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Banks rejecting more car loans in Gulf
- Middle East: Thursday, November 27 - 2008 at 09:05
A General Motors official said the number of vehicle loan applications being rejected by banks in the Middle East has risen from 5% to more than 20% due to the global financial crisis, Gulf News has reported. The UAE and Qatar are among the markets that have seen a significant rise in these cases. The situation is different in Saudi Arabia, where there are more cash buyers than customers purchasing cars through bank financing, General Motors Middle East operations president Mike Devereux said.
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Jeff Florian, Senior ReporterThursday, November 27 - 2008 at 09:05 UAE local time (GMT+4)
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