Arab Today, arab today new bank ruling on car financing
Last Updated : GMT 00:53:42
Arab Today, arab today
Arab Today, arab today

New bank ruling on car financing

Arab Today, arab today

Arab Today, arab today New bank ruling on car financing

Abu Dhabi - Arabstoday

Car rental agencies are experiencing strong sales as a result of new rules that end 100 per cent bank financing for new vehicles. The Central Bank\'s ruling — which requires buyers to pay 20 per cent of the price of the car up front — has persuaded many drivers that long-term rental is an easier and a more affordable option. \"We see a trend of customers choosing small- to mid-size cars during these economically challenging times,\" said Rahul Singh, general manager of Thrifty Rent a Car. \"There is a huge demand on a monthly basis from expatriates and those who stay for a longer period in the country.\" Article continues below But Singh added that increased demand has fuelled competition, with a number of operators now active in the UAE market. \"There is a rise in the amount of car rental businesses and, therefore, an increasingly competitive market with value-conscious consumers,\" Singh said. Thaer Dalilah, an Arab expatriate in the UAE, said that he hires a car as he cannot afford to buy a new one after the government\'s 20 per cent deposit rules. \"My salary is Dh5,000 and I have to drive to my work in Musaffah and get back to Abu Dhabi. It will be very expensive to me to go by taxi from home to work six days a week. I pay Dh850 per month and I can ask for the option of owning a car after one year,\" added Dalilah. Opportunities abound But Nigel Johnson, managing director of Hertz, told Gulf News that it was difficult to say whether the growth can be attributed to the UAE government regulations. \"I would not go as far as to suggest that there is a boom in car rental business in the UAE. However, car rental companies see some strong growth on year-on-year volumes of reservations\" he said. \"It is difficult to know the impact of the recent rule changes to vehicle financing, However, I suspect that some customers have sought to rent ahead of buying at this time. \"We have started to see an economic recovery from the impact of the financial crisis which in turn has seen the corporate sector starting to re-invest in the opportunities that exist here,\" he added. It is not just residents that are opting to rent vehicles rather than use their own, Thrifty\'s Singh said. He pointed out that GCC tourists — who often have their cars shipped to the UAE for their holidays — are now opting to rent. This is especially the case, Singh said, in the summer, when taxis can be more scarce in Dubai and Abu Dhabi. Ahmad Mutawa, a Kuwaiti tourist who is currently visiting the UAE, backed up this view. \"It is cheaper for me [to rent] and much more suitable and comfortable for my family since we are seven people. No taxi will accommodate us and it is hard to move around the country without a car,\" he said. As a result, Singh said, growth is likely to increase after a brief Ramadan slump. \"We expect that car rentals will rise until the end of April 2012; during Ramadan, there will be a decline, and after Ramadan, car rental movement will revive,\" he said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today new bank ruling on car financing Arab Today, arab today new bank ruling on car financing

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 13:21 2017 Wednesday ,15 February

200 Teslas to join Dubai Taxi fleet

GMT 21:20 2017 Tuesday ,14 February

Tesla brings electric cars to supercar-loving UAE

GMT 05:55 2017 Monday ,13 February

Careem scheme aims to help refugees

GMT 05:51 2017 Monday ,13 February

Al Fahim Group unit revelas strong growth

GMT 12:46 2017 Friday ,10 February

Dubai Taxi achieves big cut in accident rate
View News in Arabic - Auto: أخبار السيارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday