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Auto Finance

Ans: Finance House offers loans for new and used vehicles.
For new vehicles our interest rate start from 7% and for used vehicles the interest rate start from 8%.
Ans: The following documentation is required
a) Original passport & photocopy thereof (with valid UAE residence visa for expats)
b) Copy of the valid driving license
c) Latest 3 months’ bank statements of account into which salary is transferred
d) Current dated salary certificate from employer
Ans: The loan on both new and used vehicles can be obtained for a maximum of 60 months
Ans: For Japanese and German makes the age of the vehicle at the time of final maturity of the loan should not exceed 8 years (e.g. – 5 year old vehicle loan tenor should not exceed 3 years and vice versa)
For all other makes the age of the vehicle at the time of final maturity of the loan should not exceed 6 years (e.g. – 2 year old vehicle loan tenor not to exceed 4 years and vice versa)
Ans: Yes the person who is seeking the loan must be residents with valid UAE visa
Ans: The minimum loan amount is AED 15,000/- and the maximum is AED 250,000/-. However, exceptions can be made in special cases. The minimum tenor for the loan is 1 year.
Ans: The minimum age for getting the loan is 21 years and the maximum is 60 years
Ans: For used vehicle the minimum down payment is 20%. For new vehicles it is subject to Finance House approval
Ans: Yes, however the new bank details needs to be handed over to Finance House
Ans: No. You can however register the car in you immediate blood relation like father, mother, sister, brother, wife etc.
Ans: If all the documents are in place then it should take 1 day.
Ans: Free credit card for life, with some outstanding benefits and one of the lowest interest insurance premium rates on comprehensive insurance from Insurance House.
Ans: Insurance House.
Ans: Yes, terms and conditions will apply.
Ans: This will be subject to terms and conditions specifically stipulated for this.
Ans: 25% for luxury and sports cars and 20% for all other approved vehicle types
Ans: Yes you can. The following documentation will be needed, valid trade license in the name of applicant or the applicant’s name is mentioned in the trade license as Partner/Manager. Wherever, the applicant’s name does not appear on the trade license, any other acceptable documents / proof to be submitted to establish his/her involvement in the business.
Ans: The following documentation will be needed, valid trade license in the name of applicant or the applicant’s name is mentioned in the trade license as a self employed personnel.
Ans: Yes. Semi commercial vehicle can be financed under normal Auto Finance scheme i.e. Pick ups up to 3.5 ton, Buses above 15 seats and Delivery van
Trucks can also be financed under commercial finance i.e. Pick ups more than 3.5 ton and six wheelers

For more details call 80034