anyone know the interest rates for loans?

[Ottoman]

I'm looking to finance a new car possibly

my dillemma..

everyone knows Auto loans have low intrest rate and personal High..

but i'm not sure how much difference...

is it better to pay more initial at a low interest rate.. or less at a higher..

for example..

Z4 coupe mal wakale 16,xxx auto loaned

S2000 2008 till Bahrain 14,xxx personal loaned (since honda bahrain is too gay to bring me one)


so does anyone know the rates?

i've heard it's around 7.5-8 % for personal and around 3.5% for Auto..


can anybody Chime in?

[BLOODLINE]

4% is bahrain credit .. thats what I know so far , others I have no idea:)

[Ottoman]

4% for auto?

[BLOODLINE]

yep but that was for 2 year loan as my bro took his car with .. I guess it goes between 4 and 5% , auto loan that is

[ZEX]

if you pay 20% first , they'll take 4.25% yearly

if it's less than that , their interest= 4.75 %

i'm talking about KFH

[Ottoman]

Zex 20% of the cars value in deposit la?

yeah that shouldn't be a problem..

i'll probably put more like 35-40% down payment

[BikeMaster]

A friend of mine is taking a new IS300 full option, delivery tomorrow so as he and me have shopped around, this is what we found, the best bet is an AUTO loan because PERSONAL loan has an higher interest rate.
The Best and lowest banks we found were
KFH & AL SHAMIL
My friend went with al shamil bank, fixed for 6 year payments with an interest rate of 4+% which was the best he found and suited him.
So to save your time, i suggest you check the above mentioned ones.
Bahrain Credit is crap, because they know that if you reach them, it means that 60% of the banks have rejected you.
Hope that helps.

[jiljil]

im working in BBK & the interest rate for personal loan is 9.75 (Flat)
and if u r serious i can make it lower than 9.75 :)

[Ottoman]

thanks guys..

unfortunately the car i'm leaning most towards is no longer offerred in Bahrain..

so chances are I have to take a personal loan to get the car since i'll have to import it from USA..


it's a shame..

[BikeMaster]

thanks guys..

unfortunately the car i'm leaning most towards is no longer offerred in Bahrain..

so chances are I have to take a personal loan to get the car since i'll have to import it from USA..


it's a shame..


OMG! no more C6's in Bahrain?!?!?!?:eek2:








:lol:

[ZOSicK]

they start from 4 otto and reach to a max of 7

try alshamel, Ahli united bank and Bahrain credit they should be the lowest

good luck

[4ced]

the number they state as an interest rate is absolutely no use in comparison between banks, because each bank calculates in a different way... some banks state 4.5% and you compare it to another bank that states 8.5%, and you realize the bank offering you the higher rate actually costs less... Other things you need to be considering are, number of years, is it a flat rate or a reducing rate? are there any insurance charges, fees, processing costs, etc, and how much are you paying during the loan overall. Currently in bahrain, there is almost no difference between the interest rates on auto loans and personal loans in most banks. there is supposed to be, but there isnt.

To figure out the best rate on a basis you can compare, go to each bank and ask them the following:

How much cash do you get in hand (or how much will they be paying for the car exactly, not including your down payment)

How much are you going to be paying as an installment

How many months do you need to pay

Thats all you need. Multiply the installment youre paying by the number of months to figure out your TOTAL cost. Now divide that by the amount of cash you'll be getting, to figure out how much interest youre paying (and divide by the number of years to get the approx interest rate per year).

Call me if you need more info.

[4ced]

Bahrain Credit is one of the highest interest rates in the market, by the way

[Blow-Off]

bahrain credit, ill give you an example

toyota corolla 2004 priced 5600BD , in Bahrain Credit 7300BD with no advance payment and payed in 5 years instalments

[coolioo]

when it comes to Loans ,the Bank actually buys the Vehicle from the dealer ,
hence making it possible to give you a loan at their expense, now only if the local bank promises to purchase the car that ur planning to Import, things would be at ease

[designo]

Bahrain Credit 5.025% no reducing balance for a 5 year term.

You are better off getting a personal loan! Personal loans are 10.05% but you get reducing balance.

