A journey closer to your goals. Today, millions of UAE citizens are upwardly mobile and on the move. Many people desire their own automobile in order to get at their location on time and in comfort. Years of waiting and saving have finally come to an end. A car loan will help you realise your ambition of buying a vehicle. Aefinance will assist you in obtaining Custom-Fit Car Loans that have unique characteristics. Take advantage of speedy fund disbursement, attractive interest rates, and much more. Obtaining a car loan in the United Arab Emirates has never been easier! So now you can obtain the perfect automobile and the perfect finance, just as you want them.
In the UAE, automotive loans are available for both new and second-hand vehicles. When you take
out a vehicle loan, the automobile is mortgaged to the bank and theoretically belongs to them until
the debt is paid off. To get the procedure started, you'll need to contact us; we will get it done for
you from corresponding bank.
You'll need copies of your passport, Emirates ID, labour card, salary certificate, three to six months
of bank statements, and your driver licence to apply for a personal auto loan. You'll also need your
vehicle registration card, a copy of your insurance policy, and a valuation certificate to prove the
vehicle’s value.
Depending on whether you're buying a new or used vehicle, the rates will vary. They typically vary
from 2.25 to 6%, with payback duration of up to 60 months, depending upon the bank you choose.
The Equated Monthly Installment, or EMI, is a monthly payment that combines both principal and
interest and is determined depending on the loan term. Long-term loans have higher EMIs, whereas
short-term loans have lower EMIs depending upon the bank you choose.
To be considered eligible for a Auto finance loan in the UAE, you must be at least 21 years old
Depending on the sort of vehicle you want to buy, Auto Finance loans normally last one to five years.
For very expensive autos or older cars, for example, the tenure is restricted to three years. Keep in
mind that, while maximum payback periods fluctuate from bank to bank, they should not exceed 60
months.
In the UAE, a minimum salary of AED 3000-5000 is required to apply for a auto finance loan. Some
banks may have different figures, depending upon the bank you choose, so double-check with them
before proceeding.
The settlement process differs from one bank to the next. You can pay off the loan by paying off the
remaining balance plus any early settlement fees.
This depends upon the bank you choose. According to Central Bank standards, you must pay at least
20% of the vehicle’s worth in cash before the bank may finance the remainder. The vehicle’s worth is
determined by the valuation certificate you obtain from an approved organisation.
Yes, as the owner of the vehicle, you have the option of selling it to a dealer or to an individual.
Because the automobile is still officially mortgaged to the bank, you must settle the loan amount
before transferring it to the new .
Office # 706, Al Serkal Building 2 , Port Saeed, Dubai, UAE, Po box 93960