buying a car (on a loan)

Discuss which cars to get, where to get them from, tricks and traps to avoid, insurance... Also, great place for First time Car Buyers in UAE!

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buying a car (on a loan)

Postby saparda on Tue Jun 09, 2009 7:46 pm

hi guys....

as you know in my previous topics i wanted to buy a G37 now i've decided to go with other car since the G37 side is not looking good...

i've found a porsche caymanS and i need some guiding help...

the person bought the car by a loan from NBD....the guy told me to give him a check and he will give me the car and his driving license and once the car is released from the bank me and him will go to do the transfer..

does this sounds right??.

shouldnt i give the money to the bank or maybe i should do the payment process.


please if anyone knows the steps for doing this...please guide me i dont want to be fooled.
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Re: buying a car (on a loan)

Postby Brembo on Tue Jun 09, 2009 9:16 pm

Is it s personal check in the name of the seller?
I dont know the exact procedure but i wouldnt give a check in exchange for a driving license
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Re: buying a car (on a loan)

Postby root on Wed Jun 10, 2009 10:18 am

Well, it does not sound right. As Brembo says, you are giving a cheque and getting a driving license.

If I part with money (cheque or cash) I would also like to see the transfer done on my name. I would say talk with NBD bank and see how they can facilitate the process, as I am guessing the guy needs your cheque to get the bank clearance to sell the car.
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Re: buying a car (on a loan)

Postby ewap8 on Thu Jun 11, 2009 11:49 am

DON'T DO IT!
Unless you trust this buyer 100%, don't do it. Speak to the bank directly. He or she can have the cheque cleared, take the money and leave the country in one day, leaving you with a bank-owned car, and a useless driving license. Don't be fooled!
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Re: buying a car (on a loan)

Postby lead09jae on Wed Sep 02, 2009 8:26 am

Hi,

Well, do you know the guy personally? Because if you do, then it's alright. If you don't then don't.

Regards,
Jun
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Re: buying a car (on a loan)

Postby paybill on Thu Oct 28, 2010 3:24 pm

You should check interest rate of NBD and if your loan will approve then you decide about your repay loan terms. And other important suggestion is that you should bound guys with agreements.
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Re: buying a car (on a loan)

Postby root on Fri Oct 29, 2010 10:25 am

huh? This is a year old thread!
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Re: buying a car (on a loan)

Postby Cynthia13 on Mon Feb 13, 2012 9:24 am

Car loans with diverse charges. Research your scenario, talk about with your bank and opt what's best for you really. If you really highly believe that the amount may go down in the long run during your course of bank financial loan pay back and you actually'pertaining to able to take the risk, you actually may also opt for a diverse amount car bank financial loan.
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Re: buying a car (on a loan)

Postby Amisha20 on Mon Feb 20, 2012 8:03 am

Car loans for people with poor credit score are becoming more and more common as millions of Americans are losing their jobs and becoming less credit score worthy and more credit score challenged. These days, if your credit score is less than perfect, you should not have too much trouble getting the car you desire.
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