An Auto loan, is a type of secured loan where borrowers can use their vehicle title as collateral. ... If the borrower defaults on their payments then the lender is liable to repossess the vehicle and sell it to repay the borrowers' outstanding debt.
A lender, such as an auto dealer or bank, provides money for you to buy an auto. You make monthly payments to repay the loan over time.
Banks in UAE Offer both new and used Car Loan
While many people go in for new cars, there are some who might want to go in for a used car. Banks in the UAE provide used car that work almost the same way as new car loans but with one major difference is that the loans can be taken only for cars that are not older than a specific number of years determined by the bank.
Advantage of getting a Car loan from a Banks in Dubai :
- They provide you with the best possible car loans rates that are easy to repay.
- They have a wide choice of loan packages and thus, widen your choice for car despite the price.
- Repayment procedures are flexible and easy to attend to.
- Banks guarantee enough time for repayment, ranging between 12 to 60 weeks.
- Most banks approve loans within 24hours and therefore, is dependable in the case of anxiety.
- Banks offer car loans even to expatriates living in Dubai
Documents required for Auto loan in UAE :
- Salary certificate.
- Last three months' bank statements from your salary account.
- Passport with residence visa (copy).
- Emirates Id (copy).
- UAE driving licence (copy).
- Deposit or Down payment, typically 20%.
- Car evaluation report .