido ViP

Member since 11 November 2011

VidoDidoViP17 April 2014 07:29:03

1002

Sell the car to pay the loan OR,
Sell the car to someone who is willing to take over the loan and pay the remaining monthly installments

MagmtLecturer Member

Member since 26 April 2013

MagmtLecturerMember25 June 2014 13:37:12

Go to Car dealer he will help you...

nicoleansel45 Member

Member since 23 February 2015

nicoleansel45Member23 February 2015 12:33:03

Sell your car and concern with any bad credit auto dealers.

schaz VIP Member

Member since 08 October 2012

schazVIP Member24 February 2015 04:43:10

1455

VidoDido wrote:
Sell the car to pay the loan OR,
Sell the car to someone who is willing to take over the loan and pay the remaining monthly installments

And if someone doesn't want to purchase, simply inform OTE and they'll assist you. There are options with the dealers for such cases. But don't do the mistake of leaving the car and exiting the country as it leaves a negative impact.

Markyan Member

Member since 17 November 2018

MarkyanMember17 November 2018 14:35:11

Hi guys,

Wanna ask a question if it is possible for me to cancel my oman visa but i have an existing financing car loan, but it was being continued to pay monthly as i returning back to other gcc country for an offer of work.

1. Is it possible for me to cancel my oman visa without being hold in immigration? Or it shows that i have my pending car loan?

GuestPoster411 Guest

GuestPoster411Guest19 November 2018 09:00:06

Hi Markyan,

If your car loan is in anyway tied to your company / sponsor then I am afraid you would not be able to exit the without clearing it.

On the other hand, if your vehicle loan is yours and yours alone, then you can exit without settling the balance amount, but your guarantor would have some questions to be answered and would have to clear your dues, once the bank comes to know that you have been defaulting on your monthly EMIs.

Markyan Member

Member since 17 November 2018

MarkyanMember19 November 2018 10:01:17

Hi Sumitran,

Thank you for your information, but i dont have the plan to abandoned the car, i was trying to move the nearby country for a much great opportunity and i still have to pay for it through bank deposit.

I was consulted some dealers and it was impossible for them to take the car and i really badly needed a help.

Thank you

Markyan

GuestPoster411 Guest

GuestPoster411Guest20 November 2018 09:27:19

Hi Markyan,

If your plans are honourable, then there are many ways by which you can settle your dues towards the car.

Speaking to your car dealer from where you bought your car, would be the best choice for you to try at this point.