Buying the car of your dreams is a breeze in Dubai, with a car loan from the best financial institution or bank.
Dubai is a wonderful destination for those looking for not just the best jobs, but also the nicest options in banking, automobiles, entertainment and housing.
Anyone living in Dubai wants to travel the length and breadth of the beautiful city, and having one’s own vehicle is the first step towards accomplishing that goal. Whether you have a family or are a single person with many friends, it’s a good idea to take your car out for a spin over the weekends or go for a long drive or even head out for a movie. Depending on public transport is not always a convenient option; you actually need your own car.
Fortunately, Dubai offers many options for people looking to purchase their own car, whether a second hand one or a brand new vehicle. It is also easy to get financing for one’s car, whether in a bank or online – just type the term ‘car loan Dubai’ and get a host of financing options.
Why avail a car loan?
A car loan in Dubai helps you realise your dream of owning the best car for yourself and your family. It may not be possible for you to make the entire down payment at one go, hence equated finance helps quite a lot. Since the loan is taken back in monthly EMIs, it is easier to repay and budget for it from your salary.
The best banks and financial institutions in Dubai offer good car loans. With a car loan in Dubai, you can buy a new car or even upgrade your older one. Dubai-based banks and lending institutions offer a host of attractive loans at competitive interest rates and easy repayment options.
Look for banks or companies that offer lower rate of interest for your car loan in Dubai, as also further funding for insurance. Do not miss taking insurance for your vehicle, or renewing it if it has lapsed. The most significant benefit you should be looking for is whether the bank or institution offers loans for new cars, second hand cars, a fleet or for your car rental business.
What car loans will comprise
A good financial institution will offer up to Dh 15,00,000 in car loan in Dubai. When making your choice, ask for the valuation percentage followed by that institution – opt for companies offering up to 80 per cent of finance for your car.
Another factor to consider is the rate of interest being charged on the car loan. Wherever permissible, opt for a variable rate of interest instead of a fixed one.
Check the repayment terms carefully; ask about the tenure, calculate your monthly outgoing and whether there are any foreclosure charges or penalties. Compare this aspect across a few prominent banks and financial institutions so that you arrive at the best alternative that suits your budget and priorities.
Many good financial institutions offer loans also for businesses that involve vehicles, such as car rentals or fleets for hire. If your business falls in this category, ask for the benefits that you will get for availing the loan.