Automotive sales in the UAE are expected to grow by 5 percent in 2015, according to a September 2015 article in AME Info. If you have relocated to Dubai recently, you are probably still settling down and taking care of things one at a time, whether it is your job, home, finances and more. Buying yourself a four-wheeler may probably be on your list, especially if your work demands you to travel long distances. You can buy new as well as used car in this emirate. Car financing in Dubai is available via auto loans offered by various banks on attractive terms. Auto loans in Dubai are instalment loans, much like other credit facilities.
3 Things to Consider Before Buying a Four-Wheeler in Dubai
You may be spoilt for choice when it comes to picking the right vehicle for yourself or your family. There are several things to keep in mind, such as your personal preference, purpose of purchase, income and budget. Given below are a few things that you must consider before buying a car in Dubai.
- Cost you will incur on the car – The sale price of the car is not the only cost you will incur. Read reviews to find more about the model you like and make an estimate of how much you expect to spend on getting the vehicle serviced or repaired in a year. It is advisable to buy a GCC made vehicle, since they are built keeping in mind the extreme climate. On the other hand, imported models might entice you but they may not have strong air conditioning systems and you may end up paying a hefty amount to get it fixed. Also, factor in the insurance costs.
- Find the right dealer – Once you have decided the model that you want to buy, you must compare prices and other perks offered by various dealers to get the best deal. Some dealers may also offer insurance and one year serviced warranty. However, don’t make the price your only criterion, make sure you buy your vehicle from a reputed dealer.
- Financing – You can either self-finance your four-wheeler or take a loan. Auto loans in Dubai are available both through conventional and Islamic banking. You can opt for either flat or reducing interest rates. Banks finance up to 80 percent of the car value. Banks also take into account other loans you might be repaying before sanctioning any credit amount. Therefore, it is advisable to also check out your options for car financing in Dubai before making a final decision.