Auto Loan
How to Apply for Auto Loan
What is a Car Loan ?
When the time comes to purchase your ideal vehicle and you find that the only thing preventing you from living the life of luxury that comes with driving is insufficient funds, it’s time to apply for a car loan. With the help of a car loan, you may ensure that your dreams come true and that you can drive the vehicle today and pay for it later. To ensure that you don’t have an excessive amount of debt during the first few months of car ownership, some of them might even lower your first year’s installments.
Used Car Loans
Some may prefer to purchase a used car, even though many people opt for new vehicles. Banks in the United Arab Emirates offer used automobile loans that function largely in the same way as new car loans, even for such purchases. However, there may be one exception to this rule. Only cars that are less than a predetermined number of years old, as established by the bank, are eligible for these loans.
Auto loans serve as more than just a means of financing your dream vehicle. Additionally, they provide their clients numerous advantages, some of which may be as follows:
Benefits of Car Loans
- There is usually a minimum balance requirement attached to current accounts that cannot be broken. If you take out auto loans from a number of banks, they will waive that provision.
- Many of the banks offer credit cards that are free for the first year
- These loans can be taken for all types of cars including sedans, saloon, 4X4 vehicles, etc.
- Some banks will even provide car insurance at competitive rates along with the loans
- Allows for easy to afford instalments which increase gradually with the tenure of the loan