Getting a car loan in Bahrain

19POSTS

11 years ago

Hello!
Just wondering if it's easy to get a car loan from the bank if you are an expat? What was your experience like? Thank you in advance.

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Ocfemjc Serial expat

324POSTS

11 years ago

Also interested to know as I wish to buy a second hand car soon.
Also is it a requirement to have a Bahraini drivers license to buy a car?

2 members reacted to this post

logicalindian Bahrain Expert

3515POSTS

11 years ago

Hello!

If your buying a new car, then usually the car dealer will have a tie up with some bank, you could also go with your choice of bank (where your salary gets transferred to or others as well). I have heard that car model dating to 2009 and early some banks dont provide loan on them, in any case first talk to the bank of you choice to get a good deal and im sure all the details will be provided by them and i am guessing CPR will suffice to buy a car (hopefully someone could clarify it )

good luck

T&R

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Ocfemjc Serial expat

324POSTS

11 years ago

I have been told by dealers usually if getting a loan the car should be no less than 5 years old though if it is 6 banks may still consider giving a loan for it.

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5hutterbug Active member

80POSTS

11 years ago

When I was contemplating a new car loan, this is what I found:
National Bank of Bahrain would give me a loan @ 8% interest. I have a salary account with them. For local Bahrainis, the rate of interest was 3%

Standard Chartered Bank would give me a loan @3% if I transferred my salary account to them. Otherwise, they would advance me a loan at 4% rate of interest.

These interest rates were fixed, not diminishing, by the way.

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Ocfemjc Serial expat

324POSTS

11 years ago

I'm with standard chartered so will probably take the loan out with them

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dazzadarule Member

24POSTS

11 years ago

We've just used Standard Charter for our car finance. I can give you the rep's details if you require. He came to our house. They offer cheaper rates for a direct salary transfer. they require 3 months bank statements, 3 months pay slips and a salary statement from your employer. Passport and visa copies were taken as well. No mention of a Bahrain driving license. there is also the possibility of paying off the loan early with a 1% charge, less the outstanding interest.

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