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

  •

    Al Hilal Bank Vehicle Finance

    AED 5,000

    Minimum Salary

    AED 1,748

    Monthly Payment

    2.35%

    Flat Rate

    20%

    Down Payment

    • Features
      • Shariah compliant.
      • Fast and simple approval process.
      • Competitive profit rates.
      • High finance amount.
      • Flexible tenure of up to 5 years.
      • No hidden documentation and study fee.
      • No salary transfer required.
      • Joint income possibility (with blood relatives only).
      • Vehicle registration on 3rd party name (with blood relatives only).
       
      New vehicle financing eligibility
      • Minimum salary requirement of AED 5,000.
      • Down payment requirement of 20%.
      • A valid passport.
      • Residence visa page (as applicable).
      • Latest 3 months bank statements.
      • Quotation addressed to Al Hilal Bank.
      • Any other additional documentation which may be required thereafter according to the Al Hilal Bank policies and procedures.
    Details

  • Arab Bank Auto Loan

    AED 7,000

    Minimum Salary

    AED 1,806

    Monthly Payment

    3.99%

    Flat Rate

    20%

    Down Payment

    • Features
      • Competitive interest rates starting 2.49%.
      • Convenient repayment tenure up to 5 years.
      • High Loan amount.
      • Flexible down payments options.
      • Preferential insurance rates.
      • Quick loan processing time.
      • Dedicated Sales Team - ready to serve you at your convenience.
      Required Documents
      • Valid national ID and valid passport with valid Resident visa (for residents)Recent utility bill in the name of the client e.g. electricity, telephone or rental contract.
      • Latest Salary/Income/Employment verification document.
      • Dealer price quotation.
      • Bank statement of 6 months.
      • Certificate stating vehicle status and market price/value issued from an approved Arab Bank evaluator (for used cars only).
    Details

  • Commercial Bank International – Auto Loan

    AED 5,000

    Minimum Salary

    AED 1,771

    Monthly Payment

    3.0%

    Flat Rate

    20%

    Down Payment

    • Found your dream car already or still working out your budget? When you are figuring out how to pay for it, we can help you on your journey with our fast, easy auto loan.
      Required Documents
      • Valid passport for UAE Nationals
      • Valid passport and UAE resident’s Visa for expatriates
      • Valid Emirates ID
      • Valid UAE driving license
      • Your last three month’s bank statements
      • Salary Certificate
      • Dealer quotation (new car), or;
      • Dealer valuation (used car)
    Details

  • Commercial Bank of Dubai – Tamweel Car Loan

    AED 8,000

    Minimum Salary

    AED 1,742

    Monthly Payment

    2.18%

    Flat Rate

    20%

    Down Payment

    • CBD Tamweel Car Loan Features:
      • Competitive interest rate.
      • Flexible repayment period of up to 60 months.
      • Finance available for new and used cars.
      • Deferment facility.
      • Easy documentation and fast processing.
      Documents Required:
      • National ID or valid passport, residence visa and Emirates ID.
      • Original 3 months bank statement for new customers.
      • Salary Certificate.
      • Drivers license.
      • Dealers quotation for new or used car.
      Eligibility Criteria:
      • If you are UAE National aged between 21 and 65 years (at the loan maturity) or if you are an Expatriate aged between 21 and 60 years (at the loan maturity).
      • If your total monthly income is minimum AED 8,000.
    Details

  • Dubai Islamic Bank – Al Islami Car Finance

    AED 3,000

    Minimum Salary

    AED 1,748

    Monthly Payment

    2.35%

    Flat Rate

    20%

    Down Payment

    • Features & Benefits:
      • Financing amount of up to 80% of your car value.
      • Starting salary AED 3,000 per month.
      • Tenure of up to 60 months.
      • Available for new and used cars.
      • Salary Transfer not required.
      Documents Required:
      • 3 months bank statements.
      • Salary certificate / slip.
      • Passport / Khulasat al Khaid copy.
      • Valid Visa (Expatriate Customers).
      • Emirates ID card.
      • Dealer evaluation of the vehicle being purchased.
    Details

