How to get a car loan in the UAE
A car loan refers to funds provided by either a funder or fund providing company to help individuals pay for the full amount of purchasing a car. This is a common option for people with limited amounts to purchase a car.
In Dubai, various enterprises provide car loans and thus, help people with low incomes to buy used cars.
Your bank and other car loan lending institutions will provide you with moderate procedures that can help you acquire a car loan.
Banks such as Mashreq, RAKBank, HSBC, Al Hilal Bank Used Vehicle Finance, Standard Chartered New Auto Loan offer very competitive rates and some may not even ask for a guarantor.
Advantage of getting a loan from a Dubai bank as compared to other local lending institutions
- They provide you with the best possible car loans rates that are easy to repay.
- They have a wide choice of loan packages and thus, widen your choice for car despite the price.
- Repayment procedures are flexible and easy to attend to.
- Banks guarantee enough time for repayment, ranging between 12 to 60 weeks.
- Most banks approve loans within 24hours and therefore, is dependable in the case of anxiety.
- Banks offer car loans even to expatriates living in Dubai
Procedure for Getting the Loan
Most banks will require you to have a guarantor then apply for the loan. In the application form you ought to attach copy of your driving license, a copy of your identity card and salary certificate. Visit the website of your preferred lending institution and download the loan form.
After visiting this site, you can get the loan through the following procedure.
- You first click on apply for a loan.
- Select your respective Emirate Trivia.
- Select the branch of your Emirate
- Provide the required information as stated above.
- Remember to provide your telephone number and then submit the details.