Global financial crisis is growing like cancer and affecting different parts of the business. Gulf news reports that the number of vehicle loan applications being rejected by banks in the Middle East has risen from 5% to more than 20%, which add up to sales turmoil and in brief makes a mess of car business!
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, report said.
source : Gulf News via Ameinfo