advice on financing a car

APOLOGOD Active member

Member since 21 November 2012

APOLOGODActive member18 September 2016 07:45:44

Salaam and Hello to everyone and especially in Riyadh KSA.
I am living in Riyadh city in KSA and planning to buy LEXUS 460L 2009/2010 model. I need to know advice from any / every one who can guide me from where I can get financed this model. I need it to be on installments not on lease and being an old model will it be possible or not at all and if yes which institutions or companies or banks are financing that specific model.
thanks in advance and regards

TheLegendLeads ViP

Member since 06 April 2010

"The cure for boredom is curiosity. There is no cure for curiosity." -- Dorothy Parker

TheLegendLeadsViP18 September 2016 08:02:06

5763

Financing companies or banks won't help in this as it won't a brand new car. Good for you as usually they charge ~8%+ per annum.

A better alternative would be to get a cash loan from a suitable bank. The interest rate will be lower and the car you buy will be in your name from day one.

APOLOGOD Active member

Member since 21 November 2012

APOLOGODActive member18 September 2016 09:41:01

thanks.

skhurram007 Serial expat

Member since 20 October 2014

skhurram007Serial expat20 September 2016 20:43:33

410

Loan from Bank is the ideal suggestion.

I believe several finance companies like Al Yusr used to provide for max 5 years old cars.

Best is to contact the local dealer. I don't know about Lexus dealers specifically but most dealers sell old cars upto 3-5 years old models. Even if Lexus is not selling, they can give you links.

My suggestion is for knowledge or if you can't get a bank loan. Bank loan is the cheapest and ideal source.