Buying a new car is a dream of almost every person but sometimes it is not possible to get the beloved car. Especially when that individual is living out of the country. In that country, he may face lots of challenges and due to those difficulties buying a new car is not affordable for him. Here in UAE, numerous non-residents are facing such abroad challenges and they wish to get the best car. Therefore, most of them are trying to rush in the direction of the bank. Because they know very well that, the bank is the only place through which they can make their wish come true.
Auto finance is the way that can lead them to the point where they can achieve their car goal. In UAE, different banks are functioning and lending money to their customers. So that they can easily purchase the required car without any further delay. Car loan service comprises both types of loan, you can get a new car loan and also can get an old car loan. The features, total loan amount plus interest rate are different for both cars but the demand is equal. This article will reveal the truth about car loan services in UAE. At the same time, the method of calculation of car loan will be also discussed in this article.
Car Loan Calculator UAE and its traits
Whenever you need to attain the facility of auto finance, you should first calculate the car loan monthly installment. It will be an effective and positive step for you, after calculating the installment you will get an idea about the EMI. The best way to calculate the installment is through the car loan calculator UAE. This calculator is a fundamental calculating tool that is specifically made for auto loan installment calculation. This tool is usually available on the internet and everyone can take advantage of it, which is free of cost.
The method is so simple that anyone can compute by following some easy steps. You just have to impose the details relevant to your car loan. If you apply for a new car loan so add the new car details with the total amount, duration, and interest on the loan. Similarly, follow the same procedure for an old car loan for it’s calculation method. Car loan calculator UAE will estimate your installment and gives you an accurate result at the same moment. It will not take too much time of yours, it will hardly takes few minutes and you will get quick results. After seeing the results, you can easily decide about a car loan.
Eligibility for auto finance in UAE
- The first thing that bank will check is your minimum salary. Although the minimum salary will depend on the selected bank the normal range in most banks is from 3000 AED to 5000 AED. So, consider this range before getting an auto loan.
- The second thing will be the age, the minimum age would be approximately 21 years and it shouldn’t cross the line of 65 years.
- The third and extensively vital part of eligibility is your driving license. While applying for a car loan, you should be ready with your driving license. Because without this license banks may not allow you to get auto loan services in UAE.
- Expatriates are also welcome for the car loan only if they have valid passports and visas. Bring their copies as well with other documents and ID card.
- Salary slips, credit history, and bank statements will be also a must while taking this car finance.