Tips from our favourite content creators: Buying your first car
This is part of a series of articles in collaboration with local content creators.
If you have a financial question lingering in your head or if you’re eager to learn about something, most likely than not, you’re bound to Google it or search for it on our blog to get some answers. And while this is a great way to learn, sometimes, what’s even better is to learn from those with hands-on experience.
You know the saying ‘the student becomes the master’? Well, we’ve rounded up some of our favourite students to give you key insights based on their personal experiences. So, without further delay, we’re dedicating this piece to everyone looking to buy their first car. If that’s you and you’re looking to buy your first car, then get ready to hear some tips from automotive content creator Hani Kanash!
Stay within limits
According to Hani, he advises his friends to focus on their needs and their budget. He says that “it’s not about how much money a bank is willing to loan you, but how much you can afford to pay back.”
Sure, everyone wants their dream car — an Aventurine Green 2021 Porsche 911 Targa 4S in Hani’s case, but can you really afford it? If you won’t be able to cover the monthly instalments, then you might want to rethink your choices before incurring a hefty debt you never asked for.
Work smarter not harder
We all know that it takes hard work and determination to get what we want in life. However, there has been a phrase going around for some time insinuating that the right way to do it is by working smarter and not harder.
“A car is a good investment, but it’s also an asset. And, like many other assets, it depreciates with time,” Hani explained.
So, to make it simple. Cars will progressively lose their value over time. If you decide to get a fancy Mercedes and the loan repayment period exceeds 5 years, then by the time you’ve paid all your instalments along with the interest rate, the value of your car would have significantly decreased. Which is why Hani suggests going for a decent interest rate and a loan period of 36 to 60 months to ensure the car doesn’t exceed a 30% depreciation rate.
Ask for an expert’s advice
If this is your first rodeo, then it’s best to seek help before jumping in and riding the bull. At Bank al Etihad, we have several financial experts and advisors that are more than happy to help you map out a plan based on your needs. So, before filing that loan request, seek one of our experts at any of our branches and have a chat with them to figure things out.
Seek out good customer service
Because your loan entails having a long-term relationship with your bank, seek banks that offer you high-quality and human-centred customer care services. Make sure that customer support will be available and well-versed to support you and guide you in the right direction. And this is where we come in! We’re available 24/7 to answer all your questions, by phone or through the live chat on our mobile app !
So, there you have it! If you’re planning to buy your first car sometime soon, make sure to keep Hani’s advice in mind before taking that big leap! Our doors at Bank al Etihad are always open, and we are more than happy to help you on this new and exciting journey.
Stay tuned to receive more insider tips from our favourite influencers! Can you guess who’s next?
