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

  •

    HSBC – Car Loan

    AED 10,000

    Minimum Salary

    AED 1,753

    Monthly Payment

    2.49%

    Flat Rate

    20%

    Down Payment

    *Product terms and conditions, fees and charges apply Features & Benefits:
    • Flat Rates starting from 2.49% p.a, Reducing Rates starting from 4.60% p.a.
    • No mandatory salary transfer to HSBC is required
    • Loan amounts up to AED 918,000 depending on your eligibility
    • Reduced monthly instalments with Balloon repayment option
    • Competitive motor insurance rate for saloons and four-wheel drive
    • Dedicated Sales Specialists at your service
    • Available for all types of saloon, four– wheel drive vehicles and motorcycles
    • Get an HSBC current account with no minimum balance requirement for the duration of your loan
    Eligibility:
    • You are a UAE national or expatriate resident aged between 21 and 65 years
    • You earn a minimum monthly salary of AED 10,000 per month
    Fees & Charges:
    • Application fee: 1% of loan amount: Min AED 500, Max AED 2,500.
    • Early Settlement: 1% of remaining balance
    • Advance payment: 1 % of advance payment
    Documents Required:
    • Valid Emirates ID
    • Valid passport copy (valid UAE visa for expatriates)
    • Valid UAE driving licence copy
    • Copy of the last three months' salary or income transfer bank statements (a longer period may be required if cheque returns are identified)
    • Proof of income – salary certificate/salary transfer letter if salary is not assigned to HSBC Bank or other banks under narration salary
    • Repayment mechanism – standing instruction plus an undated security cheque from salary-assigned account
    • HSBC Middle East Finance Company Limited application form and agreement fully completed in block letters and signed in the presence of a Sales Specialist
    Self-employed individuals buying new/used vehicles from authorised dealers:
    • Valid Emirates ID
    • Valid passport copy (valid UAE visa for expatriates)
    • Valid UAE driving licence copy
    • Copy of the last six months' personal and business bank statements
    • Audited financials for the last two years
    • Repayment mechanism – standing instruction plus an undated security cheque from main operating account
    • HSBC Middle East Finance Company Limited application form and agreement fully completed in block letters and signed in the presence of a Sales Specialist
    • Valid documents in support of business/partnership, ie trade licence copy, memorandum/articles of association, passport copies of owners/partners and additional documents can be requested based on individual requirements.
    Details

  • Mashreq Car Loan

    AED 5,000

    Minimum Salary

    AED 1,787

    Monthly Payment

    3.45%

    Flat Rate

    20%

    Down Payment

    Competitive Interest Rates
    • Rates starting at 3.45% p.a. flat*
    • High Loan Amount
    • Maximum Loan of up to AED 500,000
    • Flexible Repayment Options12-60 month repayment periods on new and used cars*
    • Equivalent reducing rate 6.31% on 1 year loan tenor
    • Special rates on vehicle insurance
    • Free current account with no minimum balance
    • Free for first year overdraft facility of up to AED 100,000
    • Free for first year Platinum Elite Credit Card
    Details

  • NBF Auto Loan

    AED 5,000

    Minimum Salary

    AED 1,743

    Monthly Payment

    2.2%

    Flat Rate

    20%

    Down Payment

    Features
    • Fast approvals.
    • Flexible repayment periods of up to five years.
    • Up to AED 1,000,000 in financing.
    • Financing of new and pre-owned cars.
    • Financing of up to 80% of the vehicle's value.
    • Fixed financing terms at competitive rates.
    • Interest rates from as low as 2.2% p.a. for NBF Green Auto Loan.
    Required Documents
    • A copy of your valid passport.
    • A copy of your valid residency visa (for expatriates).
    • A copy of your current dated salary certificate (less than 30 days old).
    • A copy of your valid driving license.
    • A quotation of the vehicle's value, addressed to NBF.
    Details

