Vehicle finance or bank loan

darren4342 wrote:

Good day

I am looking to finance a vehicle , I have been to toyota and they insisted on   an exorbitant amount for a deposit/ down payment. Any suggestions what can I do.  I am able  to pay approx Sar 3000 deposit  approx Sar 1500 pm. Preferably a brand new vehicle.  Any suggestions on where to  go for  a good deal ?I am also aware that hyandai dealership is cash only .

thank you

Have you considered a bank loan ??

Bank loans are usually the cheapest to go for, as compared to the finance houses.

However, banks can only provide a total loan of 33% of your monthly salary X no. of months.

Eg: If you have a monthly salary of SAR 10,000, the maximum loan you may receive is - 3,300Xno. of months.
If you do have a previous loan with a repayment of say SAR 2,000 per month, you are only eligible for a loan worth SAR1,300X no. of months.

Hope it helps.