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Auto loan service exists in the whole UAE and people are crazy about taking cars through finance. There is a huge demand for auto loans within the range of UAE. It indicates the madness of auto loans among the people living in the UAE. When it comes to the expats, so there is no major difference observed in this matter. Almost, every single person in UAE needs to take a car loan due to various financial issues. Even there are some cases of business owners also exists who took auto loan services for their business.
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Via this car loan in UAE, a business owner can easily take any vehicle for the delivery purposes of their business. Similarly, most business owners like to apply the vehicle for the office staff to provide them pick-and-drop services on daily basis. So, the auto loan will be there to assist with all such kinds of issues. There can be several other reasons behind this auto loan strategy, the majority of youngsters also love to take that loans. They like to obtain their conveyance to resolve the transportation issue that they face daily while going to offices, colleges, etc.
The concept behind the Down payment of an Auto Loan service
A down payment means such payment that you will have to pay as a security deposit while taking an auto loan service. It is compulsory almost in every bank in the UAE. Hardly you will find a bank that will provide you car loan in UAE without down payment. When we talk about the ratio of the down payment of an auto loan, so it will be up to 20% of the entire value of the car that you are going to take. This means you will not obtain the total loan amount of car finance. The amount you are receiving is up to 80% of an auto loan. The rest of the 20% will be deducted by the bank as a deposit or as a security of your loan.
Banks that provide car loan without down payment
In this article, you will be able to get an idea about the rare banks that are providing car loan without a down payment. This means, now you will not have to pay the 20% of your car finance to these specific banks. These selected banks will give you the entire amount of the car loan which will be 100% of your car loan in UAE. These few particular names of banks are mentioned below, that are serving the residents of UAE via their auto loan services without 20%.
- Abu Dhabi Islamic Bank is giving this service for the new car.
- Duniya finance provides a 0% down payment with their car finance service.
- RAKBANK is also lending with a 0% down payment for the used car loan service.
What are the major features and benefits of an auto loan without a down payment?
- Without paying 20% of your car finance you will get the whole amount, by which you can take your favorite car. Because you can pay the exact amount of your required selected car on the spot.
- Getting 100% car financing means, 100% mind satisfaction, you will be relaxed with your entire amount of car loan in UAE without down payment.
Relationship between personal loan and auto loan?
If you don’t want to pay the deposit as a down payment for your auto loan. So, there is a solution in the form of a personal loan service, you can obtain a new car with a personal loan also. The reason is, with a personal loan you don’t need to pay 20% of the deposit for your car.
Requirements for the eligibility of car finance in UAE
- The salary certificate will be crucial with the application form for an auto loan.
- ID, visa, and passport also play an essential role.
- A driving license will be a must.
- Make sure you have the bank statements with you for about 4 -6 months old.
- A business or trading license with a business registration card is also compulsory.
- Experience letter from your previous or recent company is mandatory.
In conclusion, getting a car loan in UAE without down payment has become easier and more accessible. With this option, more individuals can now fulfill their dream of owning a car without worrying about the upfront cost. However, it is essential to compare different loan options and choose the one that best suits your financial situation. Make sure to research thoroughly and seek professional advice before making a decision.