  • Dubai Islamic Bank – Auto Refinance

    AED 3,000

    Minimum Salary

    AED 0

    Monthly Payment

    0%

    Flat Rate

    20%

    Down Payment

    • Cash In Hand It's easy access to funds when you need it most. Visit your nearest DIB branch with the necessary documents and receive finance for up to 80% of your vehicle value, as sale price and pay financial lease installments over a 60-month period (maximum).
    • Financing Convenience With a minimum salary requirement of AED 3,000 and no salary transfer necessary, the DIB Auto Refinance product is focussed on you, minimising complexity and maximising convenience.
    • Simple Documentation We've kept things easy to accomplish when it comes to auto financing. Our documentation process is simple and easy to put together, but may vary depending on the type of customer and the kind of vehicle being financed.
    Details

  • Emirates Islamic – Auto Finance

    AED 5,000

    Minimum Salary

    AED 1,712

    Monthly Payment

    -

    Flat Rate

    20%

    Down Payment

    • Emirates Islamic Auto Finance is designed to make buying your car simple and completely hassle-free, giving you the opportunity to really enjoy your purchase. Intaleq combines a Shari'a-Compliant solution with unprecedented levels of personal service. Offering highly competitive rates and flexible payment plans, Emirates Islamic's auto financing gives you the ability to drive away in the car of your dreams today.

      Features:
      • New Auto Finance: Profit rates starting from as low as 2.40% for expatriate & UAE National customers.
      • Pre-owned Auto Finance: Profit rates starting from as low as 2.50% for expatriate & UAE National customers.
      • Click here to know more.
      • Maximum Finance Amount of up to AED 1 million.
      • Highly competitive profit rates.
      • Flexible repayment up to 60 months.
      • Salary transfer not mandatory.
      • Financing available for comprehensive Islamic vehicle insurance.
      • Easy processing and documentation.
      • Free Emirates Islamic Current Account.
      Required Documents:
      • Salary certificate or documented evidence of income.
      • 3 months bank statements for your salary account (not required if your salary is already being transferred to Emirates Islamic).
      • Copy of valid passport with valid UAE Residence Visa, the latter is applicable for expatriates only (Originals required for verification).
      • Post dated cheques (if applicable).
      • Security Cheque.
      • Comprehensive Islamic vehicle insurance.
      • A quotation or pro-forma invoice from the dealer for new vehicles.
      • For used cars, you will require .
      • A valuation certificate issued by an Emirates Islamic approved dealer.
      • An ownership title.
      • A quotation or offer to sell to the bank from the current vehicle owner.
    Details

  • Emirates NBD – Feature Packed Auto Loans

    AED 6,000

    Minimum Salary

    AED 1,735

    Monthly Payment

    1.99%

    Flat Rate

    20%

    Down Payment

    • Everything you need to get a car and more when you're on the road. The Feature Packed Auto Loan gets you started on your road trip with your dream car and a host of exclusive benefits and savings, guaranteeing you an unparalleled ownership experience.

       
      Features & Benefits:
      • Loan approvals in Half a Day with easy process and simple documentation.
      • Attractive pricing for passenger and business vehicles.
      • Flexible payment options.
      • Enhanced Auto Protect credit life* insurance that provides complete peace of mind.
      • Large distribution channels with vast branch network and secure online and mobile banking.
      • Online Salik Recharge and RTA fine payment facility.
      • Free Annual Registration renewal service at customer's doorstep.
      • Round the clock Roadside Assistance.
      • Preferential Motor Insurance rates through our preferred partners.
      • Free Bank Account.
      • Free Credit Card for the first year.
      Documents Required: Now that you know which Auto Loan is best for you, take the next step to owning your dream car by putting together the required documents for your loan application:
      • Salary Certificate/ Documentary evidence of source of other Income.
      • Last three Bank Statements from the Salary Account.
      • Letter from your employer confirming salary transfer and benefits.
      • For UAE Nationals - Copy of valid passport including last page.
      • For Expatriates - Copy of valid passport with valid UAE Residence Visa.
      • Copy of Driving License.
      • Copy of Water & Electricity (DEWA) Bill, if residing in Dubai.
      • Post dated Cheques or Standing Order / Auto Debit Instruction.
      • Security Cheque / Guarantee as a part of the documentation.
      • For New Vehicle: Quotation/ Pro-forma Invoice from vehicle dealer.
      This product is available for new cars only Required Documents:
      • Verified copy of the permanent registration (Mulkia) showing that the vehicle has been mortgaged to Emirates NBD.
      • Original comprehensive insurance for 13 months for the full value of the vehicle with Hire purchase clause favoring Emirates NBD with letter of undertaking.
      • Sales Invoice showing amount due from the Bank (where applicable).
      • Copy of Mortgage Letter issued to Traffic Department.
      Get a number plate of your choice this Ramadan.
      Get an Emirates NBD Auto Loan and be one of 30 winners to drive away with a select number plate.
      • 0% installment payment plan on Emirates NBD Credit Card for automobile purchases.
      • Interest rate starting from 0%.
      • Free Credit Card for 1st year with up to AED 25,000 worth of value.
      • Convenient same day approval.
    Details

