HELP: Stuggling to get finance

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HELP: Stuggling to get finance

Postby mujxx on Thu May 07, 2009 1:42 am

Due to current economic climate i am struggling to get finance, i work as BDM for not very well known property developer, most of the banks have put freeze on us, my salary is paid in cash
i am looking to finance about AED 90ish any suggestions???
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Re: HELP: Stuggling to get finance

Postby root on Thu May 07, 2009 8:58 am

Can you get a credit card?
If yes, try to get an Islamic Bank credit card with a high limit and buy it on that. As its based on fees and not interests, you end up with a good rate when going to high amounts.

But it will probably be hard to get a card with high limits without a salary certificate.

You need to build your 'credit rating' in UAE. I would suggest that you have a current account, put in the money you get every month in cash into the account, so that when you get bank statements printed, they can see a regular income.

In most cases a letter from your company would work, but if you are on freeze, then that won't help either. Still check with your company. They must have atleast 1 bank that they have good relations with (their current account bank), and normally you can go that channel.

It's hard these days for real-estate guys and bankers to get financing these days. I guess in the hey-days these 2 groups notoriously abused the systems!
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Re: HELP: Stuggling to get finance

Postby mujxx on Thu May 07, 2009 10:45 am

I have premier account with Barclays and Noor Bank, they offered me credit card but i dint take thinking it will be alright, i also have salary certificate and letter from employer etc its just Ba**** are not listening at the time i want to buy :(
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Re: HELP: Stuggling to get finance

Postby root on Thu May 07, 2009 11:51 am

yeah, but you can probably switch banks! shop around and talk to other banks, as the loan market is loosening up.
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Re: HELP: Stuggling to get finance

Postby Brembo on Thu May 07, 2009 1:25 pm

did you try al hilal bank?

also if you buy from trading enterprises (honda) they keep advertising in the paper guaranteed financing for people with min salary of 4000-5000
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Re: HELP: Stuggling to get finance

Postby mujxx on Thu May 07, 2009 1:45 pm

I even tried with halal bank, i have very good terms with them.
Since i cannot get it on my name i even tried on my brothers 20 years old auto part company...and the worst part is no bank is financing used car on company name either :(
Only Mushreq is financing 75% on company name.
I dont want to get brand new Honda nissan etc just not my cup of tea, i am looking at 300 srt8
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Re: HELP: Stuggling to get finance

Postby root on Thu May 07, 2009 2:33 pm

You oughta get Chryslers cheap these days after the company filed for bankruptcy!

Try also RAK bank. They seem to be lending these days.
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Re: HELP: Stuggling to get finance

Postby mujxx on Thu May 07, 2009 3:05 pm

root wrote:You oughta get Chryslers cheap these days after the company filed for bankruptcy!

Try also RAK bank. They seem to be lending these days.


Yeah man, i love them srtzz, recession took my Range so ive to settle myself with nice looking luxury muscle car for some time, still cant decide 5.7 hemi or 6.1 hemi, if i buy 5.7 then ill def lower it with 22" and touch screen nav dvd VS 6.1 which is ready i.e 20" sport tuned suspension & steering + sport seats etc, i will just need nice headunit, mesh grill + exhaust cutouts ! thats about it, fuel will be about AED 150 month extra on srt so i am researching these days, looking at 2006-2007 model as i dont really like the look of 2008 onwards.
Chrysler bankruptcy didnt effect the price here in UAE i have been monitoring for some time.

RAK is not giving finance to property+finance industry ppl :(
TIP:
If you have 90K cash u simply put in fixed deposit for 5 yrs at about 8% annual return
against that they will finance @6.25%, which means you can pay off installments + 1.75% or free maintenance :)
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