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AUTO FINANCE IN UAE
Auto finance, also known as Car Finance, refers to borrowing of money to buy a car. Car financing is quite prevalent in the Emirates with almost 65-70% of car buyers looking to take a loan. It is required by both private individuals and businesses.
Owning a vehicle today has become more of a necessity than a luxury. Planning for your first budget car or to add a luxury model to your fleet, all is possible by using the auto finance services of the banks.
Eligibility criteria for securing a auto/car loan:
- The loan tenure would be from 12-60 months, depending on case to case.
- You can get up to 80% Finance of the new and old used car's value. You just have to pay 20% Down Payment either to the bank, which in turn settles the full value of car with the seller, or directly to the seller in which case rest 80% is settled by the bank. This process may vary from bank to bank.
- Many banks have a Minimum Loan Value they are willing to finance. It is generally around Dh 20,000. This again, may vary from bank to bank.
- Monthly payments/installments must be less than half your salary.
Checklist of required documents:
- Valid passport copy and visa page (for expatriates)
- Valid passport copy and Idbara page (for UAE nationals)
- Valid Emirates ID copy
- Labour card or free zone ID for free zone employees
- UAE driving licence copy
- Salary certificate with a validity of one month from the date of issue
- Last three month’s bank statements showing three salary transfers
- Last three month’s pay slips
In case of used car Mulkiya and Quotation from Showroom needed.