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KUWAIT CITY, Nov 29: Banks are currently preparing to offer new auto financing packages in what appears to be a race to attract more clients, reports Al-Rai daily quoting sources. Sources hinted that the upcoming banking competition in terms of car financing will start soon, targeting current and potential clients. Sources said car loans will be offered to Kuwaitis and expatriates including those working in the government and private sectors, as well as Bedouns provided they hold valid security cards.
Sources disclosed the main conditions for approval of car loans are the same as those applied before the Corona crisis; such as salary that proves the borrowers capability to pay the loan, positive credit history, job stability, and absence of legalities which could prevent the borrower from taking a loan. Sources pointed out the most important variable in the car financing market is reduction of salary requirement to KD300 minimum; while the guarantor condition is not applied if the borrower works in a government agency, companies listed on Boursa Kuwait and those listed as clients of the bank that will grant the loan. Sources said there is a plan to exclude the salary transfer condition and the registration book of financed cars will no longer be required for installments.