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Top 5 Car Loans for Used Cars in the UAE

Top 5 Car Loans for Used Cars in the UAE car loan for used cars in uae best used car loan in uae auto loan for used cars in uae used car for loan in uae used car auto loan uae used car with loan in uae used car loan dubai best car loans in uae

In the UAE, used cars are also a good market where the seller and buyer agree on a price and close the deal. You can get many benefits by buying used cars. The buyer can do his due diligence and buy the car he wants. The used cars for sale are well organized, in good market condition, well equipped and efficient. The sale price of used cars is reasonable and financing facilities are also provided to the buyer.

It is not difficult to get financing for used cars in the UAE. Banks in the UAE will issue loans for new and used cars. The interest rate banks charge for new cars will be lower than for used ones. The reason for charging higher interest rates is due to the risks associated with used cars. Banks will issue used car loans up to a certain rating. The buyer must fix the price difference between the sale price and the loan offered by the bank.

Banks in the UAE have offered car loans designed to issue used car loans. These loans help borrowers to get the car of their dreams. The buyer can choose the best used cars and buy them with the financing provided by the bank. Below is the list of car loans offered by banks in UAE.

Read more: Small car: prices and types in UAE.

1. ADIB car loan

The Abu Dhabi Islamic Bank (ADIB) Auto Loan offers a fast approval process. Interest rates are very competitive. Do not transfer your salary transfer account to the bank, you will get a Visa Cashback Card from ADIB - ADIB. ADIB will provide you with Takaful insurance with a lower contribution value. Provides a free deferral service. It also includes free job loss protection. The financing amounts offered are AED 500,000, flexible repayment facilities of up to 60 months will be offered, the grace period for the first installment will be 90 days, and greater coverage will be provided with ADIB Auto Takaful protection. The minimum salary for a loan is 5,000 AED and the interest rate is set at 2.25%.

You can call 600 50 3033 if you are within the UAE and if you are outside the UAE, please call +97126100600 for more information on auto loans.

2. RAKBANK RAK Auto Loan

RAKBANK offers a used car loan service with less documentation and fewer formalities. There are flexible repayment options that are best suited to borrowers. Fixed interest rates and reducing rates are attractive to borrowers. It offers the best options at a lower cost and there are fees associated with the payment terms. RAKBANK auto loans are offered to UAE and GCC citizens and expats with valid visas. Loans are granted for purchases by individuals and companies.

Minimum salary AED 5,000 for certain cars. Salary transfer is not mandatory to obtain bank financing. Comprehensive insurance of the loan amount is required for a period of 13 months. Clients must pay the 20% advance and certain loan advances.

You can call +97142130000 if you are within the UAE and if you are outside the UAE, please call +97172064444 for more information on auto loans.

3. Mashreq auto loan

Mashreq offers auto loans at competitive rates. The choice of financing is given to the client. Clients can choose Islamic or conventional financing. The debt limit is up to 500,000 dirhams and this figure does not exceed 80% of the total value of the car. The loan process is quick and easy, and there are special rates available for auto insurance. You will not be required to have a salary transfer account to apply for this loan. A free checking account with no minimum balance is provided. Attractive interest rates starting at 3.45% per annum. Offers flexibility in payment options from 12 to 60 months for new and used cars.

You can call +971 4 4244444 or visit the nearest branch for more details.


4. Al Hilal Used Vehicle Financing

If you think that you will be able to pay off your loans before the agreed term, financing from Al Hilal Bank is the best option for you. If the term of your loan is five years and you think you will pay off the loan in less than five years, you can benefit from an early repayment. Al Hilal Bank provides financing for both new and used cars. Citizens and expats can obtain loans under the scheme specified by the bank and buy cars. The loan application process is very quick and easy. Loans in accordance with the principles of Islamic Sharia. Auto financing is designed to be competitive and convenient to obtain. Used car financing is offered at an agreed profit rate through Murabaha or the sale price through Musawama. Minimum salary AED 5,000 and 20% down payment.

You can call the bank at any time 24 hours a day, 7 days a week at 600 522229 for more details.

5. Emirates NBD - Auto Loans

Emirates NBD offers loans with the best interest rates. Loans are made to both small borrowers and commercial vehicles. Borrowers can apply for loans that require a minimum salary of AED 10,000 and have a good interest rate. It offers a flexible payment option, online recharge, 24/7 roadside assistance, free bank account, free annual maintenance, and many other services. It gives you half-day approvals and you don't need to transfer your salary. Interest rates start from 2.99%. When applying for a car loan, you can get a voucher worth AED 500.

You can call 0000 54600 from UAE or +971600 54 0000 for international calls for more details.

Minimum amount of car loan in UAE

Banks decide how much they want to offer you, which is around Dh20,000 based on various factors. Banks will agree to finance only 80% of the price of the vehicle. The remaining amount will be borne by the customer. The buyer must ensure that the necessary funds are available before applying for a loan. For premium customers, banks offer 0 down payment for cars. You can contact the bank and find more details about the minimum amount offered for auto loans.

Auto Loan Benefits for Used Cars in UAE

  • The cars will act as collateral and you will not need to put up any additional collateral to obtain the loan.
  • Auto loans will help you get credit history if you pay on time.
  • Banks Provide Easy Auto Loan Payment Options So You Can Control Your Spending.
  • Auto loans can be negotiated and the best rates fixed, unlike home loans.
  • Car loans are a good option for residents or expats working in the UAE, as banks provide convenient ways to make payments on time.
  • In auto loans, you can choose your model and then decide on the loan. The best way to buy is to compare the interest rates of different banks and choose the most suitable for repayment.