Having spare cash lying around can be very helpful in getting your new car. But sometimes buying a car by your own money can be a hard nut to crack in Dubai or UAE. So you just need a car loan or auto financing facility from any of the loan providers to get your desired car.
Most of the times people just know they want a car loan. But they fail to identify that what they should do for i. You must need to grasp the key knowledge areas to get a loan approved for your car loan in UAE.
How to get a car loan in the UAE
Car financing or getting a car loan can make your dreams come true with minimum efforts. Therefore, around 65 percent of people around the globe prefer to get a car from a bank loan. Though, you need to get a good credit history and scores to win a car loan. Other than that you ought to provide all the information along with valid proofs to the bank. The eligibility criteria for getting a car loan in Dubai is needed to be grasped before applying for a car loan. How car loan works in Dubai, what you need to apply and what you need to keep in concern, all these things are described below.
The eligibility criteria for applying for a car loan in the UAE
- Documents are always needed whenever you are applying for any loan. Especially for a car loan, you have to present certain personal information documents like a valid passport, residential permission, driving license, Emirates ID, labor card, bank statement, and salary slips too. These documents can vary from bank to bank but these are generally accepted and demanded documents when you are applying for a car loan in UAE.
- The age limit to apply for a car loan in UAE is 21 years.
- The minimum salary limit that you must own, arts from AED 3000-5000. Although these requirements vary from bank to bank.
- The maximum period of granting a car loan is usually 60 months generally. But for used cars, this period can be shorter or as required.
- You must be able to finance at least 20 percent of car value and the rest 0 percent will b backed up by the bank.
- The value of your chosen car must be around minimum AED 25000 to win a car financing service from banks.
Which bank is best to provide you a car loan in UAE?
Emirates provides you the best car loan facilities across UAE and Dubai. All that you need to do is, choose the car, find a reliable and good record keeping dealer, prepare your documents above mentioned and then apply for a car loan.
Finalizing the loan is easier now because banks provide you customization facilities and also, follow-ups. Also, you can get your dream car at flexible rates because emirates know how to cater to the needs perfectly.