Are you planning on buying a car this year?

Are you planning on buying a car this year?

The results are in.

October 11, 2009 2:06 by Aarti Nagraj

“The automotive sector was affected by the financial crisis as banks became more cautious about granting auto loans,” said DCCI director General Hamad Buamim. “But with the UAE accelerating on the path to economic recovery banks are now being more flexible with auto financing, which will no doubt benefit the sector.”

German carmaker Daimler announced last week that it would launch a financial services unit in the UAE along with two local bodies, to offer auto financing in the region. The company will offer loans and leasing for new and used vehicles, “including a shari’a compliant Islamic finance product,” it said.

And the positive sentiment does seem to be picking up. Around 16 percent of our poll respondents said that they were planning on buying a first-hand car this year, while 10 percent said that they were purchasing a second-hand car.

Around 14 percent of our respondents are still debating the question, and say that it will depend on the offers that they find.

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Tags: bank, Banking & Finance, buy, car, Financial Crisis, loan, sales