The number of car owners in Saudi Arabia is expected to rise after local news reports in the country have revealed a widespread crackdown on illegal car rental firms operating in the Kingdom.
Following news that Saudi’s Transport Authority has shut down over 690 illegal car rental companies as part of a wider municipality clampdown, the Kingdom’s leading financial comparison website, amwalak.com, the sister site of UAE-based financial comparison group compareit4me.com, is preparing for an influx in the number of car loan searches and applications.
“Car rental is an attractive option for individuals looking for a short-term fix however, the reality is that buying a car is almost always cheaper in the long run,” says Jon Richards, CEO of compareit4me Group. “Following the recent clampdown on illegal car rental in Saudi, we are already starting to see a spike in the number of car loan applications in the kingdom.”
Richards says there’s a number of car financing options available in Saudi Arabia but knowing which loan is most suitable for the prospective car owner can often be an intimidating, and arduous, task. “The aim of amwalak.com is to help consumers navigate the complexities of searching for car loans by pooling all the options together on one, streamlined site,” adds Richards. “amwalak.com allows visitors to browse different options from Saudi Arabia’s leading banks in a few simple clicks. In under three minutes the individual can whittle their options down to the most suitable financing option.”
Having witnessed strong growth for car ownership, Richards expects the appetite to remain consistent. “Car sales in Saudi reached 750,000 in 2013 according to a GCC-wide automotive report, further proving the need for car financing,” says the CEO. “Until now, however, there hasn’t been a transparent, easy to use research tool to eliminate the pain points that often come with searching for personal finance. amwalak.com not only eliminates these inconveniences but it speeds up the process of applying for, and securing, personal finance.”