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Doha, Qatar: The Ministry of Commerce and Industry (MoCI) issued circular No. (4) for the year 2024 concerning car dealerships’ sale of vehicles on installments to customers.
The MoCI outlined certain requirements from the companies selling cars before allowing financial facilities for individuals to purchase vehicles on flexible installment plans.
In an effort to enhance current transaction procedures, dealers are now required to obtain credit report from the Qatar Credit Bureau to evaluate the customer’s financial standings.
Companies are also required to request a salary certificate from the customer’s employer, detailing both basic salary and any social allowance (if applicable).
A debt certificate from the customer’s bank is also to be requested by the companies.
Companies selling vehicles on installments to customers will be required, in compliance with the circular one month from its release date, to become members of the Qatar Credit Bureau, which would enable them to directly access the customer’s credit report.
All car sales outlets are also required to post clear advertisements, in coordination with the bureau, on how customers could access their services.