Car Loans2020-05-15T13:27:41+00:00

Car Loans in UAE

Need a car loan? Buying a new car is exciting but researching possible finance deals on your own is not! Use wethinksolutions to find the best car finance options in the UAE. Working alongside the UAE’s leading banks, we gather all the information you need enabling you to find the best offers.

Compare car loans based on; interest rates, deposit requirements, arrangement fees, settlement fees and other applicable loan terms so you can compare the leading car finance products and secure the best deal for your needs.

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What documents do I need in order to apply for a car loan?

Below are the documents you will need to submit in most of the cases:

  • Copy of valid passport.
  • Proof of UAE residency status.
  • Valid UAE Driving License.
  • Three months of bank statements that reflect regular salary credits.
  • Proof of income – salary certificate / salary transfer letter.

What is insurance on car loan?

The insurance taken on the car loan will pay off the outstanding loan amount if the borrower dies, or unable to pay due to loss of job or illness.

What is the difference between Flat Rate vs Reducing Rate?

Flat interest rate is an interest rate charged on the full loan amount for the whole tenure. Under reducing interest Rate, interest is charged every month on the outstanding loan amount.

What is early settlement of Loan?

Most banks will give an option of paying back the loan amount before the scheduled time. Penalty fee will be changed by the bank for the early settlement of loan.

What is the maximum time period of a car loan?

This varies from bank to bank. In most cases it can be up to 4 years.

Banks and Features car loan

  •

    ADCB – Car Loan

    AED 5,000

    Minimum Salary

    AED 1,411

    Monthly Payment

    2.25%

    Flat Rate

    20%

    Down Payment

    • Features:
      • One-signature application.
      • Up to AED 1.5 million finance amount.
      • Up to 60-month repayment tenure.
      • Finance up to 80% of the car value.
      • Insurance finance option.
      • Quick approvals.
      • Simple documentation.
      • 50 TouchPoints for every AED 1,000 of the loan amount.
      Documents Required:
      Salaried
      • Completed application form.
      • Valid Passport, Visa & EIDA Card copy.
      • Valid Driving License copy.
      • Salary certificate issued to ADCB, dated 30 days or less from date of loan application.
      • Last 3 months bank statements copy.
      • Quotation from Dealer.
      • Details of existing loans/liabilities.
      Self-employed
      • Completed application form.
      • Valid Passport, Visa & EIDA Card copy.
      • Valid Driving License copy.
      • Valid Trade License copy.
      • Last 3 months bank statements copy for both personal and company accounts.
      • Quotation from Dealer.
      • Valid Power-of-Attorney copy(if applicable).
      • Details of existing loans/liabilities.
      Companies
      • Completed application form.
      • Valid Passport, Visa & EIDA Card copy of company signatory.
      • Valid Trade License copy.
      • Last 3 months company bank statements copy.
      • Quotation from Dealer.
      • Valid Power-of-Attorney copy(if applicable).
      • Details of existing loans/liabilities.
    Details

  • ADCB Islamic Banking – Car Finance

    AED 5,000

    Minimum Salary

    AED 1,753

    Monthly Payment

    2.49%

    Flat Rate

    20%

    Down Payment

    • Features & Benefits
      • Up to AED 1.5 million finance options.
      • Up to 60-month repayment tenure.
      • Finance options up to 80% of the car value.
      • Takaful insurance finance option.
      • Quick approvals.
      • Simple documentation.
      • 50 TouchPoints for every AED 1,000 of the finance amount.
    Details

  • ADIB – New Car Finance – Ijarah

    AED 10,000

    Minimum Salary

    AED 1,770

    Monthly Payment

    2.99%

    Flat Rate

    0%

    Down Payment

    • Looking to finance your dream car with 0% down payment? ADIB Car Ijarah offers 100% financing along with a full comprehensive Takaful cover, extended warranty, and no traffic registration fee.
      Features and benefits:
      • Highly competitive profit rates.
      • Quick approval process.
      • No salary transfer required.
      • Repayment period of up to 60 months.
      • The flat rate of this finance is 3.99% and the equivalent rate in reducing balance is 7.23%. The calculation used is a multiplication of the flat rate by 1.814 and this is indicative only.
      • The profit rate starts at 3.99% for salaried and self employed individuals.
      • 0% down payment option.
      • There is an arrangement fee of AED 1,000.
      For ADIB salary transfer customers:
      • When the Salary is below AED 20,000 the rate starts at 2.99% for STL and 3.25% for PDC.
      • When the salary is between AED 20,000 to AED 49,000 the rate starts at 2.79% for STL and 2.99% for PDC.
      • When the salary is above AED 50,000 the rate starts at 2.59%.
    Details

  • ADIB – New Car Finance – Murabaha

    AED 5,000

    Minimum Salary

    AED 1,770

    Monthly Payment

    2.99%

    Flat Rate

    20%

    Down Payment

    • Whether you are looking for low value or high-value car at competitive rates, Abu Dhabi Islamic Bank offers car financing with up to 60 months payment options.
       
