Car is a craze of the youth and a necessity of the modern age. Everyone wants the comfort of life and an easy source to go to jobs and business, therefore a car is a basic requirement of the citizens. In present, old cars are also trending and much loved by youngsters. We all have different choices of our favorite cars according to our financial positions. When we cannot fulfill our wish to purchase a car, then a loan is the only thing that can work. Car loan in Dubai is a famous term and very easy to take for everyone. UAE banks are providing car leasing without interest and at low-interest rates also. There are many types of loans other than auto loan like Personal loans, business loans, home loans, and mortgage loans. After the instant loan, car finance is a famous category in UAE.
Numerous banks in UAE are providing car finance, but their plans with actions are different. The banks are providing new and old car financing with easy installments. Most of the banks provide relaxing plans, they start the installments after 3 or 4 months of purchasing. You can buy from showrooms and dealers, but you have to pay a specific percentage to showrooms. On the other hand, dealers can provide you a car at low rates, in both ways bank strategies are simple and easy.
Bank’s policies are simple for old car buyers, you can buy an 8 or 9-year-old model in Dubai but never can find the older or oldest. Mashreq, Emirates NBD, and CBD are prominent banks that allow car leasing in UAE. Car loan in UAE is a famous term, If the client needs a car on an urgent basis, he can get his selected car in 2 or 3 days. If the client is going to book a new car then installments will be started from the very next month of the delivery. The financing amount ratio is 70% to 80%, which means the bank will pay 70% to 80% of the total price of the car. A client will pay 15% to 20% to the bank as a downpayment, payment plans are for the 1-year minimum and a 7-year for maximum.
Here is another term named income clubbing that is functional in almost all banks. Income clubbing means car financing for more than one person. If a single person cannot pay the installments and want to get car finance with his friend or partner. He can resolve his problem with the income clubbing option for a car loan in Dubai.
Pay auto loan EMI via Credit card
Credit cards can be beneficial for paying installments also. Car financing is easy and installments are also according to your salary. It can be paid with your credit cards easily and you can pay the credit card bill with your salary. This source is also very prominent and common nowadays in UAE.
0 Interest on a car loan in UAE
Some banks are providing car loans without interest, it is an Islamic banking rule according to sharia. You can get a loan with 0% interest for car financing. Dubai Islamic Bank is one of them that are providing 0-interest car loan in UAE. You can apply for a loan on your Emirates ID and with six-months bank statements. This bank has no markup charges and a takaful rate is low, takaful means Islamic insurance that is applied only within the Islamic banking system. A client can apply by visiting any branch of this bank and can also apply online. By filling out the form online and giving complete details about the car loan. The bank will contact you after receiving your details.
- The age limit is 21 minimum and 60 years for maximum. Because after 60 retirement is a must and the client cannot pay installments.
- A client must have an Emirates ID.
- Outsiders will come along with passport and visa copies.
- A salaried person should have experience of 4 months.
- If you are applying with your partner, your partner ID is also required.