I checked one of the motoring magazines in Dubai recently and it advertises the current market price for FXDB Street Bob is AED53,900. I figured if I were to purchase a new one I will need around AED60,000 with a few must have accessories like helmet, jacket, boot and maybe some parts.
I plan to check out the Dubai HD dealership this weekend and find out what will be the cost if I buy with auto loan. The disturbing thing is, if I take auto loan, banks here will ask security cheque from the borrower which covers the whole loan repayment amount. Sometime when the borrower defaulted a few payments, these blood sucker banks will not hesitate to cash the security cheque without considering the borrower's outstanding amount. The scary part is, in UAE, bounced cheque is a criminal offence rather than civil and the poor borrower can straight away go to jail without trial if his security cheque bounced.
So I can't imagine spending my time in jail just because of my auto loan. However that is how peoples have to face here in Dubai if they want to buy vehicles with auto loan.
The best option is to buy cash. However trying to save up AED60,000 is easy said than done. Will I have the discipline, the will and the patience to save this amount of money?
I think I just sign that security cheque, ride my harley and keep my job. If worst thing happened, I'll go to prison, serve my time, get a tattoo and by the time I can ride free again, I will have one hell of a character as a harley biker...woohoooo
I plan to check out the Dubai HD dealership this weekend and find out what will be the cost if I buy with auto loan. The disturbing thing is, if I take auto loan, banks here will ask security cheque from the borrower which covers the whole loan repayment amount. Sometime when the borrower defaulted a few payments, these blood sucker banks will not hesitate to cash the security cheque without considering the borrower's outstanding amount. The scary part is, in UAE, bounced cheque is a criminal offence rather than civil and the poor borrower can straight away go to jail without trial if his security cheque bounced.
So I can't imagine spending my time in jail just because of my auto loan. However that is how peoples have to face here in Dubai if they want to buy vehicles with auto loan.
The best option is to buy cash. However trying to save up AED60,000 is easy said than done. Will I have the discipline, the will and the patience to save this amount of money?
I think I just sign that security cheque, ride my harley and keep my job. If worst thing happened, I'll go to prison, serve my time, get a tattoo and by the time I can ride free again, I will have one hell of a character as a harley biker...woohoooo
No comments:
Post a Comment