  • NBQ – Auto Loan

    AED 0

    Minimum Salary

    AED 1,719

    Monthly Payment

    -

    Flat Rate

    0%

    Down Payment

    The NBQ Auto Loan offers you the chance to buy the new car of your dreams. With loans of up to AED 500,000 and repayment periods of up to 60 months, we can offer you an attractive rate of interest (starting at just 2.75% per annum) and a free VISA Classic or Gold Credit Card.
    Features:
    • Car loan amount up to AED 500,000
    • Available on new vehicles only
    • Flexible Repayment period
    • Attractive rate of interest (starting at 2.75% per annum)
    • Free VISA Classic or Gold Credit Card
    Eligibility:
    • UAE Nationals  with salary transfer
    • No minimum service period criteria
    • Minimum salary criteria apply
    • UAE Nationals and Expatriates without salary transfer
    • Available to customer minimum 21 years of age and 60 years of age at maturity of a loan
    • Minimum length of service of 1 year with current employer
    • Minimum salary criteria apply
    • Self-employed individuals and businesses
    • Minimum length of time in business for 1 year
    Required Documents: For all customers
    • Application form and agreement Kit to be completed
    • A copy of your passport & Emirates ID
    • A copy of the residency visa (if applicable)
    • Proof of address or business address (e.g. utility bill, tenancy contract)
    • Any other documents at the discretion of the Bank
    For salaried individuals
    • 3 months bank statements
    • A salary certificate and a copy of most recent pay slip
    Self-employed individuals and businesses
    • A valid copy of passport and Emirates ID
    • 6 months bank statements of Business Account
    • Other documents may be requested at the discretion of the bank.
    • Processing Fees: 1% of Loan Amount with minimum AED 500 & maximum AED 2,500
    Details

  • Noor Bank Auto Finance

    AED 8,000

    Minimum Salary

    AED 1,758

    Monthly Payment

    2.64%

    Flat Rate

    20%

    Down Payment

    Types
    • New Vehicle Finance: For brand new vehicles, directly from showrooms
    • Used Vehicle Finance: For great deals on used cars, from dealers or previous owners
    Noor Auto Finance Features:
    • Personalised service
    • Pre-approval within an hour.
    • Profit rate from as low as 2.64% flat.
    • Financing facility up to AED 750,000.
    • Maximum tenor of up to 5 years
    • Wide range of vehicles financed
    • Salaried and Self employed customers are eligible
    • Terms and conditions apply
    Details

  • RAKBANK – RAK Auto Loan

    AED 5,000

    Minimum Salary

    AED 1,748

    Monthly Payment

    2.35%

    Flat Rate

    20%

    Down Payment

    • RAKBANK Car Loans ensures minimum formalities and flexible repayment periods, that put you in the drivers seat quickly and conveniently.
      Features & Benefits:
      • Minimum 20% down payment required for Salaried Customers, and from 0% Down Payment for All Business & Self Employed Customers
      • No salary transfer needed for salaried customers
      • No hidden charges
      • Finance available up to AED 3,000,000 for business customers and up to AED 500,000 for salaried customers
      • Finance available for new companies with Length of Business from 6 months onwards
      Additional Benefits:
      • First installment after 60 days.
      • Finance available for Insurance, Rust proofing, service and maintenance contracts, and GAP if required
      Eligibility:
      • RAKauto Loans are offered to all UAE nationals, GCC nationals and expatriates holding a valid UAE residence visa. It is available for individuals as well as company purchases
      • Minimum age requirements are 18 years and six months for registration and 20 years and six months for cheque payers
      Documents Required:
      • Driver's license
      • Salary certificate
      • Bank statement
      • Vehicle quotation
      • Security cheque
      • Passport and visa copy
    Details

  • SIB Car Finance

    AED 8,000

    Minimum Salary

    AED 1,770

    Monthly Payment

    2.99%

    Flat Rate

    0%

    Down Payment

    Riding your dream car is a fantasy? SIB offers Car finance with no hidden cost or unexpected fees, based on Murabaha concept. The rapid service, processes & approvals makes  finance easier to acquire Features:
    • Available for new and used cars
    • Long and flexible repayment periods
    • Islamic insurance financing available
    • Competitive rates
    Documentation required:
    • Original passport & UAE National ID
    • Valid UAE residence visa for expatriates
    • Employment and/or Labor Card (father / husband sponsored clients)
    • Valid Residence Visa (Expatriates)
    • Salary Certificate
    • Security Cheque (with car amount) & Valid Driving License
    Details