      Features and benefits: 
      • Highly competitive profit rates.
      • Quick approval process.
      • No salary transfer required.
      • Repayment period of up to 60 months.
      • The flat rate of this finance is 2.99% and the equivalent rate in reducing balance is 5.25%. The calculation used is a multiplication of the flat rate by 1.814 and this is indicative only.
      For ADIB salary transfer customers:
      • When the Salary is below AED 20,000 the rate starts at 2.99% for STL and 3.25% for PDC.
      • When the salary is between AED 20,000 to AED 49,000 the rate starts at 2.79% for STL and 2.99% for PDC.
      • When the salary is above AED 50,000 the rate starts at 2.59%.
      Required Documents:
      • Original and copy of valid passport (with valid residence visa for expatriates).
      • Original and copy of valid Emirates ID.
      • Bank account statement (last 3 months).
    Details

  • ADIB – Used Car Finance – Ijarah

    AED 10,000

    Minimum Salary

    AED 1,780

    Monthly Payment

    3.25%

    Flat Rate

    0%

    Down Payment

    • Looking to finance your dream car with 0% down payment? ADIB Car Ijarah offers 100% financing along with a full comprehensive Takaful cover, extended warranty, and no traffic registration fee.
      Features and benefits:
      • Highly competitive profit rates.
      • Quick approval process.
      • No salary transfer required.
      • Repayment period of up to 60 months.
      • The flat rate of this finance is 3.99% and the equivalent rate in reducing balance is 7.23%. The calculation used is a multiplication of the flat rate by 1.814 and this is indicative only.
      • The profit rate starts at 3.99% for salaried and self employed individuals.
      • 0% down payment option.
      • There is an arrangement fee of AED 1,000.
      • Available for cars as old as 2008 model year.
      For ADIB salary transfer customers:
      • When the salary is below AED 20,000 the rate starts at 3.25% for STL and 3.49% for PDC.
      • When the salary is between AED 20,000 to AED 49,999 the rate starts at 2.99% for STL and 3.25% for PDC.
      • When the salary is above AED 50,000 the rate starts at 2.79%.
    Details

  • ADIB – Used Car Finance – Murabaha

    AED 5,000

    Minimum Salary

    AED 1,780

    Monthly Payment

    3.25%

    Flat Rate

    20%

    Down Payment

    • Whether you are looking for a low value or high value car at competitive rates, Abu Dhabi Islamic Bank offers car financing with up to 60 months payment options.
      Features and benefits:
      • Highly competitive profit rates.
      • Quick approval process.
      • No salary transfer required.
      • Repayment period of up to 60 months.
      • The flat rate of this finance is 3.09% and the equivalent rate in reducing balance is 5.61%. The calculation used is a multiplication of the flat rate by 1.814 and this is indicative only.
      • Available for cars as old as 2008 model year.
      For ADIB salary transfer customers:
      • When the salary is below AED 20,000 the rate starts at 3.25% for STL and 3.49% for PDC.
      • When the salary is between AED 20,000 to AED 49,999 the rate starts at 2.99% for STL and 3.25% for PDC.
      • When the salary is above AED 50,000 the rate starts at 2.79%.
    Details

  • Ajman Bank – 50 – 50 FINANCE

    AED 5,000

    Minimum Salary

    AED 0

    Monthly Payment

    -

    Flat Rate

    50%

    Down Payment

    • Under this product variant, a customer approaches the Bank and requests for financing his dream car while he pays 50% of the car value to the dealer and wants to finance the other 50% with little documentation and no car restrictions.
      Benefits:
      • Only 1 month Bank Statement is required.
      • Extremely Competitive Profit Rates.
      • Minimum Salary AED 5,000.
      • No Salary Transfer is required.
      • Maximum Finance amount up to AED 500,000.
      • Maximum Finance tenure up to 5 years.
      • Finance available for new and used cars.
      • First Installment within 90 days for new cars and 60 days for used cars.
      • Quick and Fast Approvals.
      Required Documents:
      • Duly completed and a signed application form.
      • Valid passport/Khulasat al Khaid Copy/Valid visa/UAE National ID.
      • 1 months Bank statement.
      • Labour card copy.
      • Salary Certificate.
      • Copy of Trade License (Self-employed).
      • Car Quotation from a franchise dealer or Evaluation from an approved evaluator.
    Details

  • Ajman Bank – Exotic Car Finance

    AED 40,000

    Minimum Salary

    AED 1,761

    Monthly Payment

    2.74%

    Flat Rate

    20%

    Down Payment

    • Ajman Bank offers Exotic Car finance to the high net worth customer to buy their dream luxury cars such as Ferrari, Maserati, Lamborghini, Rolls-Royce, Bentley, Aston Martin and May Bach.
       
