New Take on Auto Loans

What if you could transfer your deposit to a bank and walk away with a brand new Mercedes car? Would it be worth it? Well one bank is betting that it is.

Garry Marsh, the Deputy CEO of Ahlibank, and Aymn Anwar Mohammed Ali, the general manager of Nasser Bin Khalid Automobiles have entered into a deal that would “reward” customers with a car. They are calling it a deposit, but it is really a down payment of sorts on your car.

Ahlibank will accept your fixed deposit, which will serve as the interest on the car loan. Then the principal amount of the car loan is paid upon maturity. This way, their customers can walk away with their choice of Mercedes, based on the amount that they deposit.

Ahlibank has not released the figures yet for what the minimum deposit amount will be to get the car, but there will be several models available. They plan on expanding the deal to include other makes and models as well in the future.

The deposit is being offered in tenors of three and five years, and whichever tenor you decide on, as well as the amount deposited, will determine which car you can walk away with. The bank says that they are always looking for new and unique ways of earning your business, and this new deposit scheme is just the latest. They have others in the works as well, but they are confident that this one will be popular.

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