You can get a car loan for both new and used cars in the UAE. The car you are planning to buy is mortgaged to the bank once you take out the car loan. The basic eligibility criteria remains the same.
The rates will depend on whether you are buying a new or used car, but usually range from 2.25 to 15 percent flat and the loan repayment period is up to 60 months
You can settle your car loan that you have borrowed from your bank by paying off the outstanding loan amount along with early settlement fee. The settlement procedure can vary from bank to bank
Yes, as a car owner you can sell it back to your dealer or directly to another individual. Since technically your car is kept as a mortgage by your bank but you are supposed to clear out your outstanding loan and only then transfer the car to the new owner.
The minimum age required for car loans is 21 years
The maximum repayment period of car loan is 60 months which is offered by most banks but can differ from one to another
The minimum salary requirement required for a car loan in AED 3000 but can carry from bank to bank.
The documents required to apply for a personal loan are passport copy, labour card or government issued ID card copy, emirates ID copy, salary certificate, salary transfer letter (optional), three to six months of bank statements, driving license copy and vehicle registration card