Product of the Month
Banque Misr- Auto Loans
2.49%
Flat Rate
4.59%
Reducing Rate
AED 5,000
Minimum Salary
No
Salary Transfer

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*Calculations are based on flat rates
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Provider Minimum Salary Flat Rate Reducing Rate Down Payment
RAKBANK - RAK Auto Loan RAKBANK - RAK Auto Loan Minimum Salary: AED 5,000 Flat Rate: 2.7% Reducing Rate: 4.98% Down Payment: 20% Compare
Mashreq Car Loan Mashreq Car Loan Minimum Salary: AED 5,000 Flat Rate: 2.35% Reducing Rate: 4.23% Down Payment: 20% Compare
Commercial Bank of Dubai - Tamweel Car Loan Commercial Bank of Dubai - Tamweel Car Loan Minimum Salary: AED 10,000 Flat Rate: 2.75% Reducing Rate: 5.0% Down Payment: 20% Compare
United Arab Bank - Auto Loan United Arab Bank - Auto Loan Minimum Salary: AED 6,000 Flat Rate: 2.99% Reducing Rate: 5.38% Down Payment: 20% Compare
NBAD - Auto Loan NBAD - Auto Loan Minimum Salary: AED 7,000 Flat Rate: 2.75% Reducing Rate: 5.62% Down Payment: 20% Compare
Arab Bank Auto Loan Arab Bank Auto Loan Minimum Salary: AED 7,000 Flat Rate: 3.99% Reducing Rate: 7.18% Down Payment: 20% Compare
Emirates Islamic - Auto Finance Emirates Islamic - Auto Finance Minimum Salary: AED 5,000 Flat Rate: 2.39% Reducing Rate: 4.3% Down Payment: 20% Compare
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Got a question?
Some loan providers may provide insurance cover on your loan. If not, we advise that you take out your own insurance to cover you in the event of being unable to repay your loan due to loss of job, illness or death.
Yes, you can normally request a change in your repayment schedule although a small processing fee may apply.
This will depend on your chosen loan provider but in most cases, you will need to show:
  • Copy of valid passport
  • Proof of UAE residency status
  • Valid UAE Driving License
  • Three months of bank statements that reflect regular salary credits
  • Proof of income – salary certificate / salary transfer letter
Rates on car loans can be calculated in two ways - as a reducing rate or as a flat rate. With a flat rate, the rate is calculated on the entire principal amount of a loan (the full, original amount borrowed) whereas with a reducing interest rate, interest is charged only on the outstanding amount of the loan on a periodic basis. Flat interest rates are normally lower than the reducing balance rate and therefore considered misleading. When it comes to comparing loans, the best way to compare their true cost is to convert everything into the Reducing Interest Rate equivalent (click here for more information)
This relates to the fee applicable if you decide to pay off your loan early. If, for example, you take a car loan for three years but expect to be in a position to pay if off before then, any early settlement fee becomes an important factor in choosing your loan provider. Some banks have offers with no early settlement fees whilst others may charge 1% or more.
This relates to what the bank will charge you at the beginning of the loan and can either be clubbed with your principal loan amount or paid upfront. Some banks may offer personal loans with no arrangement fee but others may charge a fixed fee or a percentage of your total loan amount.
No, you don’t always have to but doing so will often mean you get a better rate as you are then seen as a less risky customer.
This depends on the individual bank but can be up to 60 months / 4 years.
Most banks offer finance of 70-80% of the car value. The actual loan amount will depend on your income, the loan period and various other criteria.
Yes although the amount of down payment required will differ according to each bank. Criteria taken into account include:
  • Whether you are buying a new or a used car
  • Whether you are going to transfer your salary to the bank that will provide the car loan
  • Whether you are taking out an Islamic product, in which case, no down payment is required.