DOHA: The Ministry of Commerce and Industry has issued Circular No. (4) of 2024 regarding car dealerships selling vehicles on instalments to individuals.
As per the circular companies selling vehicles on instalments are required to implement certain measures before granting financial facilities for individuals to purchase cars on flexible instalment plans.
1. Enhancingcurrent transaction procedures, which stipulates obtaining a credit report from Qatar Credit Bureau to evaluate the customer's financial standing;requesting a salary certificate from the customer's employer, detailing the total basic salary and any social allowance (if applicable); requesting adebt certificate from the customer's bank.
2. Compliance within one month from the circular's date
Companies selling vehicles on instalments to individuals must become members of Qatar Credit Bureau, enabling them to directly access customer credit reports.
All car sales outlets must post clear advertisements, in coordination with the Bureau, on how customers can access their services.