  • Simplylife – Car Loan from ADCB

    AED 5,000

    Minimum Salary

    AED 1,777

    Monthly Payment

    3.19%

    Flat Rate

    20%

    Down Payment

    • Simplylife Car Loan from ADCB Features:
      • Simple Eligibility
      • Faster processing
      • No extra fees for early settlement of loans from own funds.
      • Wide range of car loans, including for used cars, fleet and rent-a-car finance
      • Finance of up to 80% of the car value
      • Borrow up to AED 1,500,000
      • Repay in up to 60 months
      • Avail assistance with insurance finance
      • Business owners can finance fleet deals and car rentals
      Eligibility:
      • Minimum salary requirement starts from AED 5000
      • Age: Starting 21 years & 60 years at completion
      • Minimum loan amount is AED 10,000 & it can go upto AED 1,500,000
      Documents Required:
      • Simplylife Loan Application Form
      • Current dated salary certificate as per Simplylife Format
      • Passport copy, Visa copy (for expats), Emirates ID
      • Last 3 months Bank Statements
      • Your family deserves the best, and so do you. Start enjoying long weekend drives with the kids. Make your weekday commute safer. With Simplylife Car Loan, you can now upgrade to a bigger and more comfortable car.
      • Simplylife Car Loan offers competitive rates and simple terms. They will help you with insurance finance.
    Details

  • Special Auto Finance pricing for the new Nissan Patrol

    AED 0

    Minimum Salary

    AED 1,734

    Monthly Payment

    1.95%

    Flat Rate

    0%

    Down Payment

    Theall-new Nissan Patrol. Get yours today with special auto finance rates from aslow as 1.95% flat p.a., exclusively from Emirates Islamic.

    Pricing:

     Nationals

     Profit Rate Flat p.a.

     UAE

     1.95%

    Key Benefits:

    • First payment holiday up to 60 days
    • Finance up to 5 years
    • Easy documentation & quick approval

    Criteria:

    • Individual customers only.
    • Applicable to Salary Transfers, Non-Salary Transfers employees &Self-Employed.
    • Applicable to new Nissan Patrol vehicles sold by Al Dealers across UAE (Approved& Unapproved).

    Calculator Definitions

    Amount: The total amount of money borrowed, also referred toas the principal amount.
    Rate (%): This is the annual interest flat rate on the product. Thisis not the APR, which is going to be calculated in this example.
    Years: This is the original term or length of the product, stated inyears.
    Effective Monthly Payment: This is the effective monthly payment, which takesinto consideration fees and other costs associated with this product. Theeffective monthly payment is the basis for the APR calculation.
    CalculatedAnnual Percentage Rate (%): TheCalculated Annual Percentage Rate (APR) is determined using the annual interestrate of the product plus fees and other costs. This rate may differ from bankto bank. APR is useful when comparing two or more products with differentinterest rates and fee structures.

    Details

  • Standard Chartered Bank – Saadiq Auto Finance

    AED 20,000

    Minimum Salary

    AED 0

    Monthly Payment

    0%

    Flat Rate

    0%

    Down Payment

    Saadiq auto finance follows the Islamic concept of Murabaha offering competitive profit rates and flexible payment periods.
    Benefits:
    • Approved by an independent Shariah Supervisory Committee, so you can bank worry-free while complying with Islamic Banking principles
    • Finance up to AED 1,000,000, depending on your monthly income
    • Pay your Auto Finance in easy monthly payments spread over up to 60 months
    • Choose a car from any of the dealerships located in the UAE
    • Simple Financing Procedure
    • Convenient banking
    • Banking online or on the go
    • Fast processing
    • No minimum balance
    Eligibility:
    • Minimum Salary:  AED 20,000 per month
    •  Minimum Age is 21 years and Maximum Age is 65 years or company retirement age at finance maturity whichever is lower. Proof of Retirement age in company required for any case where age 60 years at the time of finance maturity
    Required Documents:
    • Passport, UAE Residency Visa and valid Emirates ID (original)
    • Salary Certificate
    • 3-month Bank Statement
    Details

  • United Arab Bank – Auto Loan

    AED 7,500

    Minimum Salary

    AED 1,770

    Monthly Payment

    2.99%

    Flat Rate

    20%

    Down Payment

    • Loans up to AED 500,000.
    • Tenor up to 60-months.
    • No salary transfer required.
    • Up to 80% of vehicle value financed.
    • 2.99% flat rate (5.38% on reducing balance).
    Details

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