Gulf Finance Vehicle Finance Features:
- Finance or re-finance of vehicles up to a maximum age of 25 years
- Deviations on a case by case basis
- Interest rate ranging from 10.5% - 15.0%
- Minimum annual revenue - AED 1.0 Million as evidenced in bank statements
- Maximum term - 48 months
- Minimum loan amount of AED 50,000
- Maximum loan amount capped at 5 Million, exceptions on a case by case basis
- Minimum age of business - 1 year, as measured from the date of owner joining the business
- Early settlement fees - 3%
- For new client - Exposure up to AED 750,000 - 6 months bank statements
- For New client - Exposure > AED 750,000 - 6 months bank statements, 3 year audited financials and latest Management Information
- For existing GFC client - Exposure up to AED 1 Million - 6 months bank statements
- For existing GFC client - Exposure > AED 1 Million - 6 months bank statements, 3 year audited financials and latest Management Information
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The calculated Annual Percentage Rate(APR) is determined using the annual interest rate on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.