We are living in an advanced world where we expect luxurious life in every field. Our needs are enormous because the human being is always in search of new things and satisfaction in life. We want electronics for our household, we desire a well-furnished house. Likewise, we require a vehicle or car to move in the city and out of the city. The car is a passion for our youngsters, They are very fond of new models of cars. But everyone cannot purchase it, to fulfill their desires. For such purpose, people borrow the amount from banks. Banks are always willing to give loans to their client because in this way they can enhance their business too.
UAE banks are delivering several packages of loans, like personal loans, home, business, and car loans. Almost every bank is giving car loan services in UAE with manageable installments. Everyone wants to acquire a car according to status and earnings but some people cannot purchase it directly with payment.
Car loan with the down payment
In UAE banks are empowering the citizens via car finance in several ways. Such banks provide car loans for old and new cars, and both cars can be purchased outside the showrooms also. If you are acquiring a car from a stranger then you can get a car loan at a 15% to 20% down payment. In this case, you can search for a car on Google, Facebook, and another online marketplace. Showrooms purchase a car from outsiders at a low rate and give cars to their customers at high costs, so rates will be different in both ways. If you are purchasing a car from any outsider, you need to examine the car from companies like AG cars etc. Such famous companies analyze the car prices for you and will give you a letter. This company takes AED 250, and then you will provide this letter to your bank. Now you will pay a 20% down payment and the repayment will start after one month.
Car loan without down payment
In UAE, you can get a car loan without any down payment when you are obtained from a showroom. Because showrooms are authorized and attached to banks. some banks start receiving their installments after 2- 3 months of car delivery. You have an option of both cars, if you are purchasing a car from a showroom you can obtain both car loans at 0 percent payment. If you are acquiring from the showroom you will never pay the trial charges and never pay for the car number plate. Some banks are giving old car finance without any interest rate and you can see very old cars also in the UAE.
Takaful rates
Takaful word is utilized for Islamic insurance, and you can underwrite your car directly from the showroom. The UAE banks provide car loan services for their consumer with understandable packages and long terms. In these packages Takafal prices are low and installments are according to your Car category. The Takafal rate is also different due to the car model, but almost all banks are giving low rates for Takaful.
Income clubbing
Few banks are giving this facility to their clients for car loans in UAE. This term is used for partnership in the car purchasing process. If 2 employees of a company want to purchase a car, bank will provide this facility for both of them. This process required the Emirates ID of the partners and both are known as owners of the car. This facility is useful for workers and low-salary persons. The Two friends and family members also can get this facility.
Specifications
- The age limit for salaried persons will be minimum 21 and the maximum age will be 65 years.
- The age limit is equal for businessmen and others. ID is fundamental for every applicant equally.
- If you have a partner for purchasing a car then you need to bring the partner’s ID card also.
- Come along with 2 passport-size photographs.
- Bank statements of 4 to 6 months old will be essential.
- You required a slip of salary for the previous few months.
