Dubai Car Loan Guide
Let TheCarPeople.ae help you understand car financing options available in Dubai.
Contact us today for a friendly chat or check out our helpful guide below.
Zero-Down No Deposit
TheCarPeople.ae offers flexible payment options, so you can choose your ideal down payment.
Plus, we can compare loan rates and approve you for financing without any trips to the bank.
Ask about our special financing options that make it easy to purchase your favourite used car and pay 0% down.
Prepare Your Documents
Here is what you will need
- Salary certificate
- Three months of bank statements
- Copy of passport and visa
- UAE driver’s license
Bring these documents with you to our offices and our team will be able to help you find the best car financing deal for you and your requirements.
Financing Details
Auto loans are very common in the UAE, especially among expats. Interest rates for car loans are lower than other markets, so you can expect to pay approximately 2 to 4%.
Ease your cashflow with low monthly installments.
Need To Know
In many ways, UAE bank loans are straightforward and easy to acquire. There are just a few unique facts that you may not know:
- UAE car loans have a 60-month limit and many banks shorten the length of the loan based on the age of the car.
- Many UAE banks set a minimum loan value threshold around Dh20,000.
- The monthly payments for your car loan must be less than half of your monthly salary, after accounting for existing loan payments and credit card limits.
- Banks will only finance up to 80% of a car’s value and 20% down payments are typically paid directly to the bank.
What can you afford?
Estimate Your Eligibility
Start with half of your monthly salary
•
Subtract existing installment payments
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Subtract 5% of all credit card limits
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Multiply by 60 for the full term of the loan
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Multiply by .96 (to account for lender fees)
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Now you know what you can responsibly purchase and finance, you’re ready to start car shopping.