[tyrant]

Best banks were Shamil and KFH

KFH requires you to give 30% down for a rate of 4.75% other wise its 5%.. shamil is iirc 4.5% or 4.75 with 0% down

[grafix143]

Otto i just got a new car 1 month back i did my research to for auto loan
the best offer was from StandredCharterd Bank so far

i went to bahrain cridet , HSBC , KHF , Shamil bank , BMI

best of them is BMI and Standred Charterd bank the diffrence between them was BMI takes 1 week to approve ur loan , Standred took 1 day

[Ottoman]

cool..

what car did u get?

what interest are u paying?

[SAMoloGY]

im working in BBK & the interest rate for personal loan is 9.75 (Flat)
and if u r serious i can make it lower than 9.75 :)
i work at bbk.. and i can get him a 7.5% interest rate! and ive told him that before, and i dont even know why he started this thread when i have all his answers..

from the sounds of it, u work in a branch.. which one??

otto, seriously dude.. ive got u set up, no need to ask around BBK has JUST launched their car loan product not 2 days ago, interest rates are very low just to get it moving.. and as for a personal loan.. well, no one in the bank can get u a better loan than me and 4ced.. we were a team! anyways..ill hook u up with something good!

[Black Z]

Ahli united Bank 9% fixed rate for the P.loans...

[grafix143]

cool..

what car did u get?

what interest are u paying?

i got a Cadillac
total intertest 1100 BD total for 4 years.

my downpayment were 1500 BD

car price is 9500 BD

so the loan amount is 8500 BD

[4ced]

Me and Staind were a goddamn BBK mafia. we gave loans to people who wouldnt be able to get loans to save their life otherwise. lol.

Otto; like i told you, dont bother asking how much the interest rate is, it wont do you any good. some banks manipulate the given rate to make it seem more attractive, but end up hitting you with a flat rate and higher charges so in the end you get screwed. Again, check out the amount they give you in cash, compared to the installments youre paying and over what period.

Heres an example to give you an idea of how to work it out:

Say a bank will give you 5000 dinars in cash, and tell you they charge 4% only. So you think thats a good rate, right? Then they ask you to pay 105 dinars per month for 5 years.

You calculate 105bd x 5 yrs x 12 months/yr = 6300

so youre paying 1300 in interest/charges etc

1300 divide by 5000 = 26% over 5 years... which equals approx 5.2% per year. this calculation gives you an overall figure you can use to compare, which includes all bank charges etc.

now take this calculation and go around to other banks. if you check out bahrain credit, theyre probably charging you around 6%. BBK and NBB around 4.5-5%, standard chartered around 4-4.5% (although my experience with them was really shitty service, although they have the best rates in town). KFH are also good with service as far as ive heard but i havent checked out their rates and stuff...

now heres another thing. when you take out an AUTO loan (haha, otto loan, hah, never mind) the car is registered and insured in BOTH YOUR NAME AND THE BANK NAME. and you HAVE to take out full insurance until you fully pay off the loan. driving the car outside the country to saudi or wherever also causes some complications sometimes. you also have to pay a downpayment (varies from 5%-20% usually depending on bank) as most banks will not finance a car 100% (some might, but most dont). Also, if youre buying a used car as compared to a new one, that percentage might be higher, and so might your interest rate.

personal loans are a lot easier. you get the cash in hand, do whatever you want with it. only thing here is your salary HAS to be transferred to whichever bank youre dealing with. In this case, you preferably want to deal with one of the bigger banks that have branches everywhere, so that you dont get a headache with the other bank services you need later on. I suggest BBK for now if youre going through Staind, or standard chartered if you can bear the shitty service.

[ZOSicK]

screw loans :motz2:

[designo]

hmmm

Any chance I can settle my BC loan early and transfer to BBK? Can BBK facilitate that for me?

[vette4ever]

Otto i just got a new car 1 month back i did my research to for auto loan
the best offer was from StandredCharterd Bank so far

i went to bahrain cridet , HSBC , KHF , Shamil bank , BMI

best of them is BMI and Standred Charterd bank the diffrence between them was BMI takes 1 week to approve ur loan , Standred took 1 day

I totaly agree with grafix.... SCB is the cheapest in the market and you will get the approval by next day !!

[vette4ever]

otto, why do you need a loan? Are you trying to be a puer Bahraini?