  • FAB – Car Loans for Salaried Individuals

    AED 0

    Minimum Salary

    AED 1,748

    Monthly Payment

    2.35%

    Flat Rate

    20%

    Down Payment

    The car of your dreams with salary transfer
    Get your dream car through FAB Car loan for Salaried Individuals.
    Features
    • Competitive interest rates starting 2.35% p.a.*
    • Generous loan amounts: up to AED 1.5 million or 80% if the car value.
    • Finance available for New and Used vehicles.
    • Terms and Conditions Apply.
    Required Documents
    • Vehicle Quotation.
    • UAE Driving License.
    • Bank Statements (Where Applicable).
    • Salary Certificate (Where Applicable).
    • Completed and signed Auto Loan Application Form.
    • Copy of valid Passport / Visa / Emirates ID (Originals must also be presented) .
    Details

  • FAB – Car Loans for Self Employed Individuals

    AED 0

    Minimum Salary

    AED 1,770

    Monthly Payment

    2.99%

    Flat Rate

    20%

    Down Payment

    Features
    • Competitive interest rates starting at 2.99% p.a.*
    • Loans of up to AED 1,500,000 or 80% of the car value
    • Finance available for new and used vehicles
    Required Documents
    • Vehicle Quotation
    • UAE Driving License
    • Bank Statements (Where Applicable)
    • Trade License (Where applicable)
    • Documents to show company ownership structure
    • Completed and signed Auto Loan Application Form
    • Copy of valid Passport / Visa / Emirates ID (Originals must also be presented)
    Details

  • FAB – Etihad Guest Car Loan

    AED 0

    Minimum Salary

    AED 1,770

    Monthly Payment

    2.99%

    Flat Rate

    20%

    Down Payment

    Earn 350 miles for every AED 20,000 loaned* with an Etihad Guest car loan. Features
    • Earn 350 miles for every AED 20,000 loaned
    • Interest rates from 2.99%** on new cars
    • 100% financing of your car insurance
    • Finance available for most major car brands
    • For salaried and self-employed applicants
    • Loan amount of up to AED 1,500,000 or 80% of the car value
    • Finance available for new and used vehicles
    Required Documents
    • Vehicle quotation
    • UAE driving license
    • Bank statement (where applicable)
    • Salary transfer letter (where applicable)
    • Auto-loan application completed and signed by the customer
    • Copy of a valid passport/resident visa/Emirates ID (originals must also be presented)
    Details

  • Finance House – Auto Finance

    AED 10,000

    Minimum Salary

    AED 1,916

    Monthly Payment

    7.0%

    Flat Rate

    20%

    Down Payment

    • Benefits:

      • Interest rate for new cars- 7% flat p.a.
      • Interest rate for used cars- 8% flat p.a.
      • Comprehensive Auto Insurance starting at 2.80% only with FREE personal accident cover and FREE travel insurance for Schengen countries.
      • Free for life Credit Card.
      General Information:
      • For new vehicles, the interest rate starts at 7% and for used vehicles, the interest rate starts at 8%.
      • Finance House offers loans for new and used vehicles.
      • The loan on both new and used vehicles can be obtained for a maximum of 60 months.
      • the person who is seeking the loan must be a resident with a valid UAE visa.
      • The minimum loan amount is AED 15,000/- and the maximum is AED 250,000.
      • The minimum age for getting the loan is 21 years and the maximum is 60 years.
      •  For a used vehicle the minimum down payment is 20%. For new vehicles, it is subject to Finance House approval.
      Required Documents:
      • Original passport & photocopy  (with valid UAE residence visa for expats).
      • Copy of the valid driving license.
      •  Latest 3 months’ bank statements of the account into which salary is transferred.
      • Current dated salary certificate from the employer.
    Details

ABOUT VATTALKS

Vattalks is known for its Professionalism, great expertise and highly skilled man-power who would help you achieve growth in your business by eliminating Non-core business activities.

CONTACT DETAILS

PO box 7073

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