      Benefits:
      • Minimum Salary is AED 40,000.
      • No Salary transfer is required.
      • Maximum Finance amount up to AED 500,000.
      • High Finance to Value.
      • Quick and Fast Approvals.
      • Maximum tenure up to 48 Months.

      Required Documents:
      • Duly completed and a signed application form.
      • Valid passport/Khulasat al Khaid Copy/Valid visa/UAE National ID.
      • 3 months Bank statement.
      • Salary Certificate.
      • Copy of Trade License (Self-employed).
      • Car Quotation from a franchise dealer or Evaluation from an approved evaluator.
    Details

  • Ajman Bank – Individual Standard Car Loan

    AED 5,000

    Minimum Salary

    AED 1,773

    Monthly Payment

    3.05%

    Flat Rate

    25%

    Down Payment

    • Individual (Salaried or Self Employed) who are interested in buying their own dream car, the car must be in the UAE and these cars can be New or Used cars.  In addition to the option of buying the car, Ajman bank offers to finance the car accessories & Insurance and service contract to all customers.
      Benefits:
      • Minimum Salary AED 5,000.
      • Competitive Profit Rates.
      •  No Salary Transfer is required.
      • Maximum Finance amount up to AED 600,000.
      • Maximum Finance tenure up to 5 years.
      • Takaful (Insurance), service contract and the accessories can be financed.
      • Finance available for new and used cars.
      • First Installment within 90 days for new cars and 60 days for used cars.
      • Quick and Fast Approvals.
      Required Documents:
      • Duly completed and a signed application form.
      • Valid passport/Khulasat al Khaid Copy/Valid visa/UAE National ID.
      • 3 months Bank statement.
      • Labour card copy.
      • Salary Certificate.
      • Copy of Trade License (Self-employed).
      • Car Quotation from a franchise dealer or Evaluation from an approved evaluator.
    Details

  • Ajman Bank – Self Employed Finance Offer

    AED 8,000

    Minimum Salary

    AED 1,761

    Monthly Payment

    2.74%

    Flat Rate

    20%

    Down Payment

    • Benefits:
      • Maximum Finance amount up to AED 400,000.
      • Competitive Profit Rates.
      • Competitive Finance to Value.
      • Maximum Finance tenure up to 5 years.
      • Finance available for new and used cars.
      • First Installment within 90 days for new cars and 60 days for used cars.
      • Quick and Fast Approvals.
      Required Documents:
      • Duly completed and a signed application form.
      • Valid passport/Khulasat al Khaid Copy/Valid visa/UAE National ID.
      • Trade license copy.
      • 6 months Bank statement.
      • Car Quotation from a franchise dealer or Evaluation from an approved evaluator.
    Details

  • Ajman Bank – Used Car Loan

    AED 5,000

    Minimum Salary

    AED 1,774

    Monthly Payment

    3.1%

    Flat Rate

    0%

    Down Payment

    • Ajman Bank offers auto finance to individuals and corporates through the Islamic principle of Murabaha. As per their commitment they deliver your dream vehicle in a quick and easy manner yet remain true to Shariah principles .
       
      Ajman Bank Car Finance features:
      • Most competitive rate.
      • Available for new & used cars.
      • Financing facility up to AED 500,000.
      • Financing tenure up to 60 months.
      • With or without salary transfer.
      • Simple documentation.
      • Quick approvals.
      • Special Offer for Affluent Customer for Exotic and Luxury Car Finance.
      • Pre-approved Credit card for all Auto Finance Customer.
    Details

  • Ajman Bank Car Finance

    AED 5,000

    Minimum Salary

    AED 1,751

    Monthly Payment

    2.45%

    Flat Rate

    20%

    Down Payment

    • Ajman Bank offers auto finance to individuals and corporates through the Islamic principle of Murabaha. As per their commitment they deliver your dream vehicle in a quick and easy manner yet remain true to Shariah principles .
       
      Ajman Bank Car Finance features:
      • Most competitive rate.
      • Available for new & used cars.
      • Financing facility up to AED 600,000.
      • Financing tenure up to 60 months.
      • With or without salary transfer.
      • Simple documentation.
      • Quick approvals.
      • Special Offer for Affluent Customer for Exotic and Luxury Car Finance.
      • Pre-approved Credit card for all Auto Finance Customer.
    Details

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