[designo]

no comment at vette4ever :nono2:

[4ced]

designo; they can easily do that, if theyre actually willing to approve your loan (ie, if they manage to get an exception for arabco, because its probably not on their approved list, unless you guys approached them previously)

anyhow, good thing about Bahrain Credit is when you pay off your loan, you only pay the remaining cash balance. all interest is forfeited. they dont take any settlement charges (well, maybe something tiny like 25 dinars or so)

otherwise, some other banks, like standard chartered for example, will ask you to pay off the full balance AND interest for the remaining period. So suppose you take a 5 year loan from std charted one day and want to pay it off after a month, you have to pay them back the full loan amount PLUS 5 years interest.

[Ottoman]

thanks for the info 4cd..

that's what i'm trying to work out..

personal loan has it's benefits as u mentioned..

but a)the interest is higher cuz theres no collateral and it's "high risk" so they dont give as much cash probably...

b)it'll mean i can borrow less..



otto, why do you need a loan? Are you trying to be a puer Bahraini?


i was originally thinking of getting a barely used car like an 05 or 06.. but that will be a personal loan with high interest..

bmw has a good promotion now.. 5yrs free service and warranty... so i'm contemplating a new car instead..


I live in awali.. and work in juffair.. and after a year work will be in Hidd

that's a long commute.. i want a nice DD to make the daily commute enjoyable.. and still fun..

plus it's about time i get a chick magnet..

for some reason girls don't like the sound of BRAP BRAP BRAP. and the smell of 2 stroke in their hair... I wonder why... :p

[4ced]

otto; youre right about the fact that a personal loan SHOULD have a higher interest rate than a car loan, and that you SHOULD be able to get a different amount.

But again, this is bahrain. Most banks offer you the same product as a car loan OR personal loan, just with a different name! And like I said, with a car loan, you have to get the car in you and the banks name, plus full insurance etc.

If youre dealing with an islamic bank (KFH, Shamil etc), most of them wont give you a personal loan, only a car loan (well, most of them. one or two have found an "islamic" way to give a personal loan.

[Ottoman]

LOL

yeah man..gotta find the loop holes in the system to milk it...

looks like the only way is to do the foot work and go bank to bank door step..

[Blow-Off]

murabaha islamic way , the bank buy the car for you then sell it agian to you with a profit , instead of the interest that they charge you with , at least its an islamic way and not prohobited byuing and selling :D

[4ced]

yup... thats pretty much what youre gonna have to do..

but let me save you most of the work and tell you where to check out

Standard chartered, BBK, NBB, Muscat Bank, Shamil Bank, KFH. Youll probably get the best deals from these guys. If youre planning on paying off the loan a year or two into it, dont deal with std chrtd, KFH or shamil.

[4ced]

murabaha islamic way , the bank buy the car for you then sell it agian to you with a profit , instead of the interest that they charge you with , at least its an islamic way and not prohobited byuing and selling :D

islamic banking is the biggest joke of the century. everything is supposed to be done the halal way when in reality is all a twist on words and stuff. and its the biggest globally growing sector in finance right now!

[Blow-Off]

yeah am with you i feel it as its a joke interest in other way , its still in the development stages didnt reach the mature yet so its growin , best of luck otto and nice info 4ced very usefull

[-=<FOXXX>=-]

otto get an X5. You're gonna love the exhaust note on that car

[jiljil]

i work at bbk.. and i can get him a 7.5% interest rate! and ive told him that before, and i dont even know why he started this thread when i have all his answers..

from the sounds of it, u work in a branch.. which one??

otto, seriously dude.. ive got u set up, no need to ask around BBK has JUST launched their car loan product not 2 days ago, interest rates are very low just to get it moving.. and as for a personal loan.. well, no one in the bank can get u a better loan than me and 4ced.. we were a team! anyways..ill hook u up with something good!

im in the call centre 4 the main branch :)
wat about u ?? in which branch ?

maan r u sure about the 7.5% ?? coz the lowest rate 8.5% 4 consumer loan !
feedback me about the car loan .. coz lal7en ma nazilaw shay 3indena .. just we make a request with full information and we send it to the branch .. !

[06 STANG GT]

go for personal loan, its cheaper and you can get it from standard chartered bank for 7% reducing which means around 3% flat (car loan is a flat rate so 5% means around 9.5% reducing) plus the car will be under your name (cash) in car loan the car will be under the banks name until you pay it all which means you cant sell the car before paying the total amount remaining (including interest)+ 3% as early settlement charges.....
PM me if you want the loan from standard chartered :up: