# Do banks give finance on cars and if so what is the criteria



## pepps (Oct 17, 2009)

I ask because we already own 3 cars in Dubai that we are unable to bring with us and although Dubai is NOT as bad as everyone says:eyebrows: we will still take a while to sell a couple of them

Do banks finace cars in Cyprus and what do they need ?

Many thanks in advance


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## Veronica (Apr 5, 2008)

pepps said:


> I ask because we already own 3 cars in Dubai that we are unable to bring with us and although Dubai is NOT as bad as everyone says:eyebrows: we will still take a while to sell a couple of them
> 
> Do banks finace cars in Cyprus and what do they need ?
> 
> Many thanks in advance


You need guarantors if you do not own a property and these days some of the banks are insisting on the guarantors being Cypriot.

Veronica


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## pepps (Oct 17, 2009)

Veronica said:


> You need guarantors if you do not own a property and these days some of the banks are insisting on the guarantors being Cypriot.
> 
> Veronica


mmmmmmm :confused2: thats a problem then lol

Guess it will be a long term rental for a while til we sell a car or 2 :eyebrows:

How much would it be for montly lease / rental on a reasonable size car do you know ?

Many thanks:ranger:


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## Veronica (Apr 5, 2008)

pepps said:


> mmmmmmm :confused2: thats a problem then lol
> 
> Guess it will be a long term rental for a while til we sell a car or 2 :eyebrows:
> 
> ...


I wouldnt like to guess at how much a monthly lease on a car would be these days but I do know that due to the drop in tourism there are some bargains to be had.
Look around, don't settle for the first one you come across that seems reasonable, play a few compaines off against each other to get the best possible deal.

Veronica


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## theresoon (Apr 11, 2008)

Veronica said:


> You need guarantors if you do not own a property and these days some of the banks are insisting on the guarantors being Cypriot.
> 
> Veronica


Actually when I asked about that they told me that the person buying the car plus the spouse will be the guarantor. If you are buying new the dealer does all the paperwork and will get a response in I think they said 24 hours.

When I had asked about a long term rental it was the same as short term rental but my sister has since found a no name car rental company with really good prices and service, and if she considers the prices really good they must be excellent. I would try to buy first but if you like I can ask about the contact info for this car rental.


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## Veronica (Apr 5, 2008)

theresoon said:


> Actually when I asked about that they told me that the person buying the car plus the spouse will be the guarantor. If you are buying new the dealer does all the paperwork and will get a response in I think they said 24 hours.
> 
> When I had asked about a long term rental it was the same as short term rental but my sister has since found a no name car rental company with really good prices and service, and if she considers the prices really good they must be excellent. I would try to buy first but if you like I can ask about the contact info for this car rental.


If you own a property you do not need a guarantor but if you are renting it is now very difficult to get finance on a car. Too many people have simply abandoned cars at the airport still owing large amounts of moeny on them. 
My husband stood guarantor for a so called friend who then left the island having not paid anthing for several months. 
The bank were going to send the car to auction where it would have sold for less than was owed on it and we would have have had to pay the remainder. My husband bought the car from the bank for the full amount owed and the garage we bought our car from sold it for us for a profit so we didnt lose in the end but we could have done. It was only because the owner of the garage was able to pull some strings with the bank on our behalf that we able to get out of the mess.

As for long term rentals you can get them if you know where to go but some rental companies will try to get you to pay the same as for short term.
As I said before, you just need to look around and play them off agaisnt each other. Most car rental firms have had a very season and are happy to get anything. Maybe in Nicosia it is different but in paphos there are so many rental companies with it being a tourist area that they are fighting for whatever they can get these days.


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## theresoon (Apr 11, 2008)

Veronica said:


> If you own a property you do not need a guarantor but if you are renting it is now very difficult to get finance on a car. Too many people have simply abandoned cars at the airport still owing large amounts of moeny on them.
> My husband stood guarantor for a so called friend who then left the island having not paid anthing for several months.
> The bank were going to send the car to auction where it would have sold for less than was owed on it and we would have have had to pay the remainder. My husband bought the car from the bank for the full amount owed and the garage we bought our car from sold it for us for a profit so we didnt lose in the end but we could have done. It was only because the owner of the garage was able to pull some strings with the bank on our behalf that we able to get out of the mess.
> 
> ...


When we were buying a car when the talked about the guarantors, I asked specifically how this worked because when I worked for a Cypriot bank this sounded very odd to me and they told me that banks don't get 3rd party guarantees any more because too many people were left in the same situation as you, not only with cars but also with houses or personal loans and most are not in a position to pay which leaves the bank back to square one. How they would give you a loan if you don't have an income or assets I don't know. We ended up getting a loan against money we had at the bank.


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