When purchasing a vehicle – be it new or used – individuals work their way through a cycle of recognising their requirements, digging out options and alternatives, and consulting friends and family before short listing the final few. But the confusion doesn’t end there, as for those who haven’t got spare cash lying around, the game of hunting for the best auto finance deals is yet to be played.
With various providers, varying interest rates and differing payment terms, it’s never as clear-cut as it seems. To make it just that tad bit easier, here’s a table with all that’s important to help decide which provider meets your requirements in the best way possible.
Happy shopping!
Provider
Interest / Profit Rate
Max. Amount
Down Payment
Payment Term / Tenor
Contact
Abu Dhabi Commercial Bank
From 2.49% (new cars) and 3.25% (used cars)
Reducing rate: 4.74% (new cars) and 6.14% (used cars)
AED 500,000
20%
60 months
800 2030
www.adcb.com
Abu Dhabi Islamic Bank
2.59% - 3.75%
UAE Nationals: AED 1,000,000
Expatriates: AED 500,000
20%
Up to 60 months
800 2288
www.adib.ae
Ajman Bank
From 2.39%
AED 500,000
20%
Up to 60 months
800 22
Al Hilal Bank
2.39% - 3.75%
AED 500,000
20%
Up to 60 months
800 666666
www.alhilalbank.ae
Commercial Bank of Dubai
From 2.75%
AED 500,000
20%
Up to 60 months
800 223
Dubai Islamic Bank
From 2.25% (new cars), 2.75% (used cars), 3.25% (balloon finance)
AED 1,000,000 ( new cars, used cars)
AED 500,000 (balloon finance)
20%
60 months (new cars, used cars)
36 months (balloon finance)
+971 4 609 2222
Emirates Islamic
From 2.25%
AED 1,000,000
20%
60 months
600 599 995
www.emiratesislamic.ae
Emirates NBD
From 2.25%
AED 1,500,000
20%
Up to 60 months
600 540 000
HSBC
From 2.49%
AED 918,000
20%
Up to 60 months
+971 4 294 800
Mashreq
2.35%
(reducing rate 4.32%)
AED 500,000
20%
Up to 60 months
+971 4 424 4444
Mashreq Al Islami
2.35%
(reducing rate 4.32%)
AED 500,000
20%
Up to 60 months
+971 4 424 4411
National Bank of Abu Dhabi
From 2.49%
AED 1,500,000
20%
Up to 60 months
+971 56 688 2570
National Bank of Fujairah
From 2.75%
AED 1,000,000
20%
Up to 60 months
800 8623
www.nbf.ae
Noor Bank
From 2.49%
AED 500,000
20%
Up to 60 months
800 6667
Sharjah Islamic Bank
From 3.74% (salary transfer); 3.99% (non-salary transfer)
AED 250,000
20%
Up to 60 months
+971 6 599 9999
www.sib.ae
Standard Chartered Bank
From 2.49% flat rate charged equivalent to reducing balance
AED 1,000,000
20%
12 - 60 months
600 522 288
www,sc.com/ae
RAKBANK
From 2.49%
AED 500,000
20%
Up to 60 months
+971 4 213 0000
Union National Bank
From 1.49% or 2.74% (reducing)
AED 500,000
20%
Up to 60 months
600 566 665
www.unb.ae
Source: Gulf News
(*) The table is an indicative reference guide. All information is sourced from published data.
AutoMiddleEast.com