FAQ Page Questions
Explore common queries about car loans in the UAE and find answers to eligibility criteria and required documents.
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Frequently asked questions
What are the eligibility criteria for a car loan in the UAE?
Minimum age requirement.
Minimum monthly salary requirement.
Employment status and duration.
Credit history and score requirements.
What is the interest rate on car loans in the UAE?
Can be fixed or reducing balance interest rate.
Typically ranges from 2.5%.
What documents are required to apply for a car loan?
Passport and visa copy.
Emirates ID.
Salary certificate or pay slips.
Bank statements (typically last 3-6 months).
What is the interest rate on car loans in the UAE?
Usually ranges from 1 to 5 years.
Some we may offer up to 7 years depending on the applicant's profile and the car’s value.
What is the minimum and maximum loan amount I can get?
Unlimited
Is a down payment required?
No
Can I get a loan for a used car?
Yes, we offer loans for both new and used cars.
How long does it take to process a car loan application?
Typically, it takes 3-4 working days.
Can I pay off my car loan early?
Yes, but there might be an early settlement fee.
What happens if I miss a loan repayment?
Late payment fees may apply.
It can negatively impact your credit score.
Repeated missed payments may result in legal action.
Is comprehensive car insurance mandatory?
No
Can I transfer my car loan to another person?
Car loan transfers subject to the new borrower meeting the eligibility criteria.
Transfer fees and conditions will apply.
Are there any additional fees associated with car loans?
Processing fees.
Early settlement fees.
Late payment penalties.
Do you sell cars?
No, we do not sell cars. We provide financial assistance to help you purchase the car of your choice. You can look for cars online or through friends. Our team can also help you find a car through our partners.
Is comprehensive car insurance mandatory?
No
To whom should I pay my monthly installment?
The monthly installment will be automatically deducted from your active bank account.
Which model cars can I finance with a car loan?
If your salary is below 6000 AED, it's advisable to choose a car model that is at least 5 years old. For salaries above 6000 AED, you can select a car model up to a maximum of 11 years old.
Where do I deposit my advance amount?
Use our payment link to pay the service fee. Please note that we will only send car loan application forms once the service fee is received.
Frequently asked questions
What are the eligibility criteria for a car loan in the UAE?
Minimum age requirement.
Minimum monthly salary requirement.
Employment status and duration.
Credit history and score requirements.
What is the interest rate on car loans in the UAE?
Can be fixed or reducing balance interest rate.
Typically ranges from 2.5%.
What documents are required to apply for a car loan?
Passport and visa copy.
Emirates ID.
Salary certificate or pay slips.
Bank statements (typically last 3-6 months).
What is the interest rate on car loans in the UAE?
Usually ranges from 1 to 5 years.
Some we may offer up to 7 years depending on the applicant's profile and the car’s value.
What is the minimum and maximum loan amount I can get?
Unlimited
Is a down payment required?
No
Can I get a loan for a used car?
Yes, we offer loans for both new and used cars.
How long does it take to process a car loan application?
Typically, it takes 3-4 working days.
Can I pay off my car loan early?
Yes, but there might be an early settlement fee.
What happens if I miss a loan repayment?
Late payment fees may apply.
It can negatively impact your credit score.
Repeated missed payments may result in legal action.
Is comprehensive car insurance mandatory?
No
Can I transfer my car loan to another person?
Car loan transfers subject to the new borrower meeting the eligibility criteria.
Transfer fees and conditions will apply.
Are there any additional fees associated with car loans?
Processing fees.
Early settlement fees.
Late payment penalties.
Do you sell cars?
No, we do not sell cars. We provide financial assistance to help you purchase the car of your choice. You can look for cars online or through friends. Our team can also help you find a car through our partners.
Is comprehensive car insurance mandatory?
No
To whom should I pay my monthly installment?
The monthly installment will be automatically deducted from your active bank account.
Which model cars can I finance with a car loan?
If your salary is below 6000 AED, it's advisable to choose a car model that is at least 5 years old. For salaries above 6000 AED, you can select a car model up to a maximum of 11 years old.
Where do I deposit my advance amount?
Use our payment link to pay the service fee. Please note that we will only send car loan application forms once the service fee